47th G7 Summit to open in Cornwall
Leaders from the Group of Seven (G7) nations will gather today in Cornwall for their annual summit.
The summit will aim to unite its members in assisting the international community recover from the COVID-19 pandemic. It will also help build political momentum ahead of the crucial UN climate change conference, COP 26, to be held in Glasgow in November.
Although no official meeting agenda has been released, UK Secretary of State for Business Kwasi Kwarteng has stated Boris Johnson will seek coordinated action on carbon taxes at borders, green finance, phasing out coal and helping low-income countries to prepare for the effects of climate change. Likewise, this will be the first G7 where all members have committed to achieving net zero carbon emissions by 2050.
G7 countries are expected to collectively invest around $ 1 trillion per year over the next decade to ensure their economies fully recover from the COVID-19 pandemic and to transition to sustainable and resilient growth. To tackle the climate emergency, expect the G7 to provide comprehensive financial support, especially to developing countries to rebuild their economies with green technology. Specifically, the G7 will likely use the existing Paris Climate Agreement as a framework for combating climate change and unleashing global economic development.
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