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G7 finance leaders say greater economic uncertainty requires vigilance

The Group of Seven's top financial leaders united Saturday in their support for Ukraine and their determination to enforce sanctions against Russia for its aggression but stopped short of any overt mention of China. The finance ministers and central bank chiefs ended three days of talks in Niigata, Japan, with a joint statement pledging to bring inflation under control while aiding those suffering the most from surging prices. They also committed to collaborating to build more stable, diversified supply chains for developing clean energy sources and to enhance economic resilience globally against various shocks. The statement did not include any specific mention of China or assertions regarding economic coercion in pursuit of political objectives, such as penalizing the companies of countries whose governments take actions that anger another country. Talk this week of economic coercion by China had drawn outraged rebukes from Beijing. Officials attending the talks in this port city

G7 Finance Ministers to meet in Japan to tackle threat from US debt ceiling

The financial leaders of the Group of Seven wealthy nations will meet in Japan beginning on Thursday as a standoff over the US debt ceiling looms as one of the biggest potential threats to the global economy. Treasury Secretary Janet Yellen said one of her priorities in Niigata, a port city on the Japan Sea coast, would be to emphasise the importance of resolving the standoff over the national debt. I will underscore the importance of Congress acting to resolve the debt limit to maintain America's economic leadership and protect the global economy, Yellen said in a tweet Thursday. Yellen also is bound to be seeking to reassure her counterparts over recent bank failures that have raised worries over risks for the global financial system. The finance ministers and central bank governors are meeting for three days ahead of a G-7 summit later this month in Hiroshima. President Joe Biden said on Wednesday that he and congressional leaders had a productive meeting Tuesday on trying to r

FM Nirmala Sitharaman leaves for 2-day visit to Japan to attend G 7 meeting

Finance Minister Nirmala Sitharaman on Wednesday embarked on an official two-day visit to Niigata, Japan, to attend a G7 meeting. India is an invitee to G 7 Finance Ministers and Central Bank Governors meeting. "During her visit, FM Smt.@nsitharaman will also have multilateral and bilateral engagements with her counterparts, besides a roundtable meeting with business leaders and investors," a finance ministry tweet said. During her trip, she will address investors and business leaders in Tokyo. Besides, she will address a seminar on 'Economic Policy in Pursuit of Welfare' at the Finance Ministers and Central Bank Governors (FMCBG) meeting while two other sessions--Tackling Immediate Challenges Facing Developing Countries and Strengthening International Cooperation for Sustainable and Inclusive Growth. The G7 is a forum of leading industrialised nations--Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Representatives of the European Union are alway

G7 biz group endorses India's G20 theme 'One Earth, One Family, One Future'

Top business executives of G7 countries have endorsed India's G20 theme of 'One Earth, One Family, One Future' and said it is essential to achieve sustainable growth that is compatible with the protection of the global environment. Unveiled by Prime Minister Narendra Modi last year, the theme of India's G20 Presidency - 'Vasudhaiva Kutumbakam' or 'One Earth, One Family, One Future' - is drawn from the ancient Sanskrit text of the Maha Upanishad. Essentially, the theme affirms the value of all life - human, animal, plant and microorganisms - and their interconnectedness on the planet Earth and in the wider universe. Representative business federations of the G7 - Japan, Italy, Canada, France, the US, the UK, Germany, and the European Union - held the B7 Tokyo Summit on April 19-20, ahead of the G7 Summit meeting in Japan later this month. "Through creating a problem-solving society that is equipped with both digital technology and creativity and imagination of diverse people, it is

G7 nations agree on 'risk-based' artificial intelligence regulation

Governments have especially paid attention to the popularity of generative AI tools such as ChatGPT

PM Modi to join US Prez Biden, attend G7, Quad summits in Japan, Australia

Prime Minister Narendra Modi is set to join US President Joe Biden and his counterparts from Australia and Japan at a summit of the Quad leaders in Sydney on May 24 that is expected to focus on implications of the Ukraine conflict and the overall situation in the Indo-Pacific. Before travelling to Australia, Modi is likely to visit the Japanese city of Hiroshima to attend the annual summit of the Group of Seven (G7) advanced economies that is scheduled to take place from May 19 to 21, people familiar with the matter said on Wednesday. During his visit to India last month, Japanese Prime Minister Fumio Kishida invited Modi for the G7 summit. In their summit, the Quad leaders are also expected to bolster overall cooperation in the Indo-Pacific, a region that has been witnessing growing Chinese military assertiveness. The White House on Wednesday said President Biden will attend the G7 leaders' summit in Hiroshima as well as the Quad summit in Sydney. From Japan, Modi may travel to a

Russia's Medvedev warns Moscow will scrap grain deal if G7 bans exports

The Group of Seven (G7) countries are considering a near-total ban on exports to Russia

BRICS surpass G7 GDP, India, China major economies with fast growth

The inflationary pressures, coupled with relentless rate hikes by central banks around the world, have hit Europe hard

