G7 Ponders Increasing Climate Finance in Build-Up To COP26

Chancellor Sunak hosted the meeting of finance ministers as part of the UK’s G7 Presidency. Accompanied by Governor of the Bank of England Andrew Bailey, the Chancellor implored nations to set and progress towards net-zero targets.

The meeting was also used to discuss the importance of developed nations in meeting a commitment to mobilise $100bn in annual funds to support developing nations mitigate the impacts of the climate crisis while integrating low-carbon technologies and markets. The meeting also saw discussions take place over improving climate-related financial disclosures, and increasing support for the creation of global standards for sustainability-related financial reporting.

The meeting was the first in a series of high-level political discussions taking place this week that will set out key discussions ahead of COP26 in November this year. Later on this week, Sunak is expected to call on the G20 to support the International Monetary Fund in incorporating climate change across its financial activities. Euroactiv