Christian Aid response to G7 finance meeting on climate, debt, vaccines and tax  

Following today’s meeting of G7 finance ministers, here’s the reaction from Christian Aid’s Head of UK Advocacy and Campaigns, Pete Moorey, and what needs to happen at next week’s leaders meeting
 
He said: “While some progress has been made on corporate tax, the G7 finance ministers have left Boris Johnson and his fellow leaders with a lot to do to make next week’s G7 summit a success. This is a big week for the Prime Minister. He must deliver far more ambitious commitments in Cornwall to secure vaccine equity, debt cancellation and climate finance. Any less would be a missed opportunity to tackle the Covid and climate crises, which are hitting the world’s poorest people the hardest.”
 
On climate change:
 
“It was encouraging to see warm words on reaching net zero emissions, it shows the momentum that is building towards these long-term targets.  But it’s easy to set targets, the real test is introducing policies which will put us on track to meet them.  
 
“On climate finance there was a distinct lack of concrete action.  It’s essential that the G7 leaders next week commit to bridging the current shortfall in promised climate finance to developing countries.  Not only is this essential for poorer nations to adapt to the ravages of climate change and transition away from fossil fuels, it’s also vital if the COP26 summit later this year is to be a success.
 
“Richer nations, including the G7, committed in 2009 to provide $100bn by 2020. And yet despite many promises that they would fulfil their promise they have failed to do so, undermining trust in the negotiations and threating to derail the COP26 summit before it begins.”
 
On debt relief:
 
“This is a worrying signal from finance ministers that they are not taking debt relief seriously enough.
 
“African countries are between them spending three times more on debt repayments to banks and speculators than it would cost to vaccinate the entire continent against Covid-19.  Poor, indebted and climate vulnerable countries need a proper debt cancellation plan that ensures private creditor participation, so they can fund Covid vaccines, pay health workers and respond to climate catastrophe.”
 
On Covid-19 vaccines:
 
“G7 leaders must act quickly to end this ‘vaccine apartheid’ and ensure we leave no one behind. While we welcome G7 leaders commitments to close the funding gap for vaccines funding alone is not enough given the scale of the crisis, this must be combined with waiving intellectual property rules and investing in manufacturing capacity which would boost production rate and also diversify where the vaccines can be produced.”
 
“As we witness new strains of Covid-19 flying across the world, it’s clear we will never be safe until everyone is safe.  The longer leaders fail to take decisive steps to stop it, the longer this misery will go on for everyone.”
 
On tax:
 
“Whilst we welcome renewed political commitment to tackling corporate tax avoidance by setting a minimum rate, we call on governments to raise the rate and ensure the design of any new system delivers significant tax payments to lower income countries in particular.”
 
 
Notes to editors
 
For more information or to arrange interviews, contact Joe Ware on jware@christian-aid.org or call 07870944485.