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50th G7 Summit 2024: Key Highlights

G7-Italia_2024

G7 Summit 2024: Italy’s Leadership and Global Progress

Italy acquired the presidency for the seventh time in the history of the G7 summit. Every year, seven of the strongest nations in the world meet at the “Group of 7” summit to discuss and take action on the world’s grave issues and try to make the world a better place. Prime Minister Giorgia Meloni mentioned the seventh presidency of Italy: “We have a great responsibility on our shoulders, and we intend to honour it to the best of our ability, once again showing how capable Italy is of charting the course ahead.” Italy will host several institutional events throughout the country until 31st December 2024 during the presidency.

Setting the stage for the 50th G7 Summit

The history of the “Group of 7” summit dates back to the 1973 Oil Embargo, which became an energy crisis in Western countries within a year. The first summit (1975) was held in Chateau de Rambouillet, France, and there were six members: the heads of state and government of the USA, the United Kingdom, France, Japan, West Germany, and Italy. It was named the G6 Summit back in 1976. Canada joined the 6 Leaders Group, and the name changed to G7 Summit. Russia’s joining the group in 1998 and its ban in March 2014 due to the invasion of Crimea mark critical historical events in the G7 summit.

The 50th G7 Summit was held from June 13̣th to 15th, 2024, in Borgo Egnazia (Fasano), Apulia, Italy. In addition to the seven core members, the Prime Minister of India, Narendra Modi, the Chairperson of the African Union, Mohamed Ould Ghazouani, the President of UAE, Mohamed bin Zayed, Pope Francis, from Vatican City and the President of Ukraine, Volodymyr Zelenskyy, were some of the guests.

The Core Leaders of the G7 Summit, 2024

Figure 1: The Core Leaders of the G7 Summit, 2024

USD 50 Billion in Financial Support to Ukraine

We all are aware of the tragic scenario of Ukraine after Russia’s effort of annexation. A total of 10,582 Ukrainian civilians were killed in the Russia-Ukraine war between February 24th, 2022 and February 15th, 2024, according to the Office of the UN High Commissioner for Human Rights. Another 19,875 civilians were injured, summing up the number of civilian casualties in Ukraine to 30,457.

Civilian Casualties in Ukraine between February 24th, 2022 and February 15th, 2024, in Russia’s Annexation Attempt to Ukraine as Confirmed by OHCHR

Figure 2: Civilian Casualties in Ukraine between February 24th, 2022 and February 15th, 2024, in Russia’s Annexation Attempt to Ukraine as Confirmed by OHCHR

The G7 nations have committed to Ukraine President Mr Zelenskyy to provide USD 50 billion in financial support to cope with this situation. “We are standing in solidarity to support Ukraine’s fight for freedom and its reconstruction for as long as it takes,” the communiqué of the G7 leaders mentioned in the summit. This USD 50 billion will be raised using the extraordinary revenues from the frozen Russian sovereign assets. This plan to help Ukraine involves a multiyear loan funded by profits of approximately USD 300 billion in impounded Russian Sovereign assets.

Zelenskyy thanked the leaders for their support, noting it would contribute to “both defence and reconstruction.” He also emphasised the continued need for more weapons.

Sustainable Development in the African Union

The G7 leaders also committed to helping African countries with four primary objectives:

  • Implement sustainable development practices and generate local value
  • Enhance democratic governance
  • Promote global stability and prosperity
  • Safeguard the international order based on established rules

Additionally, the G7 leaders introduced two initiatives:

  • The Energy for Growth in Africa initiative, in collaboration with several African partners. It aims to support the development of clean energy infrastructure and supply chains.
  • The G7 Apulia food systems initiative. It aims to strengthen global food security.

Addressing the Political Situation in the Indo-Pacific Region

The G7 Leaders have also discussed Indo-Pacific tensions, reiterated support for a free, rule-based region, and emphasised constructive relations with China while de-risking and diversifying supply chains to enhance economic resilience. “We are not trying to harm China or thwart its economic development,” they mentioned.

Other Key Highlights of the G7 Summit, 2024

The most important discussion at the G7 Summit 2024 was the Middle East and Gaza war. Around 37,300 Palestinians have died in Gaza in the war situation, and more than 85,000 were injured. Most of them were innocent women and children. The G7 leaders condemned terrorist attacks by Hamas and other groups, emphasising Israel’s right to self-defence while urging compliance with international law. They supported a comprehensive deal for immediate ceasefire, hostage release, and a two-state solution, including Gaza and the West Bank under the Palestinian Authority.

The G7 leaders also addressed economic security and resilience, global warming, environmental pollution, and persistent migration challenges, key focus areas of the current Italian G7 presidency.

Wrapping Up!

The summits have revolved around critical concerns over time, including the September 11 attacks in 2001, the global financial crisis of 2008, and the onset of the coronavirus pandemic in 2019. That’s why the G7 Summit is one of the most important international events yearly.

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