Tag: (G7)

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…