BONN, GERMANY/WASHINGTON, DC (JUNE 8, 2015) — On June 7th and 8th, government leaders met at the G7 Summit in Schloss Elmau, Germany. On the topic of climate change, G7 leaders demonstrated their support for a goal to phase out greenhouse gas emissions over the course of this century and reached a set of decisions to enhance climate finance to help poor countries build resilience and adopt cleaner sources of energy.

Following is a statement by Jennifer Morgan, Global Director, Global Climate Program, World Resources Institute:

“Today, for the first time ever, G7 leaders have rallied behind a long-term goal to decarbonize the global economy. This long-term decarbonization goal will make evident to corporations and financial markets that the most lucrative investments will stem from low-carbon technologies. This target must also be a key element of an ambitious international climate agreement.

G7 leaders reached a set of decisions that signal an important shift in development assistance and investments toward clean energy and climate-resilient projects. Their commitment to increase renewable energy access in Africa and address climate risks from disasters will help build trust with developing countries ahead of the climate negotiations in Paris.

While more remains to be done—particularly around meeting the $100 billion goal—it is clear G7 leaders understand that delivering climate finance is a part of their role in the global community.

Led by Chancellor Merkel, today G7 leaders have stepped up to the plate with serious climate commitments. In the months ahead, we will look for these major economies to keep climate action moving forward at home and abroad.”