Extreme Temperature Diary- Monday May 10th, 2021/ Main Topic: The June G7 Summit…A Test For Climate Commitments

The main purpose of this ongoing blog will be to track planetary extreme or record temperatures related to climate change. Any reports I see of ETs will be listed below the main topic of the day. I’ll refer to extreme or record temperatures as ETs (not extraterrestrials).😉

Main Topic: The June G7 Summit…A Test For Climate Commitments

Dear Diary. We now live in a post Trump world, or at least on a planet where he has lost the power of the presidency, so there should be no impediments for the U,S. to lead on climate. The first real test will be at the coming G7 Summit to be held in Europe in June. World leaders are already manipulating financial numbers ahead of this meeting, some in a disappointing fashion. Here is where Biden and company can really shine given this opportunity, helping to steer the planet away from the climate abyss by insisting that more funds go to developing countries.

The following article has some particulars leading up to this G7 Summit:

Climate finance hopes for poor nations shift to G7 summit as Merkel disappoints

by Megan Rowling | @meganrowling | Thomson Reuters Foundation

Thursday, 6 May 2021 16:39 GMT

Rich governments are being urged to deliver on an unmet pledge of funding to help developing countries tackle climate change at June’s G7 summit and raise it after 2025

By Megan Rowling

BARCELONA, May 6 (Thomson Reuters Foundation) – Germany and Britain are piling pressure on other G7 nations to boost the funding they provide for climate action in developing countries this decade, even though Germany did not offer more finance at an international gathering on Thursday.

Ahead of this week’s Petersberg Climate Dialogue, climate and development experts and former U.N. chief Ban Ki-moon had urged Germany to commit to doubling its public climate finance by 2025 to an annual 8 billion euros ($9.6 billion), up from about 4 billion now.

But outgoing German Chancellor Angela Merkel said only that Germany’s total climate support – including public and private sources of money – had reached nearly 7.6 billion euros in 2019.

She described that as a “fair contribution” and did not indicate the level of finance Germany would provide beyond 2020.

But she said she agreed with Britain that “we need to look ahead… we need to do more internationally, because the need – particularly in developing countries – is enormous”.

There has been growing consternation that wealthy governments have so far failed to deliver the $100 billion a year they promised to raise for vulnerable countries starting in 2020.

The latest figures from the Organisation for Economic Co-operation and Development show flows of about $79 billion in 2018.

British Prime Minister Boris Johnson told Thursday’s ministerial dialogue that at the June G7 summit, chaired by Britain, he hoped to secure a “substantial pile of cash” to help poorer nations start a green industrial revolution and withstand the worsening impacts of climate change.

“We simply must meet our existing commitments on climate finance, that long-overdue $100-billion-a-year target, and then we must go further still,” he said by video link.

He noted that Britain – which will also host November’s COP26 climate summit – had already pledged to double the climate finance it will provide over the coming five years to at least 11.6 billion pounds ($16.1 billion) for that period.

But his government has been widely criticised for temporarily cutting its broader overseas aid spending, under fiscal pressures from the COVID-19 pandemic.

Merkel noted on Thursday that while industrialised countries faced huge holes in their budgets, they should not shirk their international responsibilities by reducing contributions for development aid, climate protection or multilateral bodies.

The United States said last month it would double its international public climate finance to about $5.7 billion a year by 2024.

ADAPTATION WORRIES

Even as wealthy governments lag on meeting their $100-billion-a-year climate finance promise, talks are due to start at COP26 on a higher annual finance goal to kick in after 2025.

Merkel said she had discussed that effort with Johnson and “Germany is ready to do its fair share in order to make a new financing target for the post-2025 period possible”.

She also called for an agreement at COP26 to phase out financing for coal power plants around the world, with the money instead directed to renewable energy.

Jan Kowalzig, senior climate policy adviser for aid charity Oxfam Deutschland, said the lack of fresh cash from Germany was a “deep disappointment” and “failed responsibility”, urging it to pledge to double its funding by 2025 at the G7 summit.

