Germany wants to increase its contribution to climate protection in developing countries from the current four to six billion euros annually by 2025. The announcement was made by government spokesman Stephen Seibert on the sidelines of the G7 summit of major democratic industrialized countries in Cornwall in south-west England on Sunday. “The G7 must be a leader in climate finance.”
Another government spokesman emphasized that the success of the UN climate summit in Glasgow, Scotland, in early November depends critically on the commitments made by industrialized countries to climate funding. The last 4.3 billion euros in budget funds are part of the overall German climate aid, for which, according to available data for 2019, there will also be 2.5 billion in capital markets funds, as experts explained.
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However, G7 countries are still a long way from meeting their earlier commitment to raise US$100 billion annually in public and private funds for poor countries. It aims to extend climate protection to poorer countries and to make themselves more resistant to impacts such as extreme weather conditions. According to development organization Oxfam, climate aid has so far reached only US$39 billion.
Chancellor Angela Merkel previously assessed the results of the G7 summit on climate protection as a “strong commitment” – even though the rich industrialized nations could not agree on a similar date to phase out coal.
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