G7 countries want to hurt Russia
On the final day of the ongoing G7 Summit, Top leaders of the richest democracies in the world agreed to back Ukraine “for as long as necessary” as Russia’s invasion proceeds and said that they will be looking for serious measures to limit the Kremlin’s ability to profit from oil sales, which are funding the conflict.
The Group of Seven summit’s final declaration missed important information about how the fossil fuel price caps would operate, which will lead to more discussion in the coming weeks about “exploring” methods to ban the import of Russian oil above a particular price. That would cut off a significant source of money for Russia and, in principle, stop the war-related rise in energy prices that are harming the world economy.
Tuesday marked the conclusion of the Group of Seven summit, which aimed to convey a clear message of long-term commitment to Ukraine’s future, ensuring that Russia pays a greater price for its invasion, and demonstrate cooperation against climate change and the world hunger crisis.
Before the summit’s conclusion, leaders united in denouncing the “abominable” Russian assault on a mall in the town of Kremenchuk as a “war crime,” declaring it to be a crime against humanity and pledging that President Vladimir Putin and those responsible “will be held to account.”
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Following a video conference with Ukrainian President Volodymyr Zelenskyy, the leaders of the U.S., Germany, France, Italy, the U.K., Canada, and Japan on Monday pledged to assist Ukraine “for as long as it takes.” German Chancellor Olaf Scholz, who hosted the event, claimed he “Strongly pointed out the situation as Ukraine currently sees it.” During a relentless Russian advance in Ukraine’s east, Zelenskyy delivered his speech only hours before Ukrainian officials reported a devastating Russian missile strike on a busy mall in the capital city of Kremenchuk.
During the conference, officials stated that the heads of the major economies are getting ready to announce their intentions to impose a price cap on Russian oil, increase tariffs on Russian imports, and impose fresh sanctions. A deal on some of the complications of the oil price ceiling, such as whether it would apply to other oil producers in addition to Russia, might be left for discussion after the meeting.
Scholz was eager to demonstrate that the G-7 can advance on pre-war priorities, even if Ukraine and the war’s ripple effects have overshadowed the group’s annual meeting. For example, the disruption of Ukrainian grain exports has put a strain on food supplies in some parts of the world. The formation of a “climate club” for nations that want to move quickly on combating global warming has been a top priority for the summit host.
Germany stressed the importance of accelerating a “clean and just energy transition” that would end the burning of fossil fuels without leading to a rapid increase in unemployment in a joint statement. The statement was released after a meeting with the presidents of five developing countries on Monday. The leaders gave their preliminary support for the concept of a global “climate club” in the cautiously worded statement.
Key decisions & discussions from the Summit
The United States and its G7 partners agreed to spend $4.5 billion this year to support global food security to combat food shortages brought on by Russia’s invasion of Ukraine. In a statement, the G7 leaders stated that the funds would be used to alleviate the “multidimensional catastrophe” that has put up to 323 million people worldwide at an unprecedented high risk of food shortages.
The statement read, “We once again reaffirm our urgent request upon Russia to stop its blockade of Ukrainian Black Sea ports, damage of crucial port and transportation infrastructure, grain silos and terminals. These can only be interpreted as a geopolitically motivated assault on international food security.
On Wednesday, the top brass of the most powerful military alliance in the world will begin talks about stepping up aid to Ukraine in its conflict with Russia and beefing up the alliance’s eastern flank.
They also plan to determine the top priorities for the next ten years, with a new emphasis on restraining China’s expanding international aspirations.
After their three-day meeting, the G-7 countries declared in a statement that “publicly funded investment in the gas sector can be acceptable as a temporary solution in these unique circumstances.” The G-7 climate ministers had earlier promised that the seven main economies will “align official international financing with the goals of the Paris Agreement,” which contrasts in part with the current declaration.
The Group of Seven major democratic economies has promised to establish a new “climate club” for countries that wish to take more aggressive action against global warming. To prevent global temperatures from rising by more than 1.5 Celsius (2.7 Fahrenheit) this century compared to pre-industrial times, countries that join the club will agree on stricter measures to reduce greenhouse gas emissions. The initiative was actively promoted by German Chancellor Olaf Scholz, host of the G-7 summit.
Members of the club will try to avoid putting tariffs on one another’s imports connected to climate change by harmonising their policies so that they are comparable. The goal, according to Scholz, was to “guarantee that protecting the environment is a competitive advantage, not a negative,” as he stated at the conclusion of a three-day G-7 conference. He stated that the intended climate club’s specifics would be decided this year.
PM Modi’s interactions at the Summit
At the G7 Summit, Prime Minister Narendra Modi met with German Chancellor Olaf Scholz in Schloss Elmau. During the summit, PM Modi discussed ideas on energy, food security, counterterrorism, the environment, and democracy with the leaders of the bloc and its allies.
He also met US President Joe Biden. After their May meeting in Japan for the Quad summit, this was Modi and Biden’s first reunion.
The I2U2 virtual summit of the quadrilateral economic forum, which consists of India, Israel, the UAE, and the US, is also set to bring the two leaders together in July. PM Modi emphasised India’s efforts for green growth, renewable energy, sustainable lifestyles, and global wellbeing during the G-7 session on climate, energy, and health. It’s a common misperception that developing nations harm the environment more severely. But India’s more than 1,000-year history utterly disproves this theory. In his remarks at the G7 session titled “Investing in a Better Future: Climate, Energy, and Health,” Prime Minister Modi said that ancient India once enjoyed great prosperity.
“India’s performance demonstrated its devotion to its climate commitments. Nine years ahead of schedule, we reached the goal of 40 per cent energy capacity from non-fossil sources.” said
PM Modi while attending a G7 meeting on energy, climate, and health. The large market for renewable energy technologies is developing in India, and we hope that the wealthy G-7 nations will assist India’s efforts, he added. Modi discussed bilateral strategic partnerships in his discussions with German Chancellor Scholz.
On the sidelines of the G7 Summit in Germany, PM Modi and Justin Trudeau spoke to each other. They discussed the friendship between India and Canada and talked about how to make it stronger in all spheres. Modi and Trudeau had a “productive meeting” where they “discussed bilateral relations between India and Canada and agreed to further strengthen trade and economic links, cooperation in security and counterterrorism, as well as people-to-people ties” as “leaders of robust democracies with shared values”.
PM Modi and President of the European Commission Ursula von der Leyen had fruitful conversations outside of the G7. They reviewed
trade, investment, technological, and climate change cooperation between India and the EU. The MEA informed that it was encouraging to see the Trade, Investment, and GI Agreements negotiations resuming. According to EU Ambassador to India Ugo Astuto, India and the European Union want to finalise their comprehensive trade and investment agreements before the start of their respective 2024 election cycles.
Along with four other nations, India also promised to defend free speech. In addition to defending the freedom, independence, and diversity of civil society actors, leaders of the influential G7 organisation and its five partners, including India, have stated that they are committed to open public discourse and the free flow of information online and offline.