In advance of the 47th G7 Summit commencing on June 11, 2021, Oxfam Canada is calling on Canada and other G7 leaders to take drastic action to cut carbon emissions more quickly and increase climate finance to low-income countries.
Without more ambitious climate action, Oxfam Canada projects that Canada’s economy could shrink by 6.9% annually by 2050, while across G7 nations, climate change could cause economies to contract by an average of 8.5% annually by 2050. The human and economic impact of climate change will likely be even greater for low-income countries.
The G7 is collectively falling short on its longstanding pledge to provide US$100 billion per year to help low-income countries respond to the climate crisis. Oxfam estimates that the G7’s current commitment amounts to only US$36 billion in public climate finance by 2025.
Canada has yet to announce an increase in its climate finance commitments, and achieving Canada’s fair share would require doubling its current climate finance pledge. As a result, Oxfam Canada is calling on Canada and its G7 partners to make this year a turning point for action against climate change by increasing climate finance.