This high-profile event brings together leaders from seven of the world’s major democracies which includes the United States, Canada, Germany, France, Italy, Canada and Britain to discuss and address critical global issues.
Here’s a detailed look at the summit’s location, participants, and key agenda items for this year.
Where is the G7 summit being held?
The G7 summit is taking place at Borgo Egnazia, a luxury resort in southern Italy’s Puglia region. The venue boasts a Michelin-starred restaurant and scenic views, making it an ideal location for the gathering. Additionally, a special dinner in honor of the leaders will be held in the nearby city of Brindisi, while the media center is set up in Bari, approximately 80 kilometers from the summit venue.
Who is attending the G7 summit?
The G7 consists of the United States, Japan, Canada, Germany, France, Italy, and the United Kingdom. The European Union also participates in all discussions, represented by the presidents of the European Council and the European Commission. This year, Italy has extended invitations to several outside guests, including Prime Minister Narendra Modi, Pope Francis, US President Joe Biden, King of Jordan and leaders from Ukraine, Brazil, Argentina, Turkey, the UAE, Kenya, Algeria, Tunisia, and Mauritania along with heads of the United Nations, World Bank, IMF, African Development Bank, and OECD.
What is on the G7 Agenda?
Africa, Climate change, and development
Climate change remains a critical issue for the G7, as none of its member nations are currently on track to meet their 2030 emission reduction targets. Although the G7 aims for a 40-42% reduction in emissions by 2030, current policies suggest that only a 19-33% reduction is achievable. This significant shortfall underscores the urgent need for stronger leadership from these affluent nations, which are collectively responsible for a substantial portion of global emissions. The summit will focus on reinforcing commitments and exploring innovative strategies to meet climate goals, with an emphasis on phasing out coal-fired power plants by the mid-2030s to accelerate the transition to cleaner energy sources.
Africa is a top priority for Italian Prime Minister Giorgia Meloni, the host of the G7 summit. She aims to establish Italy as a crucial clean-energy bridge between the European Union and Africa, thereby decreasing reliance on Russian gas. Central to her foreign policy is the Mattei plan, which focuses on substantial investments in African infrastructure, development, and energy sectors.
Israel-Gaza conflict
The G7 will emphasize resolving the Middle East conflict, particularly the Gaza crisis. US President Joe Biden has proposed an immediate ceasefire between Israel and Hamas, the release of hostages, increased humanitarian aid for Gaza, and a comprehensive peace agreement to ensure the security of both Israelis and Gazans. This proposal, already supported by G7 countries and members of the United Nations Security Council, underscores the urgency of addressing the conflict due to domestic and international pressure, the need to prevent the conflict from spilling over into neighboring oil-rich regions, and the imperative to avoid collateral damage, such as attacks on ships in the Red Sea. Addressing these issues is critical to mitigating the immediate impacts and fostering long-term stability in the region.
Ukraine conflict
The ongoing conflict in Ukraine is a central concern for the Group of Seven (G7) nations, particularly for the four European member states. Ukrainian President Volodymyr Zelenskyy will be actively involved in discussions, pressing for increased support from Western allies.
The G7 leaders are working to finalize a plan to utilize profits from the interest on €300 billion of frozen Russian central bank assets to support Kyiv. This proposal aims to leverage these profits as collateral for a loan of up to $50 billion. However, complexities surrounding debt issuance and the potential unfreezing of assets in a peace scenario remain contentious points that need resolution.
Migration
Managing migration and supporting displaced populations. Discussions will cover policy coordination on migration, providing humanitarian aid, and enhancing border security to manage migration flows effectively.
Indo-Pacific and economic security
Strengthening economic ties and addressing security challenges in the Indo-Pacific. The agenda includes ensuring trade security, building regional partnerships, and countering the influence of China to bolster economic and security stability in the region.
Artificial Intelligence, Energy, and Africa-Mediterranean
Ethical use of AI, sustainable energy, and regional development. The talks will focus on establishing governance for AI technologies, promoting energy transitions, and supporting development and cooperation in the Africa-Mediterranean region.
China’s industrial policy
Addressing economic practices and challenges posed by China. The discussion will highlight concerns over China’s industrial overcapacity, discuss measures to level the playing field, and consider potential sanctions to counter heavily subsidized Chinese companies.
Addressing global debt
Managing debt in emerging and developing countries. The agenda will include developing strategies for debt relief and enhancing financial stability to support economic growth in debt-burdened nations.
Global minimum tax
Ensuring fair taxation for multinational corporations. The discussions will aim to finalize agreements on a global minimum tax and ensure fair tax practices to prevent tax evasion and promote economic equity.
When does the summit end?
The G7 summit concludes on June 15, with US President Joe Biden departing on the evening of June 14. The final day includes bilateral meetings and a closing press conference by Italian Prime Minister Giorgia Meloni, summarizing the summit’s outcomes and future commitments.