Environment

Italy hikes climate finance contribution to $1.4 bln per year for the next five yea

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Italy's Prime Minister Mario Draghi speaks during a news conference at the end of the G20 summit in Rome, Italy, October 31, 2021. REUTERS/Yara Nardi

ROME, Oct 31 (Reuters) - Italy will triple its climate finance contribution to 1.4 billion dollars per year for the next five years, Prime Minister Mario Draghi said on Friday in its final remarks at the G20 leaders summit in Rome.

"I am glad to announce that Italy will nearly triple its financial commitment to 1.4 billion dollars per year for the next 5 years," Draghi said.

The amount is considerably less than what some think tanks estimate the country's fair contribution should be to the $100 bln dollar fund that rich nations have promised to help developing ones deal with climate change.

Climate think-tank ECCO estimates that Italy's fair contribution should be around $4 billion.

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Reporting by Angelo Amante, editing by Gavin Jones

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