The G7 countries, which have reached a consensus on taking action on climate change, reiterated their decision to allocate $100 billion in annual financing that they had previously committed to help poor countries reduce emissions.
Countries have committed to keeping the projected global temperature rise at 1.5°C. In the final statement announced by the country leaders, “We reaffirm the target of developed countries to finance 100 billion dollars annually from public and private sources jointly until 2025″.
At the summit in Cornwall, England, the leaders of the G7 also promised to help developing countries give up coal consumption. Accordingly, the G7 countries will provide up to $2.8 billion in financing to developing countries to give up coal power plants.