Italy triples climate finance commitment to USD 1.4 billion a year

The G-20 reaffirmed past commitments to mobilize $100 billion annually to help poorer countries cope with climate change, and committed to scaling up financing for helping them adapt.

From left, German Chancellor Angela Merkel, Italian Premier Mario Draghi, French President Emmanuel Macron and British PM Boris Johnson during a G20 summit event. (Photo | AP)

ROME: Premier Mario Draghi says Italy will triple its commitment to climate financing for poor countries to $1.4 billion a year over the next five years.

Draghi made the announcement at the end of the G-20 summit in Rome.

The money is Italy’s contribution to the $100 billion annually that rich countries collectively have promised but not yet delivered to help vulnerable developing nations transition to low-carbon energy sources and to adapt to the effects of climate change.

According to the final summit communique, the G-20 reaffirmed past commitments to mobilize $100 billion annually to help poorer countries cope with climate change, and committed to scaling up financing for helping them adapt.

A U.N. report issued last week estimated that it would be several more years before rich nations made good on the commitment.