- G7 leaders today launch new partnership on infrastructure investments to propel global green economic growth, as they pledge to increase international climate finance
- UK launches Â£ 500million Blue Planet fund to protect ocean and marine biodiversity
- Comes as the G7 set to endorse an ambitious Compact Nature to reverse biodiversity loss by 2030
- Sir David Attenborough to address leaders on the importance of taking action to limit global warming to 1.5 degrees on the final day of the G7 summit in Cornwall
G7 leaders are expected to agree today (Sunday) on plans to transform the financing of infrastructure projects in developing countries, as part of a series of summit measures to address the climate crisis and protect the nature.
The âBuild Back Better for the Worldâ plan will bring together the G7 countries under the British Presidency to develop a high-quality financing offer for vital infrastructure, from railways in Africa to wind farms in Asia.
The new approach aims to give developing countries access to more, better and faster finance, while accelerating the global transition to renewable energy and sustainable technologies. The government will build on this with other countries ahead of the COP26 summit in November.
The Prime Minister also launched the UK’s Blue Planet Fund from the oceanic setting of the G7 Summit in Cornwall. The Â£ 500 million fund will help countries like Ghana, Indonesia and the Pacific Island States tackle unsustainable fishing, protect and restore coastal ecosystems like mangroves and coral reefs, and reduce marine pollution.
The G7 will endorse a Pact for Nature at this afternoon’s meeting to halt and reverse biodiversity loss by 2030, including supporting the global goal of conserving or protecting at least 30 percent of land and 30 percent of the world’s oceans by the end of the decade.
Prime Minister Boris Johnson said:
Protecting our planet is the most important thing that we as leaders can do for our people. 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 rewards of clean growth through a fair and transparent system. The G7 has an unprecedented opportunity to lead a global green industrial revolution, with the potential to transform the way we live.
The G7 is also expected to commit to cutting its emissions by almost half by 2030 compared to 2010. The UK is already going even further, pledging to cut emissions by at least 68% by now 2030 from 1990 levels (58% reduction from 2010 levels).
The leaders will outline the steps they will take to reduce carbon emissions, including measures such as ending all coal without reduction as soon as possible, ending almost all direct government support to the fossil fuel sector abroad and the phasing out of gasoline and diesel cars.
Sir David Attenborough, renowned British environmentalist and champion of the British people at COP26, will address the leaders of the G7 countries as well as guests from Australia, India, South Korea and the South Africa at a climate and nature session later today and will urge the world’s major economies to take action to secure our planet’s future.
Sir David Attenborough, environmentalist and COP26 People’s Champion, said:
Today’s natural world is greatly diminished. It’s undeniable. Our climate is heating up rapidly. there is no doubt. Our societies and nations are unequal and it is sadly evident
But the question that science is forcing us to address specifically in 2021 is whether, as a result of these intertwined facts, are we on the verge of destabilizing the entire planet?
If so, then the decisions we make this decade – especially decisions made by the most economically advanced nations – are the most important in human history.
In addition to taking action at home, G7 leaders will pledge to increase their contributions to international climate finance to meet the goal of mobilizing $ 100 billion per year, which will help developing countries cope with the impacts. climate change and support green and sustainable growth.
This is the very first net-zero G7, with all countries pledging to achieve net zero emissions by 2050 at the latest with ambitious reduction targets in the 2020s. Leaders’ Summit is a milestone on the way to COP26, which the UK will host in Glasgow in November.