G7 conference: Spotlight poised on climate finance

Climate change observers are looking for a pledge from the group to steer the recovery from the pandemic in a greener, fairer direction. A draft document seen by Bloomberg News ahead of the summit includes a commitment for each G7 member to increase its financial contributions to help the poorest countries decarbonize.

Concrete action this week could rally other countries to step up their ambition at this year’s UN climate change conference, scheduled to be held in Glasgow in November. “Ahead of COP26 in Glasgow, it is important that the most advanced economies send an ambitious message on climate and energy issues,” said European Union energy commissioner Kadri Simson. “I expect to see a clear signal from the G7 summit on the commitment to net zero and a push for accelerated action towards decarbonizing our power systems.”

What will the G7 do?

The draft document promises more funding to help the developing world cut carbon emissions, but the details still aren’t clear and nothing has been officially agreed. One potential initiative expected to be discussed at the summit is the “Clean Green Initiative”, an alternative to China’s Belt and Road infrastructure strategy.

The leaders are also set to build on a May pledge to coordinate efforts to curb emissions in energy-intensive sectors like steel, cement and chemicals. Cooperation among the richest countries would speed the shift to net-zero industries and lower the cost for the rest of the world, the ministers said. Bloomberg