On 11-12th June Environment Ministers of the G7 gathered in Bologna.

Following the decision of the US Administration to “cease all implementation of the Paris Accord”, the US refused to be associated to the sections on “climate change” and “Multilateral Development Banks (MDBs) and support for the implementation of the 2030 Agenda and the Paris Agreement”.

In these sections, Environment Ministers from the other countries:

  • state that “the Paris agreement is irreversible and its full integrity is key for the security and prosperity of our planet, societies and economies.”
  • “call upon the MDBs and other development finance institutions, to further increase their sustainable and climate resilient investment and strengthen their effort to leverage and crowd in private finance into the green and blue economy, including by meeting their 2020 climate pledges and further aligning their activities with the 2030 Agenda and Paris Agreement goals, also through a strong commitment to adaptation, and to support the transition towards a low carbon and resource efficient global economy.”
  • “urge MDBs to use their unique position to further broaden their impact towards sustainable development by sharing their expertise to mainstream climate considerations within national development planning and in preventing harm through social and environmental impact assessment and respect for applicable social and environmental standards.”

As such, this Communiqué highlights the influent role MDBs and financial insitutions more generally have to play in the transition to a low carbon climate resilient economy.

See the Communiqué