Chancellor Rishi Sunak chaired a meeting with his G7 counterparts today, where the importance of achieving net zero emissions targets were the main focus of discussion.
The meeting, which Sunak hosted alongside Bank of England governor Andrew Bailey, will be the first in a series taking place this week.
In a statement the Treasury said: “Finance ministers and central bank governors discussed the key roles of their ministries and central banks in the transition to net zero, and how climate policies complement and amplify the role of the private sector in financing climate action.”
Sunak told attendees they needed to step up their plans to achieve the G7’s goal of creating $100bn of climate finance, the Treasury added.
Tomorrow the Chancellor will call on the G20 to focus its efforts on taking collective action to tackle climate change.
In November, the UK will deliver the COP26 conference, which will see the world’s leaders descend on Glasgow for the latest round of the United Nations’ ongoing climate change negotiations.
This year’s talks are crucial, as countries will be required to update their “nationally determined contributions” for reducing greenhouse gas emissions for the first time since the Paris conference in 2015.