Page 8 - G7

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 ..

India, Japan can work together for greater synergy between G7-G20: FM

India and Japan can work together to achieve greater coordination and synergy between G7 and G20 member countries, Union Finance Minister Nirmala Sitharaman has said. India holds the annual revolving presidency of G20 countries and Japan is the current president of G7 countries. Sitharaman said Japan has invited her to the meeting of G7 finance ministers and central bank governors in May and she is considering attending it. We are certainly looking forward to having greater interaction with the Japanese government and because in its capacity as G7 president, we are exploring all the possible areas of cooperation and areas of mutual interest so that we are able to stand together and serve the global requirements as time demands, she said. Sitharaman said the two countries continue to have engagement in areas of food security, development finance, climate and energy, environment, digitalisation, disaster risk reduction and health. "These are topics on which we are specifically engag

Russia pulls off revolution in India's overall crude oil basket

Oil supplies from Russia surged after the G7's stringent sanctions, relegating traditional suppliers Iraq and Saudi Arabia to second and third place

India needs to ensure China, Russia, G7 nations come together: Shringla

Polarization in the world is also reflected among the members of G20 but India, during its presidency, needs to ensure that they all come together to work on global issues such as climate change, former foreign secretary Harsh Vardhan Shringla said on Saturday. Shringla, who is the Chief Coordinator for India's G20 Presidency, was speaking at 'G20 University Connect' at Symbiosis International University here. The theme or motto of G20 summit under India's presidency, 'Vasudhaiva Kutumbakam' (one world, one family) "exemplifies the Indian foreign policies outreaching the whole world," he said. "The polarisation that exists in the world also cuts cross the G20 membership, so you have on the one hand the G7, the (United States of) America, Europe, Japan and Australia. On the other hand we have also got Russia and China," the former diplomat said. "We, as part of G20 presidency, need to work to make sure that Russia and China come together with G7 to work for issues which are importan

As G7 President, Japan wishes to coordinate with G20 chair India: FM

The Russian invasion of Ukraine has put a great strain on the global economy, including energy and food security, and Japan is keen to respond to the challenges by working hand-in-hand with India, Japanese Foreign Minister Yoshimasa Hayashi said on Friday. In an exclusive interview to PTI, Hayashi cited China's "unilateral attempts" to change the status quo by force in East and South China as well as its military activities around Taiwan as the region's challenges and concerns. The foreign minister said Japan's revised National Security Strategy views China's current external stance and military activities as an unprecedented and the greatest strategic challenge in ensuring peace and stability of Japan and the international community. Japanese Foreign Minister Hayashi also said that it is necessary to build a free and open international order that is inclusive and based on the rule of law to maintain peace and stability in the Indo-Pacific, a region that has seen mounting Chinese ..

Japan, other G-7 leaders step up Russia sanctions to mark war anniversary

Japanese Prime Minister Fumio Kishida and other Group of Seven leaders adopted a set of additional sanctions against Russia over its war on Ukraine at an online G-7 summit Friday to mark the one-year anniversary of the start of the invasion. The leaders renewed their commitment to intensifying our diplomatic, financial and military support for Ukraine, to increasing the costs to Russia and those supporting its war effort, and countering the negative impact on the rest of the world, especially the most vulnerable people, they said in a statement, according to the Japanese Foreign Ministry. The G-7 countries also affirmed their coordinated action to further counter Russia's capacity to wage its illegal aggression" and pledged to prevent Russia from obtaining military equipment and technology. They also called on other countries to stop providing military support to Russia. Kishida, as this year's G-7 president, also announced Japan will impose additional sanctions on Russia, including

G7 leaders urge Russia to stop ongoing war in Ukraine in a joint statement

Leaders of the G7 countries on Friday called on Russia to end its ongoing war in Ukraine, which they said is an attack on the fundamental principles of sovereignty of nations, territorial integrity of states and respect for human rights. G7 comprises seven major world economies Canada, Italy, France, United Kingdom, Germany, Japan and the United States. In a joint statement following a virtual meeting of G7 leaders, convened by the US President Joe Biden, the leaders of the grouping said Russia's irresponsible nuclear rhetoric is unacceptable, and any use of chemical, biological, radiological or nuclear weapons by Moscow would be met with severe consequences. The G7 leaders also announced the establishment of an Enforcement Coordination Mechanism' to bolster compliance and enforcement of their measures and deny Russia the benefits of the grouping's economies. We will continue our efforts to ensure Russia pays for Ukraine's long-term reconstruction. Russia bears full responsibility

G7 sanctions to target key industries helping Russia's war: White House

This would be the largest layoff in the industry. Analysts predict that North America would likely be worst affected

Yellen, G7 urge more aid for Ukraine and adherence to Russia sanctions

Yellen took the lead in urging the IMF to pull together a loan programme for Ukraine, adding that Washington was preparing an additional $10 billion in economic assistance

Biden to host G7 virtual meet, announce sanctions against Russia: WH

US President Joe Biden on Friday would host a virtual meeting of leaders from G-7 nations along with his Ukrainian counterpart Volodymyr Zelensky during which he will expect sweeping sanctions against Russia as its war against Ukraine enters the second year, the White House has said. G-7 comprises seven major world economies Canada, Italy, France, United Kingdom, Germany, Japan and the United States. Tomorrow morning, President Biden will gather with G-7 leaders and President Zelenskyy for a virtual meeting to continue coordinating our efforts to support Ukraine and hold Russia accountable for its war, White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference. Thanking Japan, the new G-7 president, for its recent pledge to provide Ukraine with an additional USD 5.5 billion in economic assistance, Jean-Pierre said Tokyo has proven a steadfast ally, ready to step up and do its part to advance their shared interests and values. Our alliance with Japan

India's mid, long-term outlook very strong: PwC Chairman Bob Moritz

"Corporate bankruptcies are likely to significantly increase in G7 (nations) in the short-to-medium-term as the global economy slows down"

G-7 weighs sanctioning Chinese, N. Korean firms for aiding Russia military

The aim is to coordinate a package of measures by Feb. 24, the one-year mark of Russia's invasion of Ukraine, the people said, asking not to be identified discussing sensitive matters

Russia issues decree to ban oil sales to nations adhering price cap: Report

The decree also said that the ban may be lifted in individual cases on the basis of "special decision" from Russian President Vladimir Putin, as per reports

G7 nations establish international climate club to fight global warming

The Group of Seven leading economies have created an open, international climate club for countries that want to cooperate in the fight against global warming, German Chancellor Olaf Scholz said Monday after a video conference with other G-7 leaders. Germany holds the presidency of the G-7 until the end of the year and then passes it on to Japan. Scholz said the new forum group is not intended to be a G-7 initiative; rather, it is to be a global undertaking. "With the climate club and the socially just transition of our industries toward climate neutrality, we are making an important contribution to achieving global climate targets," the chancellor said. The climate club aims to support the rapid and ambitious implementation of the Paris Agreement, which seeks to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), according to the German government. Monday was the seventh anniversary of accord's adoption. The club will work to help accelerate the industrial ...

Russia offers India help with large ships to overcome oil price cap

Russia has welcomed India's decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. The offer came as Russian Deputy Prime Minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, Pavan Kapoor, on Friday. "The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian Foreign Ministry said in a statement. India's appetite for Russian oil has swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. Novak noted that even amid the energy crisis, Russia is responsibly fulfilling its contractual obligations for the supply of energy resources, diversifying energy