“We, the G7, reaffirm our commitment to the collective developed country goal of jointly mobilising US$100 billion annually through to 2025, from a wide variety of sources, public and private, bilateral and multilateral and in the context of meaningful mitigation actions and transparency on implementation,” G7 ministers said.
The G7 grouping is made up of Canada, France, Germany, Great Britain, Italy, Japan the United States.
Canada agreed during the G7 leaders meeting to double its financing to $4.4 billion over the next five years. Germany raised its contribution by 2 billion euros to 6 billion euros annually through to 2025.
Countries of G7 account for 20 % of world-wide carbon emissions.
G7 states also declared 2021 to be a turning point for our planet and pledged to intensify efforts to keep global warming within the limits of a 1.5 degree Celsius rise in temperatures.