11-13 June G7 Leaders Summit at Carbis Bay, Cornwall must lay firm foundations for a green and fair recovery.
4-5 June Finance Ministers Meeting will be key to check the commitment of G7 countries to deliver the finance package we need this year.
Experts from think tank E3G are available for comment.
Story
Kickstarting the global economy post-Covid depends on G7 countries investing in resilient, just, and green recoveries as well as in a climate-safe and nature-positive future for all. Signals from the G7 are key to unlocking wider political agreement to finance global green recoveries at crucial G20 and IMF/World Bank meetings later this year.
G7 Climate & Environment ministers demonstrated a new level of climate ambition and cooperation in their May meeting. However, they fell short of leadership on implementing green recoveries at home and delivering solidarity for all countries to recover their economies in line with the Paris goals.
E3G has identified three key tests for G7 Finance Ministers and Leaders to meet this challenge.
- The G7 should agree a package of COVID vaccine support that demonstrates G7 unity and rebuilds conditions for global cooperation.
- A comprehensive package of new finance solidarity commitments: new and better-quality climate finance, new funds for Multilateral Development Banks and Finance Institutions to invest in Paris-aligned recoveries in developing countries and unlocking immediate liquidity for these countries by agreeing to reallocate IMF Special Drawing Rights and restructure debt burdens.
- The G7 should lead by example with green recovery at home. G7 countries should coordinate on common, ambitious standards for their domestic recovery packages, in the form of commitments to dedicate 30-40% of recovery funds to green policies and measures, and the rest doing no significant harm to the environment and climate.
Available for comment on G7
E3G experts (expertise in brackets) are available for commentary – please contact them directly:
Nick Mabey, E3G CEO (COP26, UNFCCC, geopolitics, UK politics)
m: +44 (0)7949 768 771, Nick.mabey@e3g.org
Jennifer Tollmann, Climate Diplomacy & Geopolitics expert, (COP26, geopolitics, EU/German politics, EU-US summit)
m: +49 (0)151 7301 9723, Jennifer.tollmann@e3g.org
Sima Kammourieh, Head of Better Recovery, (Sustainable Finance)
m: +49 (0)151 17604965, Sima.kammourieh@e3g.org
Dileimy Orozco, Sustainable Finance expert
m: +44 (0)7867 301 615, dileimy.orozco@e3g.org
Julian Havers, Public Banks and Just Transition Lead
m: +49 (0)1602 120 435, julian.havers@e3g.org
Chris Littlecott, Fossil Fuel Transition Director, (Coal)
m: +44 (0)7920 461 812, chris.littlecott@e3g.org
Claire Healy, Washington DC Director, (COP26, geopolitics, US politics)
m: +1-202 420 0628, Claire.healy@e3g.org
Byford Tsang, China Expert, (Geopolitics)
m: +44 (0)7508 759 872, Byford.tsang@e3g.org
Notes to Editors
E3G is an independent climate change think tank accelerating the transition to a climate safe world. E3G specialises in climate diplomacy, climate risk, energy policy and climate finance.
Read Nick Mabey and Tom Burke‘s latest blog: UK must mobilise G7 funding for success at COP26.
