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In the two years since Barbadian Prime Minister Mia Amor Mottley and I called on G7 and G20 countries to construct a fairer and more efficient global financial system, significant progress has been made. Wealthy countries have started to re-channel special drawing rights (SDRs) from the International Monetary Fund to nations in need, while multilateral development banks (MDBs) have begun implementing essential reforms. Additionally, special attention has been paid to mitigating the effects of climate change.

Meaningful Reforms and Initiatives

The World Bank has introduced "pause clauses" in new loan agreements, allowing countries hit by natural disasters or similar catastrophes to suspend debt service payments. At last year's United Nations Climate Change Conference in Dubai (CoP28), international policymakers launched the first-ever Loss and Damage Fund to help developing countries address the effects of global warming.

More Needs to Be Done

As G7 leaders convene in Apulia, Italy, from today, June 13, they must resolve to do more to build a resilient, equitable, and sustainable future. The climate crisis is accelerating faster than expected. My country, Zambia, is grappling with devastating drought conditions, exacerbated by the return of El Niño—a weather phenomenon that can cause dramatic effects globally.

The Urgency of Addressing Climate Change

The urgency to address climate change cannot be overstated. The G7 has a pivotal role in spearheading initiatives that not only support climate resilience but also foster sustainable development. Wealthy nations must recognize the disproportionate impact of climate change on African countries and commit to providing substantial support.

The Economic Imperative

Beyond the moral obligation, there is an economic imperative for the G7 to engage more deeply with Africa. The continent is rich in resources, boasts a burgeoning youth population, and presents immense opportunities for trade and investment. Neglecting Africa would not only be a humanitarian failure but a missed economic opportunity for the G7 countries.

Strengthening Partnerships