G7 Summit 2022 : 48th Summit Concluded

Indian Prime Minister become part of 48th G7 summit from 26 to 27 June

Germany holds the presidency of the G7 Summit 2022
The German Chancellor invited India, along with Argentina, Indonesia, Senegal, and South Africa to the G7 Summit 2022 as partner countries.

G7 members stand with Ukraine:
- G7 highlighted their dedication to support Ukraine even as rising energy prices have threatened the stability of ruling governments across Europe.
- The leaders announced that they will be banning all imports of gold from Russia, which is one of the top five exporters of gold in the world.
- Additional discussions revolved around capping the price of Russian crude and oil in order to cut Moscos’ oil revenue.
An eye on China
- China’s soaring economic might combined with its increasingly hawkish diplomacy has made it no friends
- “Partnership for Global Infrastructure”, where the EU and the US would invest $634 billion to improve the infrastructure in countries is evidently one way that the west is looking to combat China’s Belt and Road Initiative.
Climate change
- Climate change is now an ever-present feature of discussions at the summit
- The group is also in discussions to lend aid towards energy transition to India, Indonesia, Vietnam and Senegal in the form of Just Energy Transition Partnerships, which is already in the process of being implemented in South Africa.

Another step in maintaining the tradition of a close partnership between India and Germany.

Since 2019, this is also the 4th consecutive time that India has been considered to attend the G7 Summit.
The country has been often invited to G7 in a nod to its growing political influence which brings it a seat at the table where the world leaders decide important outcomes.

Call to invest in Green Project

The clean energy sector had emerged as a major domain in India and developed economies should invest in this arena
‘Investing in a better Future: Climate, Energy, Health’ at G7 Summit, Modi highlighted India’s track record and said it has achieved the target of 40 per cent energy-capacity from non-fossil sources nine years before time.

The G7 is an informal forum of leading industrialised nations, which include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Its members are the world’s largest IMF advanced economies and wealthiest liberal democracies
As of 2020, the collective group accounts for a little over 50 percent of global net wealth, 32 to 46 percent of global gross domestic product, and about 770 million people or 10 percent of the world’s population.
History of G7

How the Group of Seven (G-7) Works
- The major purpose of the G-7 is to discuss and sometimes act in concert to help resolve global problems, with a special focus on economic issues.
- The G-7 has also launched initiatives to fund issues and relieve crises where it sees an opportunity for joint action. Those efforts include several aimed at debt relief for developing nations.
- In 1996, working with the World Bank, the G-7 launched an initiative for the 42 heavily indebted poor countries (HIPC), along with a Multilateral Debt Relief Initiative (MDRI), a 2005 pledge to cancel the International Development Association debt of countries that have gone through the MDRI program.
- In 1999, the group also decided to get more directly involved in “managing the international monetary system” by creating the Financial Stability Forum (FSB)

Pic Courtesy: Indian Express

Content Source: The Hindu