Home Essential support Sanctions against Russia, energy, food – what the G7 agreed

Sanctions against Russia, energy, food – what the G7 agreed

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British Prime Minister Boris Johnson, US President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron and Italian Prime Minister Mario Draghi pose for a photo during a meeting alongside the G7 leaders summit at the castle from Elmau in Bavaria, near Garmisch-Partenkirchen, Germany June February 28, 2022. Tobias Schwarz/Pool via REUTERS

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SCHLOSS ELMAU, June 28 (Reuters) – Leaders of the wealthy Group of Seven democracies gathered this week for their annual three-day summit at a luxury castle in the Bavarian Alps in southern Germany.

Here are some of the highlights of what the G7 agreed to on Tuesday, the final day of the summit:

RUSSIAN SANCTIONS

“We will explore other measures to prevent Russia from profiting from its war of aggression,” the final communiqué from the G7 meeting said.

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“We will further reduce reliance on civilian nuclear and related goods from Russia, including working to help countries seeking to diversify their supplies.”

“With regard to oil, we will consider a range of approaches, including options for a possible complete ban on all services, which allow the transport of Russian crude oil and petroleum products transported by sea around the world, unless the oil is purchased at or below a price to be agreed in consultation with international partners.”

“We invite all like-minded countries to consider joining us in our actions,” the statement said.

ENERGY

“In coordination with the IEA, we will explore additional measures to reduce price spikes and prevent further impacts on our economies and societies, in the G7 and globally,” the statement said.

“We encourage producing countries to increase their production to reduce the tension on the energy markets and, in this context, welcome the recent responses of OPEC to the tightening of international markets. We call on them to continue their actions in this regard. regard.”

“…we commit to ending new direct public support for the unrelenting international fossil energy sector by the end of 2022, except in limited circumstances clearly defined by each country in accordance with a global warming limit of 1.5°C and the goals of the Paris Agreement,” It said.

“…we underline the important role that increased LNG deliveries can play, and recognize that investments in this sector are needed in response to the current crisis.”

“In these exceptional circumstances, state-backed investments in the gas sector may be appropriate as a temporary response…”

“We are committed to achieving a fully or mostly decarbonized electricity sector by 2035,” the statement said.

FOOD SAFETY

“We pledge to provide an additional $4.5 billion to protect the most vulnerable from hunger and malnutrition, a total of more than $14 billion as part of our shared commitment to global food security. this year,” the G7 members said in a statement.

“We maintain our commitment to keep our food and agricultural markets open and call on all partners to avoid unjustified trade restrictive measures that increase market volatility and therefore the risk of food insecurity.”

“We are also committed to scaling up essential nutrition services in countries most affected by malnutrition,” the statement said.

CLIMATE CLUB

“We aim to create a climate club to support the effective implementation of the Paris Agreement by accelerating climate action and increasing ambition, with a particular focus on the industry sector, thereby addressing the carbon leakage risks for emissions-intensive goods, while respecting international rules,” the G7 said in a statement.

“The Climate Club, as a high-ambition intergovernmental forum, will be inclusive in nature and open to countries that have committed to fully implement the Paris Agreement and the decisions arising from it, in particular the Glasgow Climate Pact. , and to accelerate their action to this end.”

Separately, the G7 said in the meeting’s final communiqué: “We note with concern that currently neither global ambition nor implementation is sufficient to achieve the goals of the Paris Agreement.”

“We renew our strong commitment and will intensify our efforts to achieve the collective goal of mobilizing $100 billion in climate finance as soon as possible and through 2025.”

CHINA

“We remain seriously concerned about the situation in the East and South China Seas…We stress that there is no legal basis for China’s expansive maritime claims in the South China Sea,” the statement said. .

“As Russia wages its unjustifiable, unprovoked and illegal war against Ukraine, we call on China to pressure Russia to … immediately and unconditionally withdraw its troops from Ukraine.”

“We call on China to honor its commitments made in the Sino-British Joint Declaration and the Basic Law, which enshrine rights, freedoms and a high degree of autonomy for Hong Kong.”

“We are gravely concerned about the human rights situation in China. We will continue to promote universal values, including calling on China to respect universal human rights and fundamental freedoms, including in Tibet and Xinjiang where forced labor is a major concern for us.”

IRAN

“We reiterate our clear commitment that Iran must never develop a nuclear weapon,” the statement said.

“A diplomatic solution remains the best way to curtail Iran’s nuclear program.”

DEBT

“Given the deterioration and very difficult debt situation of many developing countries and emerging markets – with more than half of low-income countries in debt distress or at high risk of debt distress – we recognize that there is an urgent need to to improve multilateral debt restructuring frameworks and to address debt vulnerabilities.”

“We urge all affected creditors, including non-Paris Club countries such as China, with large outstanding claims on low-income countries facing debt sustainability issues, and private creditors in accordance with the principle of comparability of treatment and mutual accountability to contribute constructively to the necessary debt treatments, as requested.”

COVID-19[feminine]

“To overcome the COVID-19 pandemic now, we reaffirm our commitment to enabling equitable global access to safe, effective, quality-assured and affordable vaccines, therapeutics, diagnostics and other essential medical goods,” reads the press release.

GENDER EQUALITY

“…we will introduce a mechanism to continuously monitor G7 commitments and progress towards achieving gender equality.”

“…we will support efforts to expand global access to quality child care facilities, including through our collective $79 million support for the Child Care Incentive Fund, improving thus women’s economic empowerment, child outcomes, family well-being and overall economic growth.”

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Reporting by Sarah Marsh, Thomas Escritt, Matthias Williams, Phil Blenkinsop, Alexander Ratz

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