Why economists and activists are disappointed with the pledge

(LR) European Council Chairman Charles Michel, US President Joe Biden, Japanese Prime Minister Yoshihide Suga, British Prime Minister Boris Johnson, and Italian Prime Minister Mario Draghi officially welcome the leaders at the G7 Summit in Carvis Bay And pose for a family photo. June 11, 2021, at Carvis Bay, Cornwall.

Leon Neil | Getty Images News | Getty Images

London — Some of the wealthiest countries in the world, according to some economists and campaign participants who claim that the group has not met its own standards to agree on comprehensive action to tackle climate. The three-day meeting between leaders was nothing more than a failure Crisis and the Covid-19 pandemic.

The leader of the G7, the world’s largest group of so-called developed countries, Issued a joint statement On Sunday, we promised to enact measures for the Covid-19 vaccine, China, and global corporate tax.

After meeting at Carvis Bay’s coastline resort in Cornwall, England, the leaders promised Secure an additional 1 billion Covid vaccine doses over the next 12 months, either directly or through the World Health Organization COVAX scheme.

The communiqué on Sunday also called on China to “respect human rights and fundamental freedoms, especially with respect to the Xinjiang Uygur Autonomous Region and Hong Kong’s rights, freedoms and high levels of autonomy as stipulated in the China-UK Joint Declaration and Basic Law.” ..

The G7 has pledged to wipe out its contributions to climate emergencies, reaffirmed its commitment to reach zero net greenhouse gas emissions by 2050, and pledged to eliminate most coal-fired power plants. It was. It has also imposed a minimum tax of at least 15% on large multinationals to prevent companies from using tax havens to avoid taxes, a US-led initiative.

This announcement was foretold by groups such as COVAX and the Confederation of British Industry. The latter said the summit “rekindled the belief that the international community could come together in a spirit of cooperation and tackle the big problems of our time.” “”

But critics say the promises weren’t new, they lacked details, and some were clearly inadequate.

“G7 leaders were unable to fully confront the challenges facing the world,” said Nick Dareden, director of Global Justice Now for the campaign group. “After weekend diplomacy, what they have done is to repeat their own inadequate climate goals and fail to reach their own inadequate goals for global immunization.”

“This G7 has done nonsensical exercises on the Grand Stand without making any substantial progress towards our lifelong crisis tackle. This summit is not what the G7 is for. We undoubtedly prove that, “said Dearden.

The G-7 consists of the United Kingdom, Canada, France, Germany, Italy, Japan and the United States. The EU, which dispatches the chairs of the European Commission and the European Council, is also participating. Australia, India and South Korea were also invited this year.

“There are still cracks”

The summit was seen as a great opportunity for policy makers to meet face-to-face and agree on the actions needed to address some of the most pressing global issues, such as the ongoing coronavirus and climate crisis.

The communiqué has not set detailed national commitments or schedules to undertake global Covid vaccination campaigns, many of which have been agreed in advance.

In a memo on Monday, Paul Donovan, Chief Economist at UBS Global Wealth Management, calls the G7 a “selfie summit.”

“The main focus of the G7 meeting (photographing opportunities) seemed to work. The rest of the meeting was professionally written on paper about the rift of opinion,” he wrote.

“There wasn’t a similar direct impact, and there were a lot of vague remarks,” Donovan added to CNBC’s “Squawk Box Europe.”

“Due to the changing leadership of the United States and the fact that the United States is playing a more positive role, this crack may not be that deep, but the crack is still there,” he said.

Extinction Rebellion (XR) activists will participate in the “Sound the Alarm” march during the G7 Summit in Cornwall on June 11, 2021 in St Ives, Cornwall, England.

Jeff J Mitchell | Getty Images News | Getty Images

The wealthiest countries in the world have been sharply criticized for access to vaccines in a pandemic.

Many groups, including WHO, health professionals, former world leaders, and international medical charities, are pushing for the waiver of certain intellectual property rights in Covid vaccines and treatments.

India and South Africa jointly submitted a proposal to the World Trade Organization in October last year, calling for policymakers to promote local production of Covid treatments and boost global vaccination campaigns.

A few months later, the proposal was thwarted by a few governments, including the EU, UK, Switzerland, Japan, Norway, Canada, Australia and Brazil.

COP26’s success is “balanced”

“I heard warm words about the Green Marshall Plan and the ambition to vaccinate the world, but this is not enough for what I need,” he said. Said Patrick Watt, director of policy, public relations and campaigns for the British charity Christian Aid.

“This is a partial plan, not a Marshall Plan,” Watt said, saying that G7 leadership could make real progress on aid promises, comprehensive debt relief, climate funding, and “vaccine apartheid.” Insisted that it could not be done.

“The success of the COP26 Climate Summit is now in balance. Without it, the rich countries still have time to offer solidarity packages to tackle these interrelated crises. Without it, the COP will fail.”

Policy makers Pressure increase Fulfilling the promises made as part of the groundbreaking 2015 Paris Agreement prior to this year’s COP26 in Glasgow, Scotland in early November.

Why economists and activists are disappointed with the pledge

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