Status: 06/28/2022 5:11 p.m.
Billions for Ukraine, billions to fight hunger and a “climate club” – G7 heads of state and government concluded their summit at Schloss Elmau. The most important decisions at a glance.
support for ukraine
The G7 countries promise unlimited aid to Ukraine in the war with Russia. The group will remain with the country “as long as necessary and will provide the financial, humanitarian, military and diplomatic support necessary to courageously defend its sovereignty and territorial integrity”. G7 Final Communique. The group is ready “to agree long-term security engagements with interested countries and institutions as well as with Ukraine in order to assist Ukraine in its self-defense and secure its free and democratic future.”
Budget support of $29.5 billion was also made available to Ukraine this year. Finance ministers would be responsible for determining additional financial needs. Trade ministers, in turn, should consider reducing tariffs on Ukrainian products. They are also “firmly committed” to supporting the reconstruction of Ukraine through an international reconstruction conference and an international reconstruction plan.
Dealing with Russia
The G7 wants to impose “significant ongoing costs on Russia to help end this war” – which means more sanctions. Russia’s aggression is hampering global recovery and leading to a “dramatic deterioration in global energy security and food access”. The arms industry and the technology sector will be subject to new sanctions against Russia. “We are determined to reduce Russia’s gold-related revenues,” the newspaper said. No other details were given.
Four of the G7 countries – Britain, the United States, Canada and Japan – had already announced a ban on Russian gold imports on Sunday. Germany, France and Italy as EU members in the G7 are not against it, but underline the necessary discussions within the European Union. Chancellor Scholz told ZDF that the G7 summit could therefore not take a “final” decision on the matter.
Energy and economic crisis
The Heads of State and Government want to contribute to “stabilizing and transforming the world economy while tackling the problem of the rising cost of living for our fellow citizens”. In addition, the resilience of supply chains must be strengthened and a level playing field must be guaranteed.
In order to secure the energy supply and slow the rise in prices, “immediate action” would be taken – also by examining additional measures such as price caps. On the one hand, the upper limit aims to ensure that Russia no longer benefits from price increases on the energy market. On the other hand, it should contribute to an easing of the world oil markets. “We reaffirm our commitment to gradually ending our dependence on Russian energy without compromising our climate and environmental goals,” the states wrote.
Billions against hunger
In order to protect people from hunger and malnutrition, the G7 group wants to use the Alliance for Global Food Security to increase global food and nutrition security. “To that end, we will provide an additional $4.5 billion, honor our commitments to keep our food and agricultural markets open, and step up our efforts to support Ukraine’s production and exports.
The G7 states announced on Sunday that they were countering China’s growing influence in developing countries with an investment program of 600 billion dollars (568 billion euros). The project is based on an EU program launched last year, which foresees investments of 300 billion euros until 2027. The United States is now providing an additional 200 billion dollars, Japan 65 billion dollars , with the funds in any case also expected to come largely from private investors.
“Climate Club” and climate protection
The G7 has agreed joint efforts for climate protection with host countries Argentina, India, Indonesia, Senegal and South Africa. According to a press release, the transition to climate neutrality is to be promoted. At the same time, energy security must be ensured. Renewable energies must be developed and coal used less and less, taking care to respect both environmental and social aspects. The signatory states want to focus on energy partnerships.
Heads of state and government also tentatively backed the idea of a global “climate club”. The idea promoted by Chancellor Olaf Scholz at the G7 summit in Elmau foresees that countries which agree on ambitious environmental objectives should be exempted from climate-related trade tariffs. “We strongly support the goals of an open and cooperative international climate club and will work with partners to found it by the end of 2022,” the final statement read.
The G7 also wants to “substantially decarbonize” the road transport sector by 2030, “completely or substantially decarbonize” the electricity sector by 2035 and take concrete steps to accelerate the phase-out of generation. coal-based electricity.