The summit ended with two days of summit. Leaders of the G7 made their final statements and press conferences at the end. They reaffirmed their support for Ukraine in the Russian-Ukraine conflict and declared the creation of a climate club.
G7 leaders want Russia’s invasion of Ukraine to cost Russia the most, German Chancellor Olaf Scholz said. He reiterated that Putin cannot win this war and that Russia must pay the maximum amount. He stated that the G7 was united in its support of Ukraine at a press conference. He added, “We will continue and increase the economic-political costs of this war against President [Vladimir] Putin’s regime.”
“Russia cannot win, our support to Ukraine and our sanctions on Russia will continue for as long as necessary,” President Emmanuel Macron stated in a statement. A statement was made at the conclusion of the summit.
He condemned Russian attacks against civilians again, including Monday’s attack at a Kremenchuk shopping center. This he called a war crime.
Already, the G7 countries announced that they would tighten Russia’s economic hold and develop a mechanism to limit the global price of Russian oil.
G7 will therefore “ask ministers to urgently work on the development of an ceiling”, associating third country and the private sector. This was assured Tuesday morning by an American official, just a few hours before the summit’s end.
According to a joint statement released Tuesday following their summit in Germany, the G7 leaders also agreed to create a “climate club” in order to strengthen and expand cooperation against global warming.
The seven leaders explain that the climate club will be an open “intergovernmental forum with great ambition” for all countries. The statement said that they invited their partners, which included major emitters, G20 members, and other emerging and developing economies to have more intensive discussions and consults with them.
According to AFP, the G7 leaders are contemplating reducing their commitment to not fund fossil fuel projects overseas in light of the energy crisis created by the conflict with Ukraine.
G7 leaders also accuse China of “practices to distort global economy”, and they are open to sharing information on such practices by Beijing.
“In regard to China’s place in the global economy, I continue to consult on collective strategies, also outside the G7 to address the problems posed by nonmarket policies and practices which distort the economy. In their final statement following the summit in Germany, they condemned “non-transparent” and “market-distorting Chinese interventions.”
