Page 11 - AfrElec Week 20 2022

AfrElec CLIMATE FINANCE AfrElec

G7 to raise climate finance

for developing economies

in Asia, Africa

ASIA THE G7 is to increase its support to developing The UK and the EU would be major contrib-
economies such as Indonesia, Vietnam, India utors for Vietnam, with the US and Germany fill-
and Senegal that are working towards ending ing the role for India. The amount of assistance
their reliance on coal. for each will be discussed in the future.
G7 members are to provide financial and The initiative will also tap into the Asian
technical support to help developing countries Development Bank’s planned fund and financ-
transition from coal-fired power generation to ing scheme for the early transition away from
renewable energy. As a first step, support will be coal in Southeast Asia.
provided to Indonesia, Vietnam, India and Sen- The Paris Agreement sets a goal of limit-
egal, Japan’s Nikkei reported. ing the rise in global temperatures, preferably
Details of the support and a final agreement to within 1.5 C above preindustrial levels. To
between the G7 members is expected to be achieve this, the U.N. says carbon dioxide emis-
reached at the meeting of G7 climate ministers sions will need to be reduced 45% from 2010
in late May. levels by 2030.
The support aims to use the $8.5bn of support However, more support for developing coun-
agreed for South Africa at COP26 in Glasgow in tries is needed, so called climate finance, and
November 2021. richer countries are expected to provide more
For South Africa, the US and the UK led a such support. At COP26, richer countries finally
group of countries committing the sum to South agreed to raise their commitment to $100bn per
Africa to fund renewable energy and the closure year.
of coal-fired power plants. This issue is expected to dominate COP27 in
The G7 will expand this support framework, Egypt in November.
with Japan and the US expected to be Indone- Japan is the only G-7 country not to have
sia’s major contributors, while other G7 mem- announced an intention to phase out coal, while
bers and European Union members will act as Europe and the U.S. have called for a swift end
partners. to its use.™

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