G7 calls on other nations to assist with climate finance in message to China

G7 ministers are calling on countries capable of contributing to step up and help fund efforts to combat climate change in less developed nations, with a clear message aimed at China. The ministers emphasized the importance of including countries with the means to contribute to the cause during a two-day meeting in Turin.

Franck Riester, the French minister representing climate issues, stated that the G7 countries intend to lead by example and are urging other nations, including China, to join in the effort. China, despite being the world’s largest polluter and significantly wealthier than when the UN climate treaty was signed in 1992, was not initially required to pay climate finance.

The goal of raising at least $100 billion a year in climate finance has only recently been met in 2022, two years behind schedule, according to the OECD. However, this falls far short of the estimated $2.4 trillion annually needed by developing countries (excluding China) to address their climate and development needs.

With the next UN climate talks scheduled for November in Azerbaijan, nations are expected to agree on a new fundraising target. UN climate chief Simon Stiell has urged finance ministers to prioritize substantial new public climate finance pledges, emphasizing that “challenging budget conditions” should not be an excuse for failing to deliver on climate finance commitments.

The call for increased funding comes as efforts to combat climate change and build resilience in vulnerable countries continue to face significant financial challenges, highlighting the urgent need for global cooperation and support.