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All about the G7 Summit 2022

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June 29, 2022

Why in news?

Prime Minister Narendra Modi went to Germany to attend the G7 Summit at Schloss Elmau, a century-old retreat in the Bavarian Alps.

What is G7?

  • Members- The G7 is an informal forum of leading industrialised nations, which include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
  • Representatives of the European Union are always present at the annual meeting of the heads of state and government of the G7.
  • The first “World Economic Summit”, which later became the G7, was launched in 1975.
  • G6- Initially, it was a Group of Six - Germany, France, Great Britain, Italy, Japan and the US.
  • The participants exchanged ideas on the economic problems of the 1970s — the first oil crisis and the collapse of the system of fixed exchange rates (Bretton Woods).
  • G7- In 1976, Canada was added to the group and the first G7 met in Puerto Rico
  • Since the Ottawa Summit of 1981, the European Community (now European Union) has been part of all working sessions.
  • In the 1980s, the interest of the G7 expanded to include foreign and security policy issues.
  • G8- In 1998, the Group of Eight was constituted as Russia became a member but it was thrown out of the group after its violation of Ukraine’s sovereignty and territorial integrity in 2014.
  • Significance- As of 2022, G7 countries make up 10% of the world’s population, 31% of global GDP, and 21% of global carbon dioxide emissions.

G7

What about the recent G7 Summit?

  • Germany held the G7 presidency for the seventh time this year with the overarching theme of ‘Progress towards an equitable world'.
  • This goal is to guide the work of the G7 based on five areas of action
    • Sustainable planet
    • Economic stability and transformation
    • Healthy lives
    • Investment in a better future
    • Stronger together
  • German Chancellor has invited India, Argentina, Indonesia, Senegal, and South Africa to the 2022 Summit as partner countries.
  • A number of international organisations, including the UN, WHO, WTO, IMF and the World Bank participated in the Summit.
  • During the three-day meeting, the G7 leaders discussed a wide range of topics including
    • Ukraine and cooperating on foreign policy
    • Addressing energy and food security
    • Investing in climate and health
    • Promoting partnerships for infrastructure and investment
    • Shaping the global economy
    • Advancing gender equality
    • Shaping international cooperation

What are the major outcomes of the summit?

  • Communique- The G7 leaders adopted a communique to jointly defend universal human rights and democratic values, the rules-based multilateral order and the resilience of democratic societies.
  • Ukraine- The G7 leaders re-emphasised their condemnation of Russia’s illegal and unjustifiable war of aggression against Ukraine.
  • G7 countries have pledged and provided EUR 28 billion in budget aid and are strongly committed to support Ukrainian reconstruction through an international reconstruction plan.
  • Energy and food security- The G7 leaders committed to to phase out our dependency on Russian energy.
  • They ensured to secure the energy supply and reduce price surges by exploring additional measures such as price caps.
  • The G7 countries will also increase global food and nutrition security through the Global Alliance on Food Security.
  • Economic issues- The G7 leaders remain committed to coordinate on economic security, strengthen the resilience of supply chains while tackling rising costs of living for citizens.
  • Climate and the environment- The G7 leaders endorsed the goals of an international Climate Club to accelerate the implementation of the Paris Agreement.
  • The G7 leaders committed to
    • A highly decarbonised road sector by 2030
    • A fully or predominantly decarbonised power sector by 2035
    • Prioritising the acceleration of the phase-out of domestic unabated coal power
  • Investments- The G7 countries have launched the Partnership for Global Infrastructure and Investment (PGII), a joint initiative to fund infrastructure projects in developing countries.
  • Through the partnership, they aim to mobilise USD 600 billion over the next five years to narrow the global investment gap.
  • Building on their existing partnership with South Africa, G7 will work towards new Just Energy Transition Partnerships with Indonesia, India, Senegal and Vietnam.
  • Health- The G7 leaders reaffirmed their commitment to equitable global access to safe, effective and affordable vaccines, therapeutics, diagnostics and other essential medical goods.
  • Leaders also endorsed the G7 pact for pandemic readiness.
  • Democratic values- The G7 leaders will also cooperate with civil society and partners to
    • Strengthen the resilience of our societies
    • Promote human rights online and offline
    • Address disinformation
    • Achieve gender equality

 

References

  1. https://indianexpress.com/article/explained/everyday-explainers/explained-g7-summit-germany-india-invitation-7992746/
  2. https://indianexpress.com/article/opinion/columns/g7-leaders-meet-germany-russia-ukraine-war-coronavirus-climate-change-7997117/
  3. https://www.consilium.europa.eu/en/meetings/international-summit/2022/06/26-28/

 

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