To cap off a very positive G7 Leaders Summit in Cornwall, the leaders agreed plans to transform the financing of infrastructure projects in developing countries, part of a raft of measures at the Summit to address the climate crisis and protect nature.
The ‘Build Back Better for the World’ plan will bring together G7 countries under the UK’s presidency to develop an offer for high quality financing for vital infrastructure, from railways in Africa to wind farms in Asia.
The new approach is intended to give developing countries access to more, better and faster finance, while accelerating the global shift to renewable energy and sustainable technology. The Government will build on this with other countries ahead of the COP26 Summit in November.
The G7 also endorsed a Nature Compact to halt and reverse biodiversity loss by 2030 – including supporting the global target to conserve or protect at least 30 percent of land and 30 percent of ocean globally by the end of the decade.
The G7 are also committed to almost halve their emissions by 2030 relative to 2010. The UK is already going even further, pledging to cut emissions by at least 68% by 2030 on 1990 levels (58% reduction on 2010 levels).
Leaders also set out the action they will take to slash carbon emissions, including measures like ending all unabated coal as soon as possible, ending almost all direct government support for the fossil fuel energy sector overseas and phasing out petrol and diesel cars.
In addition to taking action at home, G7 leaders also committed to increase their contributions to international climate finance to meet the target of mobilising $100bn a year, which will help developing countries deal with the impacts of climate change and support sustainable, green growth.
Commenting, St Austell and Newquay’s Member of Parliament Steve Double said:
“Cornwall has been a great backdrop for the G7 Leaders Summit, and I am pleased to see the leaders inspired by our Duchy with these impressive plans to help our world live more sustainably.”
“With our landmark Environment Bill, the UK is leading the way globally and it is good to see this combined effort from the G7 leaders to make the positive change that we need to see for our planet’s future.”