The issue of global climate finance was seen as crucial to the success of the meetings of G7 leaders in the U.K. on June 11-13, as outlined in “As leaders gather for G-7, a key question: Will rich countries help poor ones grapple with climate change?” in The Washington Post (June 7). In the meeting aftermath, reaction is muted and disappointed: according to The Guardian headline, “G7 reaffirmed goals but failed to provide funds needed to reach them, experts say”. Guardian reporter Fiona Harvey quotes the executive director of Greenpeace, who says: “The G7 have failed to set us up for a successful Cop26, as trust is sorely lacking between rich and developing countries.” Common Dreams assembles the harshest reactions of all, in “On Climate and Covid-19 Emergencies, G7 Judged a ‘Colossal Failure’ for All the World to See” – which quotes the representative from Oxfam, who states that the leaders of the richest nations “have completely failed to meet the challenges of our times. Never in the history of the G7 has there been a bigger gap between their actions and the needs of the world. In the face of these challenges the G7 have chosen to cook the books on vaccines and continue to cook the planet.”
What did the G7 actually say? The G7 Leaders Communique covered a wide range of topics, with statements about health, economic recovery and jobs, free and fair trade, future frontiers, gender equality, global responsibility and international action – and Climate and the Environment. As well as the Communique, the G7 leaders approved the Build Back Better World (B3W) partnership, designed to mobilize private sector capital in four areas—climate, health and health security, digital technology, and gender equity and equality . The B3W statement explicitly states: “The investments will be made in a manner consistent with achieving the goals of the Paris Climate Agreement.” And in recognition of the importance of biodiversity and conservation in the climate fight, the 2030 G7 Nature Compact pledges new global targets to conserve or protect at least 30% of global land and ocean.
“Canada Boosts Finance Commitment As G7 Falls Short On Climate, Vaccines” in The Energy Mix summarizes reaction, including from Oxfam Canada and Climate Action Network Canada – whose full statement is here . It highlights the “good news” of Canada’s largest-ever climate finance pledge, which doubles our climate finance to $5.36 billion over the next five years for vulnerable nations.
While the CBC report displays their typical lack of interest in climate issues, the press release from Prime Minister Trudeau’s office placed most emphasis on the climate change issue, describing the leaders’ “bold action”, and continuing:
“…. the G7 leaders have each committed to increased 2030 targets, which will cut the G7’s collective emissions by around half compared to 2010. .. That’s why Prime Minister Trudeau announced a doubling of Canada’s climate finance, from $2.65 billion in 2015 to $5.3 billion over five years, including increased support for adaptation, as well as nature and nature-based solutions that are in line with the G7 Nature Compact. The Prime Minister also announced Canada will increase its provision of grants to 40 per cent, up from 30 per cent previously, for improved access by impacted communities. This funding will help developing countries build domestic capacity to take climate action, build resiliency, and reduce pollution, including by finding nature-based solutions to climate change like protecting biodiversity and planting trees, and supporting the transition to clean energy and the phasing-out of coal.
….. As G7 Leaders met to discuss climate change, Canada took further action at home to curb harmful coal emissions, announcing a new policy statement on new thermal coal mining and expansion projects that explains that these projects are likely to cause unacceptable environmental effects and are not aligned with Canada’s domestic and international climate change commitments. …..
G7 leaders also adopted the 2030 G7 Nature Compact, committing to conserve and protect at least 30 per cent of global and domestic land and ocean by 2030, which matches Canada’s ambitious domestic target. …”