'No impunity': G7 vows tough, unified stance on Russia-Ukraine war

Top diplomats from the Group of Seven wealthy democracies vowed a unified front against Chinese threats to Taiwan and Russia's war of aggression in Ukraine, saying at the close of their meetings Tuesday that they were committed to boosting and enforcing tough sanctions against Moscow. The G-7 communique laying out their commitments also included strong words over an unprecedented run of North Korean missile tests. But it was China's growing assertiveness in Asia and Russia's invasion of Ukraine that highlighted the three-day summit hosted by Japan in this hot springs resort town. There can be no impunity for war crimes and other atrocities such as Russia's attacks against civilians and critical civilian infrastructure, the ministers said. We remain committed to intensifying sanctions against Russia, coordinating and fully enforcing them, the communique said, and would support for as long as it takes" Ukraine as it defends itself. The foreign ministers' communique was prepared as a

G7 FMs vow to address global challenges through collective action

The Ministers are also committed to promoting free and fair trade, stating that it is key to resilient and sustainable development for all, particularly the most vulnerable

G7 ministers in Japan reiterate cooperation with India in Indo-Pacific

The comments mark the culmination of a three-day long meeting that were held in Karuizawa, Nagano in central Japan and comes ahead of the G7 leaders' summit to be held in Hiroshima this May

No impunity: G7 vows tough, unified stance on Russia's war on Ukraine

Top diplomats from the Group of Seven wealthy democracies vowed a unified front against Russia's war of aggression in Ukraine, saying at the close of their meetings on Tuesday that they were committed to boosting and enforcing tough sanctions against Moscow. The G-7 communique laying out their commitments also included strong words meant to curb what the ministers see as increasing Chinese and North Korean aggressiveness in Northeast Asia. But it was Russia's invasion of Ukraine that highlighted the three-day summit in this hot spring resort town. There can be no impunity for war crimes and other atrocities such as Russia's attacks against civilians and critical civilian infrastructure, the ministers said. We remain committed to intensifying sanctions against Russia, coordinating and fully enforcing them, the communique said, and would support for as long as it takes" Ukraine as it defends itself. The foreign ministers' document was prepared as a template for global leaders to use

G7 nations to reduce global GHG emissions by 43% by 2030, 60% by 2035

G7 countries commit to "fully" or "predominantly" decarbonise their power grids no later than 2035 and accelerate the phase-out of domestic unabated coal power

G-7 envoys urge tough stance on Chinese, North Korean aggression

Top diplomats from the Group of Seven wealthy democracies are tackling two major worries in Northeast Asia, vowing a tough stance on China's increasing threats to Taiwan and North Korea's unchecked tests of long-range missiles. Another major crisis, Russia's war in Ukraine, will also consume the agenda Monday as the diplomats gather in this Japanese hot spring resort town for Day Two of talks meant to pave the way for action by G-7 leaders when they meet next month in Hiroshima. For the American delegation, the meeting comes at a crucial moment in the world's response to Russia's invasion of Ukraine and efforts to deal with China, two issues that G-7 ministers from Japan, the United States, the United Kingdom, France, Germany, Canada, Italy and the European Union regard as potent challenges to the post-World War II rules-based international order. A senior U.S. official travelling with U.S. Secretary of State Antony Blinken told reporters that the Biden administration's goal for the

Despite no-carbon ambitions, G7 fails to set date for ending coal power use

More aggressive moves to reduce carbon emissions remain a highlighted difficulty for G7 as the world's major industrialised economies continue to clash on coal

G7 vows to phase out fossil fuels, sets no date for ending coal power use

The Ukraine crisis caused prices of oil and gas to soar and pushed some importers to shift to coal and natural gas, slowing efforts to cut greenhouse gas emissions

G7 ministers set ambitious new targets for solar and wind capacity

G7 ministers finish two days of meetings on climate, energy and environmental policy in the northern Japanese city of Sapporo on Sunday

G-7 nation agrees to accelerate phase- out of unabated fossil fuels

For the first time ever, the G-7 says that we must accelerate the phasing out of all unabated fossil fuels, Pannier-Runacher told reporters

India asks rich nations to intensity emission cuts at G7 ministers' meeting

Meeting the global target of achieving net zero emissions by 2050 will require developed nations to scale up their emission reduction efforts, India said at the G7 Ministers Meeting on Climate Energy and Environment in Japan's Sapporo on Saturday. This will create opportunities for developing nations like India to address the needs of its people, which will also build resilience against the adverse impacts of climate change, environmental degradation, and pollution, Union Environment Minister Bhupender Yadav said at the plenary session of the G7 minister's meeting. He also emphasised that developing countries require access to adequate means of implementation, finance, and technology to effectively combat climate change and address environmental challenges. "The global goal of reaching net zero by 2050 needs enhanced emission descaling by developed nations. This will provide space for countries like India to achieve the development required for its people, which will provide necessa

Wealthy nations can lead global emissions cuts by example: US energy secy

Wealthy nations can lead by example in cutting carbon emissions, though much faster action is needed to stem global warming, U.S. Energy Secretary Jennifer Granholm said Friday in an interview with The Associated Press. Granholm and other senior energy and environment officials from the Group of Seven advanced economies are in Hokkaido in northern Japan this week for meetings on climate change, energy security and related issues. That's what we hope to do is lead by example, Granholm said after touring the world's first and only liquefied hydrogen carrier, a ship that showcases Japanese efforts to transform heavily polluting coal into emissions-free hydrogen power. At the G-7 summit in May last year, member nations set a common goal of achieving a fully or predominantly decarbonized electricity supply by 2035. The fact that carbon emissions are continuing to rise despite massive investments in cleaner energy is very disappointing, Granholm said. But she noted that 90% of the new ..