STATEMENT: WRI Calls for Scaling Up Climate Finance, Long-term Reduction Goal on Eve of G7 Summit
BONN, GERMANY/WASHINGTON, DC (JUNE 5, 2015) — On June 7th and 8th, government leaders will convene at the G7 Summit in Schloss Elmau, Germany. Climate change is expected to be one the most substantial topics of discussion, including scaling up financing and establishing a long-term goal to decarbonize the world’s economy by mid-century.
Earlier this week, WRI released a new working paper that shows how the world can mobilize public and private funds to achieve the $100 billion per year goal by 2020.
Following is a statement by Jennifer Morgan, Global Director, Global Climate Program, World Resources Institute, ahead of the meeting:
“The G7 summit gives world leaders the opportunity to send an unequivocal signal that they will mobilize new public and private funds to dramatically scale up climate finance. WRI’s latest research has made it clear there are balanced and realistic funding scenarios to reach the goal of $100 billion per year in climate financing by 2020.
“IKEA’s announcement to direct 1 billion Euros (1.13 billion USD) toward concrete climate action demonstrates real leadership and raises the bar for other companies. By delivering on their public financing commitments, governments can catalyze even more capital from the private sector.
“G7 leaders should join leaders in world’s investment and business community and show their support for a phase out greenhouse gas emissions to net zero by mid-century. Setting this target would give the private sector greater certainty about the opportunities of a low-carbon future."