G7 Summit at Schloss Elmau
“Progress towards an equitable world” – this is the goal Germany set itself on taking over the G7 Presidency at the beginning of the year. The outcomes of the Summit show that the G7 format is worthwhile and effective. With the commitments they made at Schloss Elmau, the G7 leaders took a major step towards achieving this goal.
The key outcomes of the G7 Summit – “Progress towards an equitable world”
1. G7 stands firmly by Ukraine’s side for as long as it takes.
- financial budget support amounting to 29.5 billion US dollars in 2022;
- humanitarian support amounting to 2.8 billion US dollars (Germany: 463 million US dollars) in 2022;
- will meet Ukraine’s pressing military needs;
- will support the longer-term reconstruction of Ukraine (Germany: new pledge of 450 million US dollars; total 645 million US dollars); Germany, as holder of the G7 Presidency, will convene an international conference on this;
- commits to responsible sanctions against Russia in light of the ongoing war of aggression and announces further measures.
2. G7 agrees to establish an open and cooperative Climate Club by the end of 2022 as a global response to the climate crisis.
- agreement on concept: ambitious climate protection measures, industrial transformation through accelerated decarbonisation, close cooperation and support beyond G7, in particular with emerging and developing countries;
- in cooperation with other partners and international organisations, ministers are to elaborate concrete arrangements by the end of the year.
3. G7 takes further action to accelerate the international climate change agenda.
- commits for the first time to achieving a decarbonised electricity supply by 2035 and pledges to end coal-fired power generation;
- recognises the need to provide more support for vulnerable countries in coping with the damage and loss caused by climate change;
- will make further efforts to achieve the 100 billion US dollars per year pledged by the industrialised countries for climate finance;
- Germany reaffirms the goal of contributing at least 6 billion euros to international climate finance by 2025. To this end, Germany will not only plan to provide additional funds, it will also do more to ensure that previously earmarked expenditure is used in a climate-friendly manner.
4. G7 fights hunger crisis with “Alliance for Global Food Security”.
- will mobilise additional funds in the amount of 4.5 billion US dollars (Germany: new pledge of 476 million US dollars, or 450 million euros);
- will support UN initiative to ensure food from Ukraine goes on the world market;
- will keep its agricultural markets open and boost global food production;
- will set up a platform for global cooperation – beyond the G7.
5. G7 seeks to secure the supply of energy.
- agrees to end energy dependence on Russia by phasing out Russian coal and oil, reducing the burden on consumers and expanding renewable energies, renewable hydrogen and energy efficiency;
- is considering price caps to stabilise the energy markets;
- confirms commitment to end direct international public financing of fossil fuels by the end of 2022; agrees that there may be exceptions to safeguard national security and geostrategic interests.
6. G7 develops global partnerships for infrastructure and investment.
- will collectively mobilise up to 600 billion US dollars in public and private investment over the next five years through its national and regional initiatives;
- is implementing a Joint Energy Transition Partnership (JETPs) with South Africa; as part of its contribution of 700 million euros, Germany will be providing a KfW development loan of 300 million euros for energy sector reforms;
- will initiate negotiations on further ambitious partnerships with India, Indonesia, Senegal and Vietnam;
- Germany pledges an additional 30 million euros for the Emerging Market Climate Action Fund (EMCAF); with the total German contribution of 55 million euros, this has the potential to leverage up to 2.75 billion euros of private investment.
7. G7 agrees on global economy and inflation risks.
- will coordinate closely on acute economic risks such as rising prices and increasing debt, providing targeted support where it is needed;
- will support developing countries, especially in Africa, in a strained global economic situation; to this end, major progress and further commitment to 100 billion US dollar target of 2021;
- will coordinate with the OECD on security of supply of critical raw materials; aims to invest in establishing responsible, sustainable and transparent supply chains.
8. G7 cooperates to strengthen global health.
- exceeds 2021 vaccine delivery commitment (of at least 870 million doses): over 1.175 billion doses by June 2022, funded through 83 per cent of the Access to COVID-19 Tools Accelerator (ACT-A) in response to the pandemic (Germany in 2022: approximately 1.42 billion US dollars);
- agrees on concrete steps to improve pandemic preparedness and response with the G7 Pact for Pandemic Readiness;
- supports the replenishment of the Global Fund to Fight AIDS, Tuberculosis and Malaria (Germany: 1.2 billion euros).
9. G7 underpins action based on shared values.
- will strengthen equality between women and men as well as trans and non-binary people and consistently reviews progress (Dashboard on Gender Gaps);
- will strengthen cooperation in the fight against disinformation and hybrid threats as well as pursuing implementation of international cyber norms;
- underlines the threat to national security from kleptocracies and undertakes to strengthen the international fight against corruption.
10. G7 and partner countries Indonesia, India, Senegal, South Africa and Argentina send out joint signal for the strengthening of resilient democracies.
- promote a rules-based international order and defend the principles enshrined in the UN Charter;
- take on global responsibility and work together towards equitable, inclusive and sustainable solutions to global challenges;
- protect and promote open and pluralistic civil society spaces and open discourse.