Key Outcomes of the G7 Summit

Contents

• 1
• 2 What is the News?
• 3 What are the key outcomes of the summit?
• 4 Build Back Better World(B3W) Initiative:

What is the News?

The 47th Group of Seven(G7) summit has concluded in Cornwall, UK. India also virtually participated in the summit as a guest country.

What are the key outcomes of the summit?

On Covid-19 Pandemic:

• The G7 countries have pledged to donate 1 billion vaccine doses to poorer countries by the end of 2021.
• Carbis Bay Declaration: The G7 countries have signed the Carbis Bay Declaration. Under it, member countries pledged to end the pandemic and prepare for the future, as well as to “build back better.

On Climate:

• G7 countries will support a green revolution that creates jobs, cuts emissions, and seeks to limit the rise in global temperatures to 1.5 degrees.
• The countries have agreed to increase their climate finance contributions and meet an overdue spending pledge of $100 billion a year to help poorer countries.
• Moreover, the G7 countries have also promised to halt and reverse biodiversity loss by 2030. They have also pledged to reach net-zero carbon emissions by 2050.

Build Back Better World(B3W) Initiative:

• Build Back Better World(B3W) is an initiative launched by the G7 countries.
• Purpose: It is a new infrastructure financing mechanism that will provide a transparent infrastructure partnership to help narrow the $40 trillion needed by low and middle-income countries by 2035.
• Led by: The initiative will be led by the United States.
• Coverage: The initiative will be global in coverage. It will cover Latin American countries to the Caribbean, Africa, and Indo-Pacific.
• Significance: The initiative is designed to rival China’s Belt and Road Initiative(BRI).

Global Minimum Corporate Tax Rate:

• The Finance Ministers from the G7 countries have reached a landmark accord setting a Global Minimum Corporate Tax Rate (GMCTR) of 15%.

On China:

• The G-7 countries have hit out at China on violation of human rights and freedom in Xinjiang (Uyghur Muslims) and Hong Kong, and the unilateral attempts to change the status quo in the South China Sea.

India at the G7 Summit:

• Firstly, India has called for a “one earth, one health” approach. It aims for unity and solidarity among the states of the world to deal with the pandemic.
• Secondly, India has said that the planet’s atmosphere, biodiversity, and oceans cannot be protected by countries acting in isolation. Hence, collective action on climate change is required.
  • India is the only G20 state on track to meet its Paris Accord commitments.
• Lastly, India has called on G7 states to meet their unfulfilled promise of $100 billion annually in climate finance.

Source: Indian Express