Talks at the G7 summit have borne fruit as the group of seven rich nations pledge to accelerate renewable development as well as scaling up protection for the public and communities from the adverse effects of climate disasters.
G7 Summit. Photo: Boris Johnson via Twitter
Leaders from the "seven largest economies" in the world met in Cornwall this week for the G7 Summit. Credit: Boris Johnson via Twitter
The leaders have agreed to transform the financing of infrastructure projects in developing countries as part of their plans to address the climate crisis and protect nature.
Read more: Net-zero transition at top of the agenda in G7 talks, says UK
The "Build Back Better for the World" plan brings together G7 countries under the UK’s presidency to ensure vulnerable countries are protected against the worst effects of climate change.
The summit - held in Cornwall in the UK - also agreed to accelerate decarbonisation efforts during the 2030s in a bid to meet the global temperature targets laid out by the Paris Climate Agreement, UK Prime Minister Boris Johnson has confirmed.
g7 summit location
The Summit was held in Cornwall in the UK.
"Protecting our planet is the most important thing we as leaders can do for our people," Johnson said. "There is a direct relationship between reducing emissions, restoring nature, creating jobs and ensuring long-term economic growth."
"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," he added.
In a joint statement, the G7 leaders vowed to increase energy efficiency, accelerate renewable and other zero-emissions energy deployment alongside a meaningful reduction of wasteful consumption while leveraging innovation. They also pledged to place energy security as a top priority.
They added: “Internationally, we commit to aligning official international financing with the global achievement of net-zero GHG emissions no later than 2050 and for deep emissions reductions in the 2020s."
The group also announced £120 million in funding from the UK and €125 million from Germany into infrastructure developments that will help protect vulnerable communities and help solicit faster responses to extreme weather and when climate-linked disaster strike.
This will go mainly towards communities whose livelihoods may be significantly threatened by climate change, particularly in places such as South East Asia, Africa, the Caribbean and the Pacific coast.
This comes ahead of the UK hosting the COP26 talks in Glasgow to be held this November, which will also focus on protecting poorer communities from climate change.
Read more: Open letter calls for G7 summit to tackle plastic pollution
In addition, the USA confirmed it will join the UK, Germany and other G7 countries as a member of the InsuResilience Global Partnership and REAP.
Together, this joint action represents substantial new support for countries on the frontline of climate change and humanitarian disasters.
UK Foreign and Development Secretary Dominic Raab described climate change as the worst crisis affecting our generation.
He reports as many as 100 million people could be "pushed below the poverty line" owing to the various effects - drought, famine, floods, and destruction linked to extreme weather - associated with catastrophic climate change.
"This joint UK, US and German action will enable quicker responses to extreme weather and climate-linked disasters in countries bearing the brunt of climate change," he added.
German development minister Gerd Müller said it was imperative that global leaders "do not lose sight of the threat of climate change" even in the wake of the Covid-19 pandemic.
He claims less than 5% of the potential damage that could be caused in these high-risk regions will be "covered by insurance."
He added: "Through our new commitments, we are taking an important step towards insuring, by 2025, 500 million people in developing countries against damage caused by climate change. This means that emergency programmes can provide quick and targeted assistance to those affected when a disaster strikes."
The countries present also pledged to phase out government support for carbon-intensive fossil fuel industries "as soon as possible" in order to create a pathway for the 1.5°C targets laid out by the Paris Climate Agreement.
They talked of the needs for "tangible action" for all aspects of the economy while leading a "technology-driven" net-zero drive.
Read more: G7 nations spend more on fossil fuels than clean energy despite pledges, report finds
The G7 leaders have also laid out plans to ship 1 billion vaccine doses to the poorest countries to help them recover from the coronavirus pandemic.
Other topics for discussion at the summit include plans to protect marine wildlife and ecosystems, economic recovery and job security coming out of the pandemic and strives for complete gender equality.
The summit saw the leaders of the UK, US, France, Germany, Italy, Canada and Japan gather to discuss key topics affecting the world.
Back to Homepage
Back to Politics & Economics
Back to Energy & Utilities