Monday, October 3, 2022

Where is the detail? G-7 Nations agree to promote climate finance

CARBIS BAY, England – Group of seven (G-7) leaders agreed on Sunday to increase their contributions to meet a $ 100 billion-a-year backlog of spending to help poorer countries reduce carbon emissions and global warming. chief but fighters said cash money promises are lacking.

The seven largest advanced economies in the world have also pledged to achieve the climate finance goal, along with plans that will accelerate the promotion of infrastructure finance in developing countries and help renewable and sustainable technologies.

But climate groups said the promise made in the final communication of the summit did not contain details, and especially the increase. A spokesman for British Prime Minister Boris Johnson said individual countries were expected to explain the size of the increases over time.

In communications, the seven nations – the United States, Britain, Canada, France, Germany, Italy and Japan – reaffirmed their commitment to ‘collectively mobilize $ 100 billion a year from public and private sources by 2025’.

“To this end, we are committed to increasing and improving our overall contributions to international public climate finance for this period, and call on other developed countries to join their contributions to this endeavor.”

There was clear pressure from leaders at the G-7 summit in the south-west of England to try to stem China’s growing influence in the world, especially among developing countries.

The leaders indicated their desire to build a rival to the Beijing Belt and Road initiative for more than a trillion dollars, but the details were few.

In a statement released late Saturday, British Prime Minister G-7 Boris Johnson said: “Protecting our planet is the most important thing we as leaders can do for our people”.

“As democracies, we are responsible for helping developing countries reap the benefits of clean growth through a fair and transparent system. The G-7 has an unprecedented opportunity to bring about a global green industrial revolution, with the potential to change the way of life. ‘

Promise in arrears

Some green groups were not impressed by the climate promises.

Catherine Pettengell, director of Climate Action Network, an umbrella group for advocacy organizations, said the G-7 was failing to meet the challenge of reaching concrete commitments on climate finance.

“We were hoping that the leaders of the world’s richest countries would get away this week after putting their money down,” she said.

Tasneem Essop, executive director of Climate Action International, said rich countries should “put new and additional finances on the table.”

Developed countries agreed with the United Nations in 2009 to contribute $ 100 billion a year annually by climate finance to poorer countries, many of which are struggling with rising seas, storms and droughts.

The target was not met, partly derailed by the coronavirus pandemic that also forced Britain to postpone the UN Climate Change Conference (COP26) until later this year.

The G-7 also said that 2021 should be a “turning point for our planet” and accelerate efforts to reduce greenhouse gas emissions and keep the 1.5 ° C threshold for global warming within reach.

European Commission President Ursula von der Leyen said the G-7 leaders had agreed to phase out coal.

The communication seemed less clear, saying: ‘We are committed to the rapid scaling up of technologies and policies that will further accelerate the transition from undiminished coal capacity, in line with our 2030 NDCs and net zero commitment.’

But there were few details on how they would manage to reduce emissions, in the absence of specific measures for everything from the phasing out of coal to the shift to electric vehicles.

Pettengell said it was encouraging for leaders to realize the importance of climate change, but their words should be supported by specific actions to reduce subsidies for the development of fossil fuels and to end investment in projects such as new oil and gas fields, as well as climate. . finance.

British environmentalist David Attenborough has called on the group to take action.

“We know in detail what’s happening to our planet, and we know a lot of the things we need to do during this decade,” he said in a survey.

Addressing climate change is now as much a political and communicative challenge as a scientific or technological challenge. We have the skills to address it in a timely manner, all we need is the global will to do so. ”

By Elizabeth Piper and William Schomberg

Epoch Times staff contributed to this report


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