As the G-7 summit wrapped up last week, one of the highlights that emerged was German Chancellor Angela Merkel’s call for G-7 countries to commit themselves to the $100 billion needed to mobilize climate finance for developing countries.
Ranking among the top climate aid donors, Germany is in a position to trumpet this invitation. According to project-level data from the Organization for Economic Cooperation and Development, climate aid from G-7 countries reached $15 billion in 2013. Of this amount, $4 billion came from Germany.
But as Charlene Watson and Smita Nakhooda, research officer and research fellow, respectively, for climate and environment at the Overseas Development Institute, have pointed out, raising money is not the only task for G-7 countries. For efforts to combat climate change to become entrenched, an even more long-term look toward phasing out high-carbon investments has to be in place.