CARBIS BAY, June 13 — G7 leaders will commit today to increase their climate finance contributions to meet an overdue spending pledge of US$100 billion a year to help poorer countries cut carbon emissions and cope with global warming.
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. “As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system. The G7 has an unprecedented opportunity to drive a global Green Industrial Revolution, with the potential to transform the way we live.”A spokesman for Johnson confirmed that all the G7 nations would up their contributions and said he expected the individual nations to set out the size of the increases “in due course”.