Reaction to G7 announcement on financing for green development
- Short URL: https://www.oxfam.org.uk/mc/7g9o4g/
Responding to the UK Government’s announcement that G7 leaders will agree to new financing for infrastructure projects in developing countries and an increase international climate finance, Oxfam's climate change lead Nafkote Dabi said:
"This plan could support green development in poorer countries, but it is lacking in detail including on who will foot the bill. It also appears to champion infrastructure to reduce emissions, while many communities are screaming out for support to adapt to the impacts of climate change - an area that remains woefully underfunded.
"G7 leaders have just a few hours left to significantly increase the climate finance that is long overdue. They speak of largesse but their cheque books have so far remained tightly closed - only the UK and US have committed to increase their support. It is vital they make new pledges, especially of grant finance for adaptation.
"The leaders are right to emphasise the need to keep global warming below 1.5°C, but this statement is still based on current targets and does not represent more ambitious action. Given that they account for a third of all emissions since 1990, the G7 nations should show leadership by cutting carbon further and faster."