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G7 agrees to ramp up climate finance for developing countries

G7 leaders have agreed to increase their contributions to climate finance for developing countries to meet a decade-long commitment to provide $100 billion (£70 billion) by 2020.

With a number of major world leaders meeting in Cornwall this weekend, climate change was high on the agenda, including pledges to support a “green revolution” designed to create jobs and reduce emissions to meet the world’s climate promises. Paris Agreement.

In 2010, developed countries pledged to increase climate spending to $100 billion a year by 2020, but fell short of this target at about $20 billion.

While there was agreement in principle at the meeting to fill this gap, only two G7 countries – Canada and Germany – have made a firm commitment. Canada said it would double its climate finance pledge over the next five years to C$5.3 billion (£3.1 billion) and Germany would increase its pledge by €2 billion to €6 billion (£5.1 billion) by 2025. 2 billion) per year.

The seven countries that make up the G7 group – the US, Britain, Canada, France, Germany, Italy and Japan – reaffirmed their commitment to “jointly mobilize $100 billion a year from public and private sources until 2025”.

“To this end, we commit to increase and improve our overall international contributions to climate finance for this period and call on other developed countries to join and increase their contributions to this effort.” Speaking to reporters at the end of the summit, British Prime Minister Boris Johnson said:

“I’m not saying it will be easy. It’s still a lot of money to raise, but remember the UK has £11.6 billion We’ve had a big commitment from Canada, we’ve had a big commitment around the table. I really think we can get there and I think it’s vital that we’re going to do that.

” Earlier this year, Johnson’s government cut its foreign aid budget from 0.7 to 0.5 percent of total national income (a reduction of around £4 billion), citing the economic shock of the Covid-19 crisis. . Johnson said the promises made at the G7 were a “very good start”.

“Later this year, the UK will host the COP26 [UN Climate Change] summit, which will drive global action to fight climate change and create a healthy planet for our children and grandchildren,” he said.

“G7 countries are responsible for 20 percent of global CO2 emissions and we were clear this weekend that action must start with us.” Some Green groups believed that the money allocated by the G7 was not enough.

Catherine Pettengell, director of Climate Action Network, an umbrella group for advocacy groups, said they had failed to meet the challenge of agreeing concrete commitments on climate finance: “We had hoped that the leaders of the richest countries come out of this week they put their money on their mouths,” she said.

Elsewhere, European Commission President Ursula von der Leyen said G7 leaders had agreed to phase out coal. Although in a written communiqué, the promise seemed vague:

“We are committed to rapidly scaling technologies and policies that further accelerate the transition from unabated coal capacity, consistent with our 2030 NDCs and net zero commitment.

” At the meeting, the G7 also committed to the “safe and sustainable use of space” by stepping up efforts to tackle the problem of space debris.