G7 Leaders Committed to Tackling Biodiversity Crisis

The Group of Seven (G7) leaders gathered in Hiroshima, Japan, this weekend, and reaffirmed their commitment to addressing biodiversity loss and nature degradation by pledging to submit their Global Biodiversity Framework-aligned targets this year or before COP16 in 2024. The Communique added that the G7 will “identify incentives, including subsidies, harmful to biodiversity by 2025, and redirect or eliminate them while scaling up positive incentives for the conservation and sustainable use of biodiversity by 2030 at the latest, taking initial steps without delay”. Leaders also reiterated their support for the Taskforce on Nature-related Financial Disclosures (TNFD) framework, the final iteration of which is expected in September. Multilateral development banks (MDBs) were urged to increase their support for biodiversity by leveraging financial resources from all sources and “deploying a full suite of instruments”. The Communique additionally outlined the G7’s commitment to accelerate progress to achieve the Sustainable Development Goals (SDGs), calling for “further domestic resource mobilisation and efficient use of existing resources as well as mobilising private financial assets to address financing gaps for sustainable development”. The G7 also reiterated commitments to accelerate the decarbonisation of the energy sector and increase the deployment of renewables, as well as deepen cooperation through Just Energy Transition Partnerships (JETPs), the Climate Club and new Country Packages for Forest, Nature and Climate. The Communique further noted the importance of furthering international discussions on inclusive artificial intelligence governance and interoperability, in line with their “shared democratic values”. “We re-emphasise our strong political commitment towards the swift global implementation of the OECD/G20 Inclusive Framework Two-Pillar Solution to address the tax challenges arising from globalisation and the digitalisation of the economy and to establish a more stable and fairer international tax system,” the G7 leaders said.  

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