G7 leaders agreed on 13 June 2021 to raise their contributions to meet an overdue spending pledge of $100 billion a year by rich countries to help poorer countries cut carbon emissions and cope with global warming, but only two nations offered firm promises of more cash. Alongside plans billed as helping speed infrastructure funding in developing countries and a shift to renewable and sustainable technology, the world's seven largest advanced economies again pledged to meet the climate finance target.

What

  1. In the communique, the seven nations - the United States, Britain, Canada, France, Germany, Italy and Japan - reaffirmed their commitment to "jointly mobilise $100 billion per year from public and private sources, through to 2025".
  2. Towards this end, we commit to each increase and improve our overall international public climate finance contributions for this period and call on other developed countries to join and enhance their contributions to this effort.
  3. After the summit concluded, Canada said it would double its climate finance pledge to C$5.3 billion ($4.4 billion) over the next five years and Germany would increase its by 2 billion to 6 billion euros ($7.26 billion) a year by 2025 at the latest.
  4. G7 countries account for 20% of global carbon emissions and we were clear this weekend that action has to start with us, the summit concluded.

Pledge Overdue

  1. Developed countries agreed at the United Nations in 2009 to together contribute $100 billion each year by 2020 in climate finance to poorer countries, many of whom are grappling with rising seas, storms and droughts made worse by climate change.
  2. That target was not met, derailed in part by the coronavirus pandemic that also forced Britain to postpone the U.N. Climate Change Conference (COP26) until later this year.
  3. The G7 also said 2021 should be a "turning point for our planet" and to accelerate efforts to cut greenhouse gas emissions and keep the 1.5 Celsius global warming threshold within reach.
  4. European Commission President Ursula von der Leyen said the G7 leaders had agreed to phase out coal.