May 25, 2024

G7 Finance Ministers’ Meeting Fails to Deliver Vital Climate Finance

Stresa, Italy- Following 3 days of meetings between the G7 finance ministers, campaigners lambasted progress on delivering much-needed climate finance.  Despite progress at COP28, critical funding agreements and clear timelines for the implementation of renewable energy commitments are glaringly absent.

Andreas Sieber, Associate Director for Global Policy at says: 

“The G7 Finance Ministers’ Meeting leaves us with frustration and disappointment – and in fact, astonished about their lack of action on climate finance. 2024 is a critical year that demands concrete action on climate finance, in particular by the wealthiest and biggest economies.

Simply labeling climate finance responsibilities as “very important” during a press conference, without providing a substantial and credible response, fails to align with the G7’s pivotal role.

Western arrogance in relation to the needs of the Global South are legitimate and serious indictments. Responding to these accusations with platitudes about “value-based partnerships” and “rules-based” multilateralism falls short. The onus now falls on G7 leaders to urgently make up for this failure at the upcoming leaders summit.”

A series of meetings taking place throughout 2024 that includes G7, G20 and culminating in COP29, must see countries agree to put forward financial targets supporting the outcome of COP28 deal, namely the energy transition away from fossil fuels and triple renewable energy by 2030.  Reports show that $4.5 trillion in renewable energy investment per year by 2030, and of this amount, $1.9 trillion needs to go towards Global South countries. In order to support making that a reality, we also need to unlock around $200 billion in grant equivalent per year, coming from the Global North. 

Sieber continues: “The richest nations must stop feigning financial constraints. We demand the G7 leaders rise to their responsibilities, show true leadership, and deliver the crucial climate finance now. Now the G7 leaders in June must step up dramatically on climate finance.”

“Generic statements and empty promises do little to address the urgent needs of vulnerable communities already bearing the brunt of climate change. This inaction undermines global efforts to mitigate climate impacts,  adapt to an increasingly unstable environment, and put in motion the urgently needed global transition to renewable energy.”

“This year, at COP29, we need countries to stick to their pledges, especially rich ones who continue to profit from those who did the least to cause the climate crisis and experience worse and worse climate disasters – all countries must make clear commitments to redirect trillions of dollars in finance from fossil fuels into tripling the world’s renewable energy capacity by 2030 with equitable projects that benefit communities everywhere.

By COP30, a halfway point towards the end of this critical decade, countries must set ambitious and comprehensive NDC’s that benefit people over profits.

The onus now falls on the G7 leaders themselves. We know the money is available – we must not allow a lack of political will to be disguised behind the false pretense of financial shortage by the world’s wealthiest nations. We call on the G7 leaders to show true leadership and fulfill their obligations in meeting this global crisis. Despite making progress at COP28, critical funding agreements and clear timelines for the implementation of renewable energy commitments are glaringly absent.”