48th G7 SUMMIT IN GERMANY

The summit was held in BAVARIAN ALPS Germany from June 26th to 28th 2022.

Recent News:

• G7 countries are trying to cap Russia’s income from oil sale that is financing the war with UKRAINE.
• The world leaders also agreed to ban imports of Russian gold.
• During the 48th summit, the G7 members launched PARTNERSHIP FOR GLOBAL INFRASTRUCTURE AND INVESTMENT (PGII.)
• Aim of PGII: It aims to mobilize approximately USD 600 Billion from the G7 countries by 2027 to invest in critical infrastructure that improves lives and delivers real gains for all people.

PARTICIPATION:

German chancellor OLAF SCHOLZ invited India to attend the 48th G7 summit 2022 along with Argentina, Indonesia, Senegal, and South Africa. The Ukrainian president took part virtually on June 27th.

FOCUS AREA:

During the summit, the world leaders focused on partnership for developing countries, the global economy, multilateralism, food security, and digital transformation.

INDIA AND G7:

India hoped that the rich countries of the G7 will support India’s effort in combating climate change and invited them to tap the huge market to clean energy technologies emerging in the country.

Since 2019 this is 4th consecutive time that India has been considered to attend the G7.

About G7

The G7 was originally founded as the G6 in 1975. Canada joined in 1976 to make it the G7. Its members include Canada, the USA, France, Germany, Italy, UK, and Japan. Representatives of the European Union are always present at the annual meeting of G7.

G7 is an informal forum of leading industrialized nations of the world for deliberation on international discourses and political events

MAJOR OUTCOME OF SUMMIT

COMMUNIQUE: The G7 leader adopted a communiqué to jointly defend universal human rights and democratic values, the rules-based multilateral order and the resilience of democratic society.

UKRAINE: The G7 leaders re-emphasized their condemnation of Russia’s illegal and unjustifiable war of aggression against Ukraine.

The G7 countries have pledged EUR 28 billion in budget aid and are strongly committed to supporting Ukrainian reconstruction through an international reconstruction plan.

ENERGY AND FOOD SECURITY: The G7 leaders committed to phasing out 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 through the Global Alliance on Food Security.

ECONOMIC ISSUE: The G7 leaders remain committed to coordinating on economic security, and strengthening the resilience of the supply chain while tackling rising costs of living for citizens.

CLIMATE AND THE ENVIRONMENT: The G7 leaders endorsed the goal of an international climate club to accelerate the implementation of the Paris agreement.

• A highly decarbonizes road sector by 2030.
• A fully or predominantly decarbonized power sector by 2035.
• Prioritizing the acceleration of the phasing out of domestic unabated coal power.