G7 Nations Establish an International Climate Club to Fight Global Warming

G7 Nations Establish an International Climate Club to Fight Global Warming

  • The Group of Seven (G7) major economies have established an open, international ‘Climate Club’ for countries that want to work together to combat global warming.
  • The concept of a climate club was developed by Yale economist William Nordhaus in 2015 and has since gained popularity in policy circles. Mr. Nordhaus also won the 2018 Nobel Prize in economics for his work on climate change.
  • Germany has held the G-7 presidency since January 1, 2022, when it took over from the United Kingdom (UK), and it will be passed on to Japan in 2023.

Key Points:

  • The new International Climate Club will be a global endeavour rather than a G-7 initiative.
  • The Paris Agreement (2015), which aims to keep global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), will be swiftly and intensely implemented with assistance from the climate club.
  • The club will aim to expedite the industrial shift to cleaner energy sources and to create more emission-reduction initiatives.
  • The club will provide assistance to committed developing and emerging countries so they may move forward with the transformation of their industries.

About Germany:

  • President – Frank-Walter Steinmeier
  • Chancellor – Olaf Scholz
  • Capital – Berlin
  • Currency – Euro

About Group of Seven (G7):

  • The G7 consists of Germany, France, the United Kingdom (UK), Italy, Japan, Canada and the United States (US).
  • The European Union (EU) is also represented at all G7 meetings.
  • In June 2022, Germany hosted the “G7 Summit 2022,” the annual summit of the G7 heads of state and government, at Schloss Elmau in the Bavarian Alps.
  • The Presidency is rotated between members on an annual basis.
  • Formation – March 25, 1973

G-20 Finance and Central Bank Deputies meeting

  • The first G-20 Finance and Central Bank Deputies meeting and the first Finance Ministers and Central Bank Governors meeting was held in Bengaluru.
  • The meeting has marked the beginning of discussions on the finance track agenda under the Indian G-20 presidency.
  • There will be 40 such meetings on Finance across the country.
  • Brand Karnataka is promoted on the sidelines of the international event.
  • Karnataka will host 14 G20 meetings. Among them 11 will be held in Bengaluru, two in Hampi, the world heritage site and one will be held in Mysuru the heritage city.
  • The consultative meeting will examine India’s G20 priorities and activities on 8 key tasks: Financial Mechanism, International Financial Framework, Global Economy, Infrastructure Investments, Sustainable Finance, International Taxation, Health and Finance, Financial Sector Regulatory Issues and Financial Inclusion.
  • A coordinated approach to regulating crypto assets, managing debt vulnerabilities and reorienting global financial institutions have been identified as critical focus areas of the Finance Track agenda for India’s G-20 Presidency.

About G20

  • The G20 or Group of Twenty is an intergovernmental forum of major developed and developing economies comprising 19 countries and the European Union (EU).
  • Formation  – 26 September 1999.
  • Chairman -Narendra Modi , Prime Minister of India
  • First Meeting in Cologne, Germany
  • G20 Countries – Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States, and the European Union.
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