Finance leaders from the Group of Seven wealthy democracies on Wednesday pledged to increase emissions reduction efforts and climate support for developing countries despite energy costs and security challenges prompted by Russia’s war in Ukraine.
Meeting on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington, the G7 finance ministers, and central bank governors reaffirmed in a statement their commitment to achieving net zero emissions goals by 2050.
The officials said Russia’s war against Ukraine has caused substantial increases in energy and food prices and was severely impacting energy markets and supplies globally.
“Facing these challenges, we will not compromise on, but rather intensify our efforts to meet our climate goals, including an accelerated, clean, just, and sustainable energy transition that also strengthens energy security,” the G7 officials said.
They pledged to make substantial progress toward reaching Paris Agreement climate goals at next month’s COP 27 climate conference next month in Egypt and said they remained committed to pledges to mobilize $100 billion annually through 2025 to address the climate needs of developing countries.
The G7 ministers and governors also said that the development of high-integrity carbon markets and carbon pricing would foster cost-efficient reductions in emission levels, and drive climate innovation.
They also pledged to cooperate on possible trade mechanisms aimed at preventing “carbon leakage,” or the shift of carbon emissions to countries with lower environmental standards.