Three asks for the G7 leaders

Press release, 28 May 2021
With the G7 summit opening in Cornwall two weeks today, IIED director Andrew Norton calls on world leaders to commit to better access to climate finance for vulnerable countries.

With the G7 summit opening in Cornwall two weeks today, IIED director Andrew Norton calls on world leaders by video message to commit to better access to climate finance for vulnerable countries. G7 deliberations in the run-up to the summit have not come through on this crucial issue.

“G7 leaders need to land three things at the summit in Cornwall to address this," he said.

“Firstly, make new commitments to climate finance to exceed the agreed $100bn annual target, and do this well ahead of COP26.

“Secondly, endorse the principles for locally led adaptation, and hold the new Taskforce on Access to Climate Finance accountable for delivering the solutions identified by vulnerable countries. These solutions include developing a robust climate finance definition, agreeing a single accreditation pathway across the climate funds, shifting to longer term and more transparent climate finance, and making sure 50% of climate finance supports adaptation actions.

“Finally, G7 leaders need to commit to enabling indebted countries to use debt management for strategic action on climate and nature, and ensure the sustainability of debt considers climate vulnerability and net zero targets. This can be combined with support for re-allocating a share of the IMF’s Special Drawing Rights to fund their own green recovery from the pandemic.

“There are some positive signs of change through the G7 ministerial-level meetings, but more is needed.

“If the UK wants to leave a powerful legacy this year, especially from COP26, it also needs to drop its planned aid cuts before the G7 summit.

“These cuts send the wrong message, and could be partly why other major countries such as Germany and Canada are yet to make any new climate finance announcements.

“The G7 summit outcomes will be a litmus test for other major meetings this year – and vulnerable countries are watching closely."

Media enquiries

For more information or to arrange an interview with Norton or one of his IIED colleagues, please contact IIED press manager Fiona Bewers on +44 (0) 7503 643 332 or email fiona.bewers@iied.org.