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.

Published: 31st October 2021 10:22 PM  |   Last Updated: 31st October 2021 10:22 PM   |  A+A-

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)

By Associated Press

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.



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