19/06/2021 - International Relations

KEY POINTS

·        The Cornwall G7 summit sought to re-establish a common purpose among the richest democracies of the world.

·        The G7 agreed collectively to net-zero GHG emissions by 2050 and called on all countries, in particular, major emitting economies to join as part of global efforts.

·        ODA (official development assistance) has been made contingent on net-zero emissions by 2050 and deep cuts in emissions in the 2020s.

·        Coal was particularly in the eye of the G7 which stressed that international investments in unabated coal must stop now.

·        India has been a leading stakeholder in climate action and is among the few in the G20 in line to meet their commitments under the Paris Accord.

·        It has also taken on a most ambitious target of 450 GW of renewable power by 2030 and has shown the world the way forward on solar power with producers now offering ultra-competitive tariffs.

·        BASIC, comprising India, China, Brazil and South Africa, has so far led the efforts of large developing countries in climate negotiations.

·        It issued a statement underlining that developing countries require time and policy space to achieve a just transition of their economies.

·        But with possible differences of opinion on net zero  and other differences as well  the jury is out on BASIC’s future global negotiations.

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