48th meeting of G-7 – Today Current Affairs
- Recently at the 48th G-7 summit, the Prime Minister of India invited the G-7 nations to invest in the vast market of clean energy technologies emerging in the country.
- The G-7 is chaired by Germany for the year 2022.
- The German Presidency has invited Argentina, India, Indonesia, Senegal and South Africa to the G-7 summit.
Today Current Affairs
- It is an inter-governmental organization, which was formed in the year 1975.
- The bloc meets annually to discuss issues of common interest such as global economic governance, international security and energy policy.
- The G-7 countries are the UK, Canada, France, Germany, Italy, Japan and the US.
- All G-7 countries and India are part of the G20.
- The G-7 has no formal charter or secretariat. The Presidency, which is allocated every year among the member states, is in charge of setting the agenda. Sherpas, ministers and envoys take policy initiatives ahead of the summit.
- According to the Summit website, by the year 2022, G-7 countries contribute 10% of the global population, 31% of the global GDP and 21% of the global carbon dioxide emissions. China and India, the two most populous countries with the world’s largest GDP figures, are not part of this group.
- Annual expenditure of the public sector exceeded revenue in all G-7 countries in 2021. Most G-7 countries also had high levels of gross debt, notably Japan (263% of GDP), Italy (151%) and the US (133%).
- G-7 countries play an important role in global trade. America and Germany in particular are the major exporting countries. In the year 2021, goods worth more than one trillion US dollars were exported abroad by both the countries.
Other highlights of the G-7 summit:
PGII : The Hindu Analysis
- To deliver “game-changing” and “transparent” infrastructure projects to developing and middle-income countries, the G-7 annually collectively under the Partnership for Global Infrastructure and Investment (PGII) announced to raise $600 billion by the year 2027.
Life Campaign : The Hindu Analysis
- Global Initiative for Life (Lifestyle for Environment) campaign/campaign highlighted by Indian Prime Minister.
- The goal of this campaign is to promote eco-friendly lifestyle.
Stance on Russia-Ukraine Crisis : The Hindu Analysis
- Energy prices have risen to record levels due to the Russia-Ukraine crisis. The Indian Prime Minister addressed the need for equitable energy distribution between the populations of rich and poor countries.
- On the Russo-Ukraine war, the Prime Minister reiterated his stand that hostilities must end immediately and a resolution must be reached by choosing the path of dialogue and diplomacy.
Clean Energy Technology : The Hindu Analysis
- It refers to any process, product or service that minimizes negative environmental impacts through significant energy efficiency improvements, sustainable use of resources or environmental protection activities.
- Clean energy technologies support economic growth by increasing the supply of energy demand and addressing environmental challenges and their effects due to the use of other traditional sources of energy.
- Clean energy technologies support economic growth by increasing the supply of energy demand and addressing environmental challenges and their impacts caused by the use of other traditional sources of energy.
- Clean technology includes a range of technologies related to recycling, renewable energy (wind power, solar energy, biomass, hydropower, geothermal, biofuels, etc.), information technology, green transportation, electric motors, green chemistry, electricity, greywater, etc.
Emerging market for clean technology in India:
Government Regulations : The Hindu Analysis
- With more active media and environmental awareness, India is on the way to adopt a pro-environment approach in all its development strategies.
Adoption of innovative and clean technologies : The Hindu Analysis
- Adoption of new and clean technologies will help India on a sustainable development path as the Indian economy is growing at an unprecedented rate.
Global Climate Dialogue : The Hindu Analysis
- The current global negotiations on climate change have put pressure on rapidly developing economies like India to adopt green technologies.
Foreign Direct Investment (FDI) : The Hindu Analysis
- Indian market offers strong business prospects for foreign investors.
- India’s growing economy and ongoing sector reforms coupled with increasing demand for clean energy to strengthen energy security and reduce pollution continue to make India one of the most attractive destinations for eco-friendly investments in the world.
Low Carbon Technologies : The Hindu Analysis
- India is particularly well positioned to become a global leader in renewable batteries and green hydrogen.
- Other low carbon technologies could make India a market of up to $80 billion by 2030.
Development in India : The Hindu Analysis
- India has achieved 40% energy-efficiency from non-fossil sources and 10% ethanol-blending in petrol.
- India has the world’s first fully solar powered airport.
- India is one of the largest producer of energy from renewable sources. In the power sector, renewable energy (excluding large hydroelectric power plants) accounts for 20% of the total installed electric capacity.
Benefits of clean energy : The Hindu Analysis
- Clean energy provides a variety of environmental and economic benefits, including reduction in air pollution.
- Diversified clean energy supply also reduces dependence on imported fuels.
- Renewable clean energy also has lower costs inherent in it, as there is no need to extract and transport fuels such as oil or coal, these resources are naturally available.
- Other industrial benefits of the clean energy mix create jobs for the development, creation and installation of future clean energy resources.