G-7 Leaders Face Demands to Pay Up After Green Growth Promises

(Bloomberg) -- Group of Seven leaders are facing calls to spell out how much money they will commit to help developing countries move away from fossil fuels and tackle climate change.

The leaders gathering in Carbis Bay, England, are set to confirm their pledge to the target of mobilizing $100 billion a year to help developing countries’ climate change transitions.

But they have yet to spell out how much more each of them will commit to meet this goal, and campaigners want to see details before the summit ends on Sunday.

G-7 Eyes Ambitious Shift to Electric Cars and Away From Oil

According to one diplomat involved in the talks, the amounts being discussed at the summit fall far short of what’s needed.

“G-7 leaders have just a few hours left to significantly increase the climate finance that is long overdue,” said Oxfam’s climate change policy lead Nafkote Dabi. “They speak of largesse but their check books have so far remained tightly closed.”

According to a draft of the G-7 summit communique, each of the seven leaders will promise to spend more to support developing countries’ climate efforts, but it’s not clear how much.

G-7 Leaders Poised to Turn Spotlight on Climate Finance

As part of the G-7 program, leaders will on Sunday formally back a new partnership to invest in green infrastructure projects in developing nations.

The U.K. will also launch a previously announced 500 million-pound Blue Planet Fund to support action to protect ocean and marine biodiversity.

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