Climate finance advocates berate G7 countries for unfulfilled commitments

By Faridat Salifu

Climate finance campaigners has berated the G7 nations for their unfulfilled climate finance despite pledging to be “leading contributors.

Andreas Sieber, Associate Director of Global Policy and Campaigns at 350.org, expressed deep disappointment.

He said: “It’s extremely disheartening that G7 leaders have not advanced the climate agenda by providing additional climate finance or setting an ambitious new finance goal ahead of the upcoming COP29 climate talks in Azerbaijan.

Their claims of being ‘leading contributors’ lack substance without concrete pledges,” he said. Sieber emphasized the need for substantial financial support from Global North leaders to aid the Global South in developing renewable energy, adapting to climate impacts, and addressing loss and damage. “Unlocking finance is essential, time is ticking, and the world is watching.”

Checks showed that while the G7 reaffirmed their commitment to the COP28 renewable energy target and announced a new clean energy initiative with African states, current government climate goals reveal a significant 3000-gigawatt renewable ambition gap by 2030.

This shortfall, campaigners argue, is insufficient to replace fossil fuels at the necessary scale and speed to maintain the 1.5-degree Celsius global warming limit.

“The G7’s 2035 coal phase-out commitment is an insufficient step in the right direction. It falls short of what science demands and the historic responsibility of the wealthiest nations and biggest historical emitters,” added Sieber.

The year 2024 has been dubbed the “year of climate finance,” aiming to build on the progress made at COP28 in Dubai.

However, organizations like 350.org are dismayed that the G7, as leaders of the wealthiest nations, have not firmly placed climate finance on the table.

Kate Blagojevic of 350.org Germany highlighted a challenging week for German Chancellor Olaf Scholz. “This meeting ends with the supposed ‘engines’ of the world stalling on meaningful climate action. Scholz failed to commit to renewable energy or energy efficiency measures needed to limit global heating and reduce energy bills in Germany.

Moreover, the leaders did not provide the necessary funds to repair climate damage and deliver affordable, renewable energy to the Global South,” she said. Blagojevic suggested that a global wealth tax on the ultra-wealthy could provide the needed dynamic climate leadership.

Fanny Petitbon of 350.org France criticized President Macron for not living up to his promises. “At the Summit for a New Global Financing Pact last year, Macron called for a ‘public finance shock’ for development and climate action, yet he made severe cuts to Overseas Development Assistance.

At Apulia, he failed to pledge any new and additional money to support the most vulnerable countries,” Petitbon said.

Tommy Vickerstaff of 350.org UK denounced Prime Minister Rishi Sunak’s weak stance on climate issues. “The UK needs to give a firm commitment to finance a rapid transition to renewables domestically and globally. Instead of the general public, it is the ultra-rich and fossil fuel companies who should bear this cost,” Vickerstaff said.

Masayoshi Iyoda of 350.org Japan criticized Prime Minister Kishida for supporting a fossil gas project in Mozambique while discussing the seriousness of climate disasters.

“Japan’s international public finance still supports fossil projects overseas. It’s time for Japan to redirect its financial support to fair, safe, and affordable renewable energy,” Iyoda said.

Candice Fortin of 350.org US emphasized the need for the US to show real commitment. “If the US wants to pride itself on being a ‘world leader,’ it needs to demonstrate how it will pay its climate debt to vulnerable countries,” she said.

Atiya Jaffar of 350.org Canada expressed frustration over the lack of new commitments.

“Canada is the only G7 member whose emissions have risen since 1990, largely due to tar sands production. The Trudeau government must take real climate leadership now,” she urged.

As COP29 approaches, the failure to secure new climate finance commitments at the G7 Summit underscores the urgent need for a more robust and effective global response to the climate crisis.