G7 Leaders Promise $100 Billion for Climate Finance
On Sunday, June 12, the leaders of the G7 – a political forum of the world’s leading industrial nations that comprises Canada, Germany, France, Italy, Japan, the United Kingdom, and the United States – agreed to increase climate finance. They renewed their pledge to raise $100 billion per year to help financially less stable countries reduce carbon emissions.
However, many environmental groups have expressed concerns regarding the G7’s promise, the first being the likelihood of it falling through. After all, the original $100 billion pledge, made in 2009, wasn’t met, and after the summit concluded, only two countries offered specific details regarding the amount of money they would contribute. Canada stated that it would provide $4.4 billion over the next five years, while Germany committed to submitting $7.26 billion each year.
The second major issue highlighted by the green organizations is that funding projects such as those dedicated to combating climate change is expensive, and with the amount of work that needs to be done, the discussed sum simply won’t be enough.
“The G7’s reaffirmation of the previous $100 billion a year target doesn’t come close to addressing the urgency and scale of the crisis,” said Teresa Anderson, the climate policy coordinator at ActionAid.
The 2021 G7 summit was held in Cornwall, United Kingdom, on June 11-13, and it was attended by the following representatives:
-Justin Trudeau, the Prime Minister of Canada
-Emmanuel Macron, the President of France
-Angela Merkel, the Chancellor of Germany
-Mario Draghi, the Prime Minister of Italy
-Yoshihide Suga, the Prime Minister of Japan
-Boris Johnson, the Prime Minister of the United Kingdom
-Joe Biden, the President of the United States
-Ursula von der Leyen, the President of the European Commission
-Charles Michel, the President of the European Council