30 Jun G7 Summit 2022
G7 Summit 2022 – Today Current Affairs
Why in news?
In order to attend the G7 Summit in Schloss Elmau, a century-old resort in the Bavarian Alps, Prime Minister Narendra Modi travelled to Germany.
What is G7? The Hindu Analysis
Members- The G7 is an informal grouping of the world’s seven most industrialised countries, including the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom.
At the G7 heads of state and government gathering every year, the European Union is always represented.
In 1975, the first “World Economic Summit,” which later evolved into the G7, was established.
Germany, France, Great Britain, Italy, Japan, and the US made the original G6.
The panellists discussed the 1970s’ economic issues, including the first oil crisis and the fall of the fixed exchange rate regime (Bretton Woods).
G7: Canada joined the organisation in 1976, and the first G7 summit was held in Puerto Rico.
The European Community (now the European Union) has participated in every working session since the Ottawa Summit in 1981.
The G7’s focus widened to encompass matters of foreign and security policy in the 1980s.
G8: When the Group of Eight was established in 1998, Russia joined but was expelled in 2014 for violating the sovereignty and territorial integrity of Ukraine.
Importance: By 2022, the G7 countries will account for 10% of the world’s population, 31% of its gross world product, and 21% of its carbon dioxide emissions.
How was the most recent G7 Summit? The Hindu Analysis
This year was Germany’s sixth G7 leadership, with the overriding theme of “Progress towards an equal world.”
This objective is to use five areas of action to direct the G7’s activity.
- planetary sustainability
- stability and change in the economy
- A healthy life
- Putting money toward a brighter future
- stronger collectively
India, Argentina, Indonesia, Senegal, and South Africa have been invited to the summit in 2022 as partner nations by the German Chancellor.
The UN, WHO, WTO, IMF, and World Bank were among the international organisations that attended the summit.
The G7 leaders discussed a variety of issues at the three-day gathering, including Ukraine and working together on foreign policy.
- energy and food security issues
- Promoting partnerships for infrastructure and investment while investing in climate and health
- influencing the world economy
- Promotion of gender equality
- Developing global collaboration
What were the summit’s main results? The Hindu Analysis
Communiqué – The G7 leaders signed a communiqué to jointly preserve democratic values, universal human rights, the multilateral system of rules, and the resiliency of democracies.
Ukraine: The G7 leaders reiterated how strongly they disapproved of Russia’s illegitimate and unjustified aggression against Ukraine.
The G7 nations are firmly committed to supporting Ukrainian reconstruction through an international reconstruction plan and have pledged and supplied EUR 28 billion in fiscal help. The Hindu Analysis
Security of food and energy supplies was a commitment made by the G7 leaders to gradually reduce reliance on Russian energy.
They investigated further measures, such as price controls, to safeguard the energy supply and lessen price spikes.
Through the Global Alliance on Food Security, the G7 nations will also improve nutrition and food security worldwide. The Hindu Analysis
Economic concerns: The G7 leaders are still committed to working together to collaborate on economic security, increase supply chain resilience, and address citizens’ rising cost of living.
Environment and climate: The G7 leaders backed the plans of a global Climate Club to hasten the implementation of the Paris Agreement.
The G7 leaders made a pledge to
a significantly carbon-free road sector by 2030
a power industry that is substantially or completely carbon-free by 2035
accelerating the phase-out of domestic unabated coal power as a top priority
Investments- The Partnership for Global Infrastructure and Investment (PGII), a cooperative project to finance infrastructure projects in underdeveloped nations, has been created by the G7 nations. The Hindu Analysis
Through the cooperation, they hope to close the global investment gap by mobilising USD 600 billion over the following five years.
The G7 will strive toward new Just Energy Transition Partnerships with Indonesia, India, Senegal, and Vietnam while building on their current cooperation with South Africa. The Hindu Analysis
Health: The G7 leaders reaffirmed their dedication to ensuring that everyone has access to vaccines, medicines, diagnostics, and other important medical supplies that are safe, effective, and reasonably priced.
The G7 agreement on pandemic preparedness was also endorsed by leaders.
Democratic principles: The G7 leaders will work with partners and civil society to strengthen our countries’ resilience.
- Internet and offline advocacy for human rights
- Deal with misinformation
- Obtain gender parity
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