G-7 SUMMIT

 

For: Mains

Topics covered:

• About Group-7 summit and major highlights.
• What is Group-7 and CoP 21?

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News Flash

Group-7 (G-7) summit on the environment was held in Biarritz, France recently.

• PM highlighted India’s commitment and efforts towards eliminating single-use plastic, conserving water, harnessing solar energy and, protecting flora and fauna for a sustainable future during the G-7 summit on the environment.
• He also highlighted India’s contribution to addressing reducing biodiversity, climate change, water stress & ocean pollution.
• India will achieve most of the Conference of the Parties (COP 21) climate change goals set for 2030 in the next one and a half years.

 

Purpose of meeting

The aim of the annual meeting between top world economies is to shape their responses to urgent global challenges.

 

This year’s agenda

On the agenda for the 2019 summit was the ongoing trade war between the United States and China, the European-backed nuclear deal with Iran currently opposed by President Trump, and the unrest that continues to unfold in Hong Kong.

 

Major points were agreed at the summit, about

• G7 commits to reaching an agreement in 2020 to simplify regulatory barriers and modernize international taxation within the framework of the OECD.
• G7 shares objectives on Iran: “to ensure that Iran never acquires nuclear weapons and to foster peace and stability in the region.
• The World Trade Organization, “with regard to intellectual property protection, to settle disputes more swiftly and to eliminate unfair trade practices.
• In light of the 2019 Hong Kong anti-extradition bill protests, “The G7 reaffirms the existence and the importance of the 1984 Sino-British agreement on Hong Kong and calls for avoiding violence.
• The group agreed to a down payment of £18million for ongoing wildfires in the Amazon.

 

Group-7 (G-7)

• Core members: Canada, France, Germany, Italy, Japan, US, and UK (between 1997 and 2014). These countries are seven of the largest economies of the world. Together, they represent more than 62 percent of the global net wealth ($280trillion).
• The group was founded in the early 1970s.
• The Group of Seven (G7) is an informal grouping of seven of the world’s advanced economies, as well as the EU and European Commission.
• It offers the leaders of these nations the chance to come together and tackle the most challenging global issues of the time.

 

COP 21

• The 2015 UN Climate Change Conference, COP 21 or CMP 11 was held in Paris, France.
• It was the 21st yearly session of the Conference of the Parties (COP) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and the 11th session of the Meeting of the Parties (CMP) to the 1997 Kyoto Protocol.
• The conference negotiated the Paris Agreement.
• Paris Agreement is a global agreement on the reduction of climate change.

 

Source: The Hindu

 

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