Climate finance and plans to transition away from all fossil fuels – coal, gas and oil – are likely to be on the agenda as leaders of seven of the most advanced economies meet for the 50th G7 Summit, held in the luxury southern Italian resort of Borgo Egnazia from June 13 – 15.
The leaders of the influential group consisting of the US, UK, Germany, France, Italy, Japan and Canada are expected to sign off on the agreement reached by their Environment Ministers earlier this year, according to media reports.
Climate finance remains the big elephant in the room
The ministers had agreed to phase out existing unabated coal power generation by the first half of 2030s, and submit their updated climate promises at least 9 to 10 months ahead of the COP29 Summit in Baku with the highest possible ambition that caters to the Paris agreement.
Climate finance remains the big elephant in the room. The G7 group in Italy is under considerable pressure to increase financial support to developing countries as they urgently need funds for climate action. The current financial requirements could run into trillions.
Luca Bergamaschi, Co-founding Director, ECCO, said: “The G7 keeps reiterating its commitment to climate and development finance but has so far failed to deliver. The G7 is the group that needs to do the heavy lifting to keep the world on track to limit temperature rises to 1.5C.”
Responsible for 21% of global emissions, the influential G7 countries are also expected to discuss issues related to phasing out coal, fossil fuel subsidies, gas and clean energy, and energy storage. The discussions will be keenly monitored across the globe.
G7 Summit participants finding solutions to key issues
Held backdrop of rising global tensions, the G7 Summit includes sessions on the Middle East, Ukraine, migration, economic security in the Indo-Pacific region, climate change and development in Africa, and energy and AI in the Africa-Mediterranean region.
The summit is expected to conclude by 07:00 pm local time on June 15. Italy has invited more than a dozen countries and entities to participate in the event. President Volodymyr Zelenskyy participated in the session on Ukraine on Thursday. Keep an eye out for more updates.
