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G7 Commits to Multi-Year Effort to Support Net-Zero Global Economy and to Move to Mandatory Climate Risk Reporting

On June 5, 2021, in their daily communiqué from the G7 UK 2021 meetings, 1 the G7 Finance Ministers and Central Bank Governors made a number of statements regarding climate change.

Stating their support for a global Covid-19 recovery:

“We will continue to work together to ensure a strong, sustainable, balanced and inclusive global recovery that builds back better and greener from the Covid-19 pandemic, recognising the disproportionate impact of the pandemic on certain groups including women, youth and vulnerable populations. We commit to sustain policy support as long as necessary and invest to promote growth, create high-quality jobs and address climate change and inequalities.”

Noting that international climate finance will be critical to climate change and adaptation:

“We reaffirm the collective developed country goal to mobilise US$100 billion annually for developing countries from public and private sources, in the context of meaningful mitigation actions and transparency on implementation. We commit to increase and improve our climate finance contributions through to 2025, including increasing adaptation finance and finance for nature-based solutions. We welcome the commitments already made by some G7 countries to increase climate finance. We look forward to further commitments at the G7 Leaders’ Summit or ahead of […]

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