The leaders of the Group of Seven (G7) met in Elmau, Germany, between June 26th and 28th. In a statement issued after the meeting, the G7 committed to scaling up climate and disaster risk finance and insurance (CDRFI) and working towards a Global Shield against climate risks.
The Global Shield concepts builds upon efforts by InsuResilience to help protect vulnerable people and countries against climate risks by scaling up premium and capital support.
The communique includes a commitment to establish a “Climate Club”, which Germany has advocated for many years. This club would aim to enable the sharing of best practice on emissions mitigation policies including carbon pricing, as well as meaningful emissions measurement and reporting.
In the Summit’s closing press conference, German chancellor Olaf Scholz said the G7 must not backtrack on their long-term range of focuses, including climate protection.
“We ask our Development Ministers to make progress on the Global Shield by COP 27. We are committed to mobilising resources from all sources and to substantially increasing our national and international funding for nature by 2025 to support the implementation of an ambitious global framework. We encourage countries beyond the G7 to join us in this endeavour,” he said in a statement.
Notable highlights from the G7 statement include a new commitment to “a highly decarbonised road sector by 2030” and a “Paris-compatible global goal on net-zero emissions from international aviation and shipping by 2050”.
