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Photo: Karwai Tang/Pool/Anadolu Agency via Getty Images

The Group of Seven leaders on Sunday concluded their summit by agreeing to reaffirm their previously-established goals to create a turning point in climate change issues in 2021.

The big picture: The G7 leaders emphasized their commitment to a green transition that would cut emissions, halt and reverse biodiversity loss and "increase prosperity and wellbeing." They did not announce specific new goals.

  • They reaffirmed their intention to cut emissions of greenhouse gases to limit the rise in global temperatures to 1.5°C (2.7°F) above preindustrial levels through 2100.
  • They also pledged to raise their contributions to increase climate funding to assist developing countries in cutting their carbon emissions and coping with climate impacts.

Yes, but: The reaffirmations to accomplish these broad strokes are vague and lack details. Developing countries and other world leaders had looked to the G7 talks as an opportunity to see specific funding plans after $100 billion in annual climate finance, first pledged in 2015, has failed to materialize.

  • The G7 communique also lacks a commitment to phase out the use of gasoline powered automobiles, which had surfaced in earlier drafts, and omits specifics on the G7's timeframe for halting funding for coal-fired power plants.

Our thought bubble: via Axios' Andrew Freedman: "On climate change, G7 leaders largely reaffirmed ambitious goals they had already established. However, the communique lacks specifics on climate finance, which could present a roadblock to an agreement at the next round of U.N. climate talks in November. It also lacks new and specific commitments on emissions cuts from individual G7 countries."

Go deeper

Ben Geman, author of Generate
Sep 20, 2021 - Energy & Environment

The breadth and limits of corporate carbon moves

Illustration: Sarah Grillo/Axios

This week will showcase how more big companies are taking steps to cut emissions — and why corporate pledges only go so far.

The big picture: It's Climate Week. That's the annual New York City event that brings together businesses, governments and activists for speeches, symposiums and pledges. The event typically serves as a venue for corporations to announce their latest efforts, and that's already starting.

First look: Real estate firms invest $140 million in climate tech

Illustration: Annelise Capossela/Axios

Large real estate companies are putting $140 million into a climate tech fund that aims to help decarbonize the sector, according to an announcement Monday morning from the venture firm Fifth Wall.

Why it matters: The funding round, which includes some of the largest players in the industry, signals growing momentum toward backing new technologies needed to slash carbon emissions to net-zero by midcentury and achieve negative emissions thereafter.

Sep 20, 2021 - World

Sifting for clues within a climate whirlwind

UN Secretary-General António Guterres. Photo: Fabrice Coffrini/AFP via Getty Images

High-level talks in New York City and Washington this week will provide more signals about what might get done — or not — at the critical United Nations climate summit this fall.

Driving the news: British Prime Minister Boris Johnson and U.N. Secretary-General António Guterres will convene a closed-door gathering of leaders Monday morning on the sidelines of the U.S. General Assembly.