“Chancellor Angela Merkel had the chance to demonstrate Germany’s solidarity with developing countries at the forefront of the climate crisis – and she blew it,” Kowalzig said in emailed comments.

U.N. Secretary-General Antonio Guterres told the Petersberg dialogue the G7 summit would be “a pivotal moment” for wealthy governments to honour their unmet climate finance promises.

“I call on the leaders of the G7 to take the lead, with other developed countries following, to make substantial climate finance pledges for the coming five years. For some, this means at least doubling their latest climate commitments,” he added.

He also made a strong appeal for donors to boost the amount of money they provide to help vulnerable communities become more resilient to worsening climate-linked disasters. That spending currently falls far short of what experts say is needed.

“I remain deeply worried about the lack of progress on adaptation. Already people are dying in big numbers, farms are failing, millions face displacement,” the U.N. chief said.

($1 = 0.8295 euros) ($1 = 0.7208 pounds)

Read more:

Finance boost crucial to get all on board for net-zero emissions, says UN chief

OPINION: Sleepwalking into COP26 collapse – why the UK must drop its aid cuts

John Kerry puts U.S. weight behind Green Climate Fund

(Reporting by Megan Rowling @meganrowling; editing by Laurie Goering. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org/climate)

Our Standards: The Thomson Reuters Trust Principles

Here is a bit more from Reuters:

https://news.yahoo.com/g7-invest-1-trillion-per-091729952.html

Reuters

G7 should invest $10 trillion to stoke climate-friendly recovery – PM Johnson told

Guy Faulconbridge

Mon, May 10, 2021, 5:17 AM·2 min read

By Guy Faulconbridge

LONDON (Reuters) -G7 countries should invest $10 trillion to stoke an investment-driven recovery that puts COVID-19 vaccines in arms and triggers a sweeping energy transformation to slow climate change, according to a report requested by Prime Minister Boris Johnson.

U.S. President Joe Biden is expected to join other Group of Seven leaders at a G7 summit chaired by Britain’s Johnson in Cornwall, southern England, on June 11-13.

Founded in 1975 as a forum for the West’s richest nations to discuss crises such as the OPEC oil embargo, the G7 will discuss what it perceives as the biggest threats: China, Russia, climate change and the coronavirus pandemic.

Nicholas Stern, professor of economics at the London School of Economics, said in a report for Johnson that the G7 was a crucial opportunity for the West’s richest economies to make a real change to the global economy.

“The transition to a zero-emissions and climate-resilient world provides the greatest economic, business and commercial opportunity of our time,” Stern said in the report.

“At the heart of the proposed vision for the economic response to the pandemic is a coordinated global programme of investment for recovery, reconstruction and transformation that can boost all forms of capital – physical, human, natural and social,” Stern said.

G7 countries, he said, should set a collective goal to raise annual investment by 2% of GDP above pre-pandemic levels for this decade and beyond and improve the quality of investment – equal to about $1 trillion per year in additional investment over the next decade.

The G7 leaders should ensure a timely global roll-out of vaccines by immediately closing the $20 billion funding cap of COVAX, a global programme to provide vaccines mainly for poor countries.

After Johnson called for countries to do more than produce “hot air” rhetoric on climate, the report said the G7 should come up with credible ways to meet Biden’s climate goals.

The G7 should commit to eliminating all fossil-fuel subsidies no later than 2025, lead a sweeping energy transition, end overseas support for fossil-fuel investments and consider a minimum corporate profit tax of 21%.

(Reporting by Guy Faulconbridge; Editing by Kate Holton)

Here are some overseas “ET’s:”

Here is more climate and weather news from Monday:

(As usual, this will be a fluid post in which more information gets added during the day as it crosses my radar, crediting all who have put it on-line. Items will be archived on this site for posterity. In most instances click on the pictures of each tweet to see each article. The most noteworthy items will be listed first.)

Now here are some of today’s articles and notes on the horrid COVID-19 pandemic:

(If you like these posts and my work please contribute via the PayPal widget, which has recently been added to this site. Thanks in advance for any support.) 

Guy Walton “The Climate Guy”

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