Context:

Energy ministers from the Group of Seven (G7) countries reached a deal to shut down their coal-fired power plants by 2035 in a significant step towards the transition away from fossil fuels.

• The accord will be included in the G7 energy ministers’ final communique.

More on News:

• Emissions by G7 Nations: Combined, the seven economic superpowers accounted for 21% of global power sector emissions in 2022. 
  • While coal represents a very small proportion of the energy mix of France, Italy, Canada and the UK, Germany, the US, and Japan still rely on the planet-warming fuel for 27%, 19%, and 34% of their total energy, respectively.
• Significance of Agreement: The agreement marks a significant step towards the transition away from fossil fuels, of which coal is the most polluting.
  • It will help accelerate the shift of investments from coal to clean technology. 

About Group of Seven (G7):

• The G7 is an informal grouping of seven of the world’s advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union.
• The G7 does not have a formal charter or a secretariat. 
• G7 Presidency: It rotates among member countries each year, and is in charge of setting the agenda.

Significance of G7 for India:

• Alignment of India’s Foreign Policy Goals: India’s foreign policy goals align with the G7’s commitment to global peace and security, enabling cooperative efforts in conflict prevention and resolution.
• Strategic Alliances: Strategic alliances with G7 countries are essential for addressing challenges in the Indo-Pacific region. It may help in containing China’s influence in the region.
• Economic Cooperation: It provides India a platform for economic cooperation with some of the most advanced economies in the world creating opportunities for trade, investment, and technological cooperation.
• Addressing Global Challenges: It provides India with a platform to discuss carious international issues like climate change, terrorism, technology, etc contributing to collective solutions.