4 climate obstacles facing Biden at the G-7
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A communique from G-7 climate and energy ministers last month and another from finance ministers last week moved to “reaffirm” the $100 billion finance goal by 2025 “from a wide variety of sources.” But little new information is expected this weekend on how nations will close the roughly $20 billion shortfall in reaching the figure, especially given the final communique will likely truncate the ministerial-level statement.
The tepidness from finance ministers was palpable in their communique, which called on G-7 nations and multilateral development banks to do more. Even more oddly, those ministers are in charge of crafting their countries' aid packages and control a majority of the shares of multilateral development banks those officials called on to up the ante, noted Rachel Kyte, dean of Tufts University’s Fletcher School and a former senior World Bank official.
“It was almost as if the finance ministers were talking to somebody else about what needs to happen — yet it is them,” Kyte said, adding, “The question that I really think is for the leader summit is: ‘If not the G-7, then who? If not now, then when?’”