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.
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 throughthe Global Alliance on Food Security.
Economic issues- The G7 leaders remain committed to coordinate on economic security, strengthen the resilience of supply chains whiletackling 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
