August 12, 2022

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G7 ends with unity against Russia, more money for Ukraine and loose targets

G7 ends with unity against Russia, more money for Ukraine and loose targets

France Press agency

NOS . News

  • Charlotte Wiggers

    Germany reporter

  • Charlotte Wiggers

    Germany reporter

Arms around each other, jokes about Putin, host countries from around the world: everything during the G7 summit in southern Germany was meant to show a united and broad front against Russia and other powerful central powers. Concrete commitments were also made.

For example, after three days of meetings, the G7 countries pledged $4.5 billion to fight famine worldwide. The food crisis was exacerbated by the war in Ukraine.

According to the charity Oxfam, this is not enough, and the debts of poor countries must be forgiven. “For every dollar of aid money, there are two dollars that low-income countries have to pay to creditors,” the organization said in its response.

The seven countries also want to create a “climate club” before the end of the year, a plan that German Chancellor Olaf Schulz put forward earlier. This should include countries that want to be climate neutral by 2050 at the latest, which other countries can join as well. The formation of a climate club should prevent, among other things, stricter climate rules in one country from leading to the relocation of the industry to another.

In recent days, there have been several protest actions near the summit. For example, protesters felt that the G7 countries were doing little to combat climate change. These criticisms were repeated today by environmental groups after the closure.

The war in Ukraine

For example, $29.5 billion has been pledged to fill the growing Ukrainian budget deficit this year. Moreover, the trade ministers of the countries concerned were instructed to come up with other proposals as soon as possible that could support Ukraine economically, such as suspending tariffs on Ukrainian exports.

In the context of further sanctions against Russia, the intention to boycott Russian gold is the most realistic. To increase the costs of this war for Russia, the maximum price of Russian oil was also discussed. However, states failed to agree on the status of this procedure.

future democracies

As chair of the summit, Chancellor Schulze invited five host countries that he believes will expand their influence in the future: Argentina, India, Indonesia, Senegal and South Africa. “It is very important that we can discuss what democracies can do in this world at an eye level. We show the great power of democratic alliances.”

The chancellor said the summit sent a signal to Russia. “We oppose the Russian narrative that this is a conflict where only the West condemns the attack and the world is watching what Russia is actually doing there. It is not.”

The G7 countries also talked with the host countries about importing oil from Russia. Indonesia, India, Senegal and Vietnam were consulted on investing in sustainable technologies, with financial support from the G7. Such agreements have already been concluded with South Africa.

human rights in china

In the closing statement of the G7 summit, the countries wrote that they are concerned about the human rights situation in China, in part due to the situation in Hong Kong, Tibet and Xinjiang. China is also called upon to condemn the Russian invasion of Ukraine.

In addition, the seven countries are behind a US plan that would counterbalance China’s rapidly growing influence around the world. Large-scale investments in infrastructure through the “Belt and Road Initiative” enable Beijing to attract an increasing number of countries. In response, the G7 nations announced their intention to invest $600 billion over the next five years to bridge the “global investment gap.”