G7 leaders need to improve their capabilities

When the leaders of the Group of Seven nations gathered at the beach summit In Cornwall this weekend, their most powerful member, US President Joe Biden, will deliver two messages to them. The turmoil of the Trump era is over, and the Western democracies that have shaped most of the last century are able to meet the needs of the world better than the dictators of China and Russia.

The first goal is easier; Biden is clearly not Donald Trump. However, to prove the lasting value of democracy, the president and his G7 colleagues must do far more than they did before the meeting.enterprise Tax transaction The Minister of Finance they got a week ago is Good start. It should ensure that multinational companies pay fairer taxes.

Leaders’ summits must be based on this, first to close the frustrating Covid-19 vaccine gap created between rich and poor countries. Nearly 45% of people have played at least one jab in the wealthy clubs of the G7 countries—the United States, the United Kingdom, Germany, France, Italy, Japan, and Canada—and in 44 African countries, the percentage is slightly higher than 2% . It is complete data.This divergence is not only “Catastrophic moral failure” The World Health Organization issued a warning in January. This is very economically unwise, because if the world is still at the mercy of spreading and mutated viruses, there will be no widespread global recovery.

Biden’s $3.5 billion initiative Buying and donating 500 million vaccines to countries in need is welcome, but not enough. G7 should take plan IMF staff raised it last month. It has developed specific steps to vaccinate at least 60% of the global population by July next year, at a cost of US$50 billion, which will greatly exceed the revenue of approximately US$9 trillion.It’s hard to imagine a better return In terms of investment, In addition to the many lives that can be saved. Ideally, this work will involve cooperation outside of the G7, which can be supervised by the G20 emergency working group, but should be passed by the G7 leaders first.

The vaccine failure may deepen another set of differences between rich and poor countries-this time on climate change, which is the second global crisis that Cornwall must resolve. The world has not made enough progress in reducing carbon emissions at the scale and speed required to achieve the Paris climate agreement’s goal of stopping dangerous levels of global warming.

Prior to the COP26 climate negotiations in Glasgow in November, pressure was increasing, but funding proved to be a stumbling block. As early as 2009, rich countries pledged to raise US$100 billion annually by 2020 to help poorer countries adapt to climate warming and acquire the technologies needed to reduce emissions.It’s June 2021, and the latest estimates indicate that these countries are still Short $20 billion Deliver on promises. This complicates efforts to ensure stronger climate action in Glasgow.British host misled Move Cutting its international aid budget will not help.

The response of the G7 finance ministers last weekend was disappointing and vague.they Reiterate An annual commitment of US$100 billion, and vowed to “increase and improve” climate financing contributions by 2025, but did not specify exactly what this will bring. Their leaders must do better. Specific and quantifiable commitments are required. As Biden said on the way to Cornwall: “We must denigrate those who think that the democratic era is over.” If this G7 meeting is not realized, then this task will become extremely difficult.

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