G7 Summit in Hiroshima, Japan

About G7: 

• 1975: It was founded as an intergovernmental organization.

• Members: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
• It does not have a permanent office. 
• The summit is organized annually through a rotating presidency among member countries.

Why in news?

• G7 countries asked major economies, including India, to reach the target of zero carbon emissions. 

About the Summit: 

• It was the 49th G7 summit.
• In Hiroshima, Japan, the Indian Prime Minister unveiled a bust of Mahatma Gandhi.
• Alongside the G7 summit, there was also a Quad Leaders’ summit.

Climate Requirement of G7:

• 2025: The necessity for a global peak in emissions was emphasized by the G7.

• Fossil fuel: By 2025, the G7 intends to end subsidies for fossil fuels.

• Net-Zero Targets:  The G7 affirms its determination to reach net-zero status by 2050. 

Challenges: 

• G7 countries have been insufficient in giving climate funding to underdeveloped countries. 
• More public money was given to fossil fuels by G7 nations than was given to clean energy.