The final statement issued by the G8 Finance Ministers’ Meeting, held in Lecce, Italy, from 12-13 June 2009, noted ministers discussed the economic, financial and developmental aspects of climate change. The statement noted that climate change “is a global issue that requires a global and balanced solution and [we] advocate an ambitious, efficient, effective and fair outcome of the UNFCCC process. Financial and investment needs will be substantial in the future, thus making it imperative that all resources be used in the most effective way to achieve true emission reductions, that they be channeled through highly efficient, coordinated and equitable instruments, and that market-based mechanisms play a central role to drive private finance.” Ministers further noted that while developed countries should continue to play a leading role, all but the least developed countries should commit to measurable, verifiable and reportable mitigation actions and financial participation. “Adaptation is a development challenge and, therefore, international financing should primarily target the poorest countries, be fully integrated in their development strategies and follow the principles of aid effectiveness.”
Link to further information
G8 press release