The G7, comprising leading industrialised countries and historically major contributors to the climate crisis, has a particular responsibility to not only deliver its fair share in the globally needed mitigation effort but also to support both necessary social-ecological transformation and management of climate risks and impacts in developing countries. Key aspects in these efforts are strategies to enable swift implementation of the Paris Agreement (especially within this decade), keep the 1.5°C limit within reach, enable all people to adapt to a changing climate, and address unavoidable loss and damage.
While developed countries failed to meet their commitment to provide US$100 billion per year by 2020, the G7 process in 2022 under the German presidency offers the opportunity to take important steps towards a new paradigm for climate finance that is based on needs in recipient countries, in conjunction with improving quality – including through people-centered and rights-based approaches, focusing on the most vulnerable people and countries, enabling easy access and enhancing gender equality, participation and leadership of women and girls.
G7 in 2022
Five areas for advancing climate finance