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G7 Leaders pledge Climate Action, agree to boost funding

The G7 nations have accorded to accelerate measures on climate change and renewed a pledge to procure $100bn annually to aid poor and developing nations reduce emissions.

Following the G7 summit held in Britain, leaders promised to assist developing nations to move away from coal. UK prime minister, Boris Johonson, who hosted the three-day discussion, stated that “We were clear this weekend that action needs to start with us."

Despite the summit a number of environmental groups were left disappointed, feeling that the promises lacked detail. They also felt that the developed countries needed to be commit more financially as the world is at risk of nearing the temperature change limit soon.

Back in 2009, developed nations had pledged to raise $100 bn annually to provide assistance to the poorer nations. This target was not achieved and partly due to the COVID pandemic.

Although the G7 agreed to raise contributions to meet the target, according to Teresa Anderson, from Action Aid: "The G7's reaffirmation of the previous $100 billion a year target doesn't come close to addressing the urgency and scale of the crisis."

Catherine Pettengell, director of the Climate Action Network, informed Reuters news agency that: "We had hoped that the leaders of the world's richest nations would come away from this week having put their money their mouth is."

Climate change has been one of the prime discussion points of the summit held at Carbis Bay, Cornwall. The G7 comprises of the UK, US, Canada, Japan, France, Germany and Italy. These countries are dedicated to maintaining the projected global temperature rise to 1.5C.

In conclusion, it was jointly stated that the nations will collectively mobilise the targeted $100bn/year, through to 2025."

To cut emissions the G7 will no longer fund new coal generation in developed countries and will provide $2.8bn to move away from coal. Coal is seen as the world’s most emission causing fuel and stopping its use is seen as a major advancement as environmentalists.