G7 to up ante against China’s export of overcapacity & fossil fuels
G7 in Italy revives anti-China rhetoric while committing on climate commitments
By Our Special Correspondent
New Delhi, June 14: The G7 Summit will firm up resolve to deal with the challenges posed by the “export of overcapacity by China”. The G7 Summit will also commit to fossil fuel elimination.
“As G7 we stand for fair global competition. Today’s overcapacity, especially by China, is becoming a global concern,” said Ursula von der Leyen, the president of the EU Commission in a post on X, formerly Twitter.
She asserted that the G7 “will coordinate our assessments, responses and outreach to others on overcapacity”.
The statement of the EU president has come in the backdrop of Chinese President Xi Jinping’s visit to three nations in Europe. Xi was widely commented to have driven a divide in Europe.
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French President Emmanuel Macron had rolled out red carpet for Xi. Germany has also been sanguine with China.
The US Treasury Secretary, Janet Yellen, during her visit to Beijing had also red-flagged the issue of the export of the overcapacity by China. The US secretary of the State, Antony Blinken, during his visit to Beijing had also warned China against export of overcapacity.
The G7 is also likely to finalise a draft statement on climate challenges. The G7 draft statement, said media reports, will affirm elimination of carbon emissions by 2050.
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The G7 members will also commit to cut the fossil fuels use by half by the middle of 2030s. The US will be hosting the climate meeting of the United Nations in November this year.
The G7 Summit has majorly been dealing with the issue of the Ukraine War for the past two years. The G7 in Italy also committed to back Ukraine in war against Russia.
The G7 leaders agreed to divert $50 billion from the frozen assets of Russia which were held in the western nations for the war efforts for Ukraine.
However, the G7 Summits over the years are commented by a section of diplomatic community of losing relevance in the global affairs. The G7 consists of the US, the UK, France, Germany, Italy, Japan, and Canada.
Earlier, Russia was also part of G8. Saudi Arabia was also invited in the outreach meeting of the G7, but the crown prince skipped on account of commitments for Haj.
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