To counter China, G7 leaders agree increased climate finance

  • Date: 13-Jun-2021
  • Source: Zawya
  • Sector:Economy
  • Country:Middle East
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To counter China, G7 leaders agree increased climate finance

CARBIS BAY, England- G7 leaders will commit on Sunday to increase their climate finance contributions to meet an overdue spending pledge of $100 billion a year to help poorer countries cut carbon emissions and cope with global warming. As part of plans billed as helping speed the finance of infrastructure projects in developing countries and a shift to renewable and sustainable technology, the world's seven most advanced economies will again pledge to meet the target. At the G7 summit in southwestern England, there was a clear push by the leaders to try to counter China's increasing influence in the world, particularly in developing nations. They signalled their desire to build a rival to Beijing's multi-trillion-dollar Belt and Road initiative but the details were few and far between. Some green groups were unimpressed with the climate pledges, with Greenpeace UK saying host British Prime Minister Boris Johnson had "simply reheated old promises" and that it would take "nothing for granted" until nations came up with the money. "Protecting our planet is the most important thing we as leaders can do for our people," Johnson said in a statement. "As democratic nations we have a responsibility to help developing countries reap the