In a recent development, G7 nations finally have agreed to establish action regarding climate change upon renewing the pledge in order to generate 100 billion dollars per year for helping poor countries lower emissions. Post their Britain summit, the leaders of G7 have also pledged to encourage developing nations to avoid use of coal.
Boris Johnson, the Prime Minister of the UK, being the host of a meeting spanning three days, has said on Sunday that they got the clarity in the weekend itself that action must begin with them. However, it is claimed by certain environmentalists that the promises made were not having adequate detail.
Considering that the world is currently on the verge of meeting temperature limit risk,developed nations agreed to make a contribution of 100 billion dollars every year as part of climate finance for the poor nations by 2020. The target couldn’t be met due to the global COVID-19 pandemic. However, According to Action Aid’s Teresa Anderson, the reaffirmation by the G7 members regarding earlier 100 billion dollars per year seems no close to addressing the level and urgency of crisis.
Catherine Pettengell’s (the Climate Action Network’s director) statement to Reuters told Reuters news agency that they had the hope that the leaders of developed nations would come with money in this week that they have been promising.
Climate change certainly has been among the crucial matters in the Carbis Bay summit, Cornwall. G7 comprising of nations like UK, US, France, have shown commitment towards maintaining estimated temperature rise at global level to 1.5 degreesCelcius. They stated in the final statement about reaffirming the goal of developed nations to cumulatively generate 100 billion dollars per year through public as well as private sources by the year 2025.
How it all progressed?
The agreement to make nations in avoiding coal power that initially appeared through White House involves a plan order to avoid burning of coal unless it involves technology for carbon capture. G7 is going to terminate the funding of fresh coal generation in rich countries and provide an amount worth 2 billion Euros or 2.8 billion dollars to stop usage of the fuel.
In a distinct announcement, the United Kingdom,along with Germany as well as the United States to make a declaration that it would expend several hundred million pounds in order to save the most vulnerable communities of the world from the threats of climate change. According to Dominic Raab, the Foreign Secretary of the UK, the funding is going to generate swift responses towards severe weather and the disasters related to climate in nations dealing with climate change impact.
Ultimately, though there is an insufficiency of details, some key developments have been achieved aiming to make finance towards renewable energy, as well as railways in rich nations aiming at counterbalancing the Belt of China and mega road project.