"Can the G7 Summit Address the Urgent Threat of Climate Change?"

G7 SUMMIT MEETINGS ON CLIMATE CHANGE

In view of the economic problems being faced in the 1970s-the first oil crisis and the collapse of the fixed exchange rate system (Bretton Woods) , the first “World Economic Summit” was held in 1975 in Rambouillet, France, and The leaders of France, West Germany, Italy, Japan, the United Kingdom, and the United States convened to discuss global economic issues. This gathering was informally known as the "G6”; In 1976, Canada joined the summit

making it “G7”.

G7 focused primarily on economic issues such as inflation, unemployment, and monetary policy and later on during 1980s, G7 was addressing debt crises in developing countries, with a particular focus on Latin America. The group played a key role in formulating and supporting

debt relief initiatives. The end of the Cold War and the dissolution of the Soviet Union expanded the G7's agenda to include political and security issues. The group discussed and coordinated responses to geopolitical challenges such as the Gulf War and the Balkan conflicts.

The G7 also began to address global challenges such as climate change and environmental

protection. The 1992 Rio Earth Summit, which focused on sustainable development, highlighted the need for international cooperation on environmental issues. In 1997, Russia was invited to join the G7, creating the Group of Eight (G8). This inclusion was seen as a way to integrate Russia into the global economic and political order.

The G8 launched several key initiatives during this period, including efforts to combat global poverty, improve global health, and promote sustainable development. The group's support for the Global Fund to Fight AIDS, Tuberculosis, and Malaria is one example of its commitment to addressing global health crises. In 2014, Russia's annexation of Crimea led to its suspension from the group, and the G8 reverted to the G7 format. These countries being the largest economies of the world are also among the largest contributors to greenhouse gas emissions.

G7 nations hold influential economic power and therefore bear the responsibility and capacity to encourage innovation and policy changes needed for a low-carbon future. The G7 meetings have served as a platform for these countries to coordinate their climate strategies and commit to collective action. The G7 meetings that have contributed majorly to climate change are discussed below :

G7 summit of 2018

Held in Charlevoix, Quebec, Canada from June 8 to June 9 emphasized the importance of protecting oceans and reducing plastic pollution; Oceans Plastic Charter was endorsed which aims to significantly reduce plastic waste and promote the recycle and reuse of materials. It was in this meeting, United States decide to withdraw from the Paris Agreement while other

members re-affirmed their commitment to tackle climate change. G7 summit of 2019

Held in Biarritz, France, emphasis was given the relation between bio-diversity loss and climate change.

20 million dollars was pledged to finance the emergency aid to help combat the fires in amazon forest; initiatives were launched to combat illegal fishing, reduce plastic pollution in oceans and promote sustainable use of marine resources. The “Biarritz pledge for fast action on efficient cooling “was launched to promote technologies and practices that reduce greenhouse gas emissions from cooling systems with an intention to tackle the fastest growing contributor towards the greenhouse gases. The need for collaborative research and investment in clean energy technologies, aiming to drive innovation and make renewable

energy more accessible and affordable globally was addressed.

G7 summit of 2021

Held in Cornwall, United Kingdom from June 11-13, the summit provided a significant moment for global climate action and laid down ambitious commitments to combat the effects of climate change. Aligning their goals with the Paris Agreement to limit the rise in average temperature of Earth over the century by pledging to develop and implement robust national

decarbonization roadmaps, detailing specific strategies and milestones to reach net zero emissions by 2050. It was agreed upon to end the inefficient fossil fuel subsidies by 2025, redirecting financial resources towards clean energy investments. 100 billion dollars were pledged by the members to contribute annually for helping the developing nations in combating climate change impacts and for a smoother transition to sustainable energy systems.

Recognizing the need to protect and restore critical ecosystems such as forests, oceans, wetlands that play a role in natural cooling of the environment, 30x30 initiative was endorsed aiming to conserve at least 30% of global land and ocean by 2030.International co-operation and partnerships was encouraged to promote efficient implementation the measures.

G7 summit of 2022

Held in Schloss Elmau, Germany from June 26-28 , emphasis was laid down on collaborative efforts to achieve global climate goals and therefore Germany proposed the establishment of an international “Climate Club” to foster cooperation on climate policies and carbon pricing. The commitment to achieve net zero greenhouse gas emissions by 2050 was re-affirmed.

Member countries pledged to increase investment in in renewable energy projects i.e. expanding wind, solar and hydropower capacities and promoting the development of green hydrogen as a clean energy source. TheG7 underscored the importance of a transition that supported workers and communities affected by the shift to a low -carbon economy; this means investment in education, retraining programs and social safety nets.

G7 summit of 2023

Held in Hiroshima, Japan from May 19-May 21, the commitment towards net-zero emissions by 2050 was re-affirmed by providing opportunity for acceleration in phasing out of fossil fuel. Investments was promised to be increased to double the collective capacity of renewable energy sources. The summit emphasised the need for increased in vestment in green

technologies, including advancements in energy storage, carbon storage and capture and hydrogen energy. However, the summit of 2023 was criticized was not detailing the process of phasing out usage of fossil fuels.

G7 summit of 2024

Held in Borgo Egnazia, Apulia, Italy from June 13-June15, The G7 reiterated its determination to address the triple global crises of climate change, pollution and bio-diversity loss while keeping a limit of 1.5 degree Celsius global temperature rise within reach. This summit was focused on energy transition issues such as unabated coal power generation, production of

innovative technologies with lower emission capacity, building clean and resilient supply chains and recognizing nuclear and fusion energy’s potential as a zero-emissions energy source.

In conclusion, G7 leaders have been focused on three major goals i.e. net-carbon emissions to be zero by 2030, providing renewal energy sources and protection of bio-diversity to tackle the problem of climate change. These efforts signify the economical responsibility of these leading nations towards making the economy resilient and sustainable.