GA Topper Series: G7 Summit |

Recent in News: Prime minister of India attended G 7 summit in Berlin. G7 was held in Bavarian Alps Germany.

G7 is an intergovernmental organization that was formed in 1975 after the oil prices increased by OPEC countries.

The bloc meets annually to discuss issues of common interest like global economic governance, international security, and energy policy.

The G7 countries are the UK, Canada, France, Germany, Italy, Japan, and the US.

Guests in the meeting:

India, Indonesia, Senegal, Argentina, South Africa, Ukraine

Outcome

They have made significant progress towards the target of USD 100 billion for the most vulnerable, building on the 2021 Special Drawing Rights allocation.
They will take immediate action to secure energy supply and reduce price surges driven by extraordinary market conditions, including by exploring additional measures such as price caps.
They reaffirm our commitment to phase out our dependency on Russian energy, without compromising our climate and environmental goals.
They endorse the goals of an open and cooperative international Climate Club and will work with partners towards establishing it by the end of 2022. To drive urgent, ambitious, and inclusive action to align ourselves with 1.5°C pathways and to accelerate the implementation of the Paris Agreement, we commit to a highly decarbonized road sector by 2030, a fully or predominantly decarbonized power sector by 2035, and prioritizing concrete and timely steps towards the goal of accelerating phase-out of domestic unabated coal power
Through Partnership for Global Infrastructure and Investment, they aim to mobilize USD 600 billion over the next five years to narrow the global investment gap. They will step up our cooperation globally, including through working towards new Just Energy Transition Partnerships with Indonesia, India, Senegal, and Vietnam, building on our existing partnership with South Africa.

India inputs :

In PM Modi’s remarks at the session on ‘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 percent energy capacity from non-fossil sources nine years before time.
The target of 10 percent ethanol-blending in petrol has been achieved 5 months before time. India has the world’s first fully solar power-operated airport. India’s huge railway system will become net zero in this decade

Answer the following expected questions in the comment section:

Is India a part of the G7 summit?
Who were the guest countries at the G7 summit?
Where G7 summit was held?
Partnership for global infrastructure and investment was launched at which of the summit?

GA Topper Series: G7 Summit