G7 leaders commit to increasing climate finance contributions

G7 leaders will commit on Sunday to increase their climate finance contributions to meet an overdue spending pledge of $100 billion a year to help poorer countries cut carbon emissions and cope with global warming.

As part of plans billed as helping speed the finance of infrastructure projects in developing countries and a shift to renewable and sustainable technology, the world’s seven most advanced economies will again pledge to meet the target.

Some green groups were unimpressed, with Greenpeace UK saying the G7 host, British Prime Minister Boris Johnson, had “simply reheated old promises” and that it would take “nothing for granted” until nations came up with the money.

“Protecting our planet is the most important thing we as leaders can do for our people,” Johnson said in a statement.

“As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system. The G7 has an unprecedented opportunity to drive a global Green Industrial Revolution, with the potential to transform the way we live.”

Source: Reuters