G7 needs to help emerging economies to cut down emissions, says Japan’s Nishimura

Sapporo (Japan): Influential and rich nations which comprise the Group of Seven need to act to help emerging economies reduce emissions, including providing finance for decarbonisation of industries, Japan’s economy and trade minister Yasutoshi Nishimura said on Saturday. Ministers from G7 countries are meeting for climate and energy talks in northern Japan’s Sapporo on Saturday and Sunday. The discussions are being held in the Asian country as part of Japan’s G7 presidency this year. Security concerns arose on Saturday after an explosion disrupted an outdoor speech by Prime Minister Fumio Kishida. The premier was unharmed and police subdued a man at the scene. Kishida’s foreign minister said there would be no change to G7 security. The group’s foreign ministers are also meeting from Sunday in the resort city of Karuizawa. “We, the G7, need to not only reduce our own emissions, but also take concrete actions to achieve emission reductions globally,” Economy and Trade Minister Yasutoshi Nishimura said in opening remarks for the environment and energy meeting, adding that this included countries in the “Global South”. Nishimura said ministers would like to discuss ways of financing the reduction of carbon in industries such as chemicals, shipping and steel. The ministers in Sapporo are due to discuss the growing importance of critical minerals for the clean energy transition and the need to prevent economic and security risks caused by vulnerable supply chains and monopolization, among other topics, the latest draft communique seen by Reuters showed. The issue of emissions in emerging markets has long been a focus for developed countries. However, the world’s richest countries need to do more to help emerging nations reduce carbon, said Alden Meyer, a senior associate at E3G, a climate change think tank. “There’s a responsibility for the G7 and other developed countries to provide finance and to mobilise private finance as well to help the decarbonisation of the developing countries,” Meyer told a briefing ahead of the beginning of the G7 meeting. There needs to be “much stronger leadership” from G7 countries in leveraging financial and technology resources to help developing countries reduce emissions, Meyer said. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.