The Group of Seven issued a statement on Friday about the initiative’s plans Rebuilding a houseGlobal, which intends to make a series of investments around the world to address climate change and achieve a green transformation. According to the document, “low and middle-income countries need to expand investment in infrastructure to counteract climate change and support their transition to net zero emissions,” and to this end, the G7 is committed to strengthening their partnerships. .
Practically speaking, the statement reaffirms the intent to mobilize US$100 billion for these countries, something that was outlined during the last G-20 meeting in Rome. According to the document, the funds could be allocated through the Voluntary Special Drawing Rights (SPR) Directive. “To this end, we support the call for a new International Monetary Fund (IMF) Resilience and Sustainability Fund,” says G7.
Another G7 intent, according to the statement, is to participate in efforts to have all G-20 countries join the Organization for Economic Cooperation and Development (OECD) anti-bribery agreement.
A major initiative, agreed at COP 26, foresees $8.5 billion over the next three and five years for investment in clean energy in South Africa. Backed by France, Germany, the United Kingdom, the United States and the European Fair Transition Partnership, the document aims to support the country “to decarbonize its economy, move away from coal, and move toward a low-emission, climate-resilient economy based on clean and green energy and technology.”
Overall, the document envisages cooperation “to assess and define the best terms for mobilizing private financing, in line with the objectives of the Paris Agreement”.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
