G7: India’s invite to invest in clean energy

On June 27, 2022 Prime Minister Narendra Modi attended the G7 Summit in Germany and asked the Group of Seven (G7) countries to consider investing in and promoting the emerging market for clean energy technologies in India.

Highlights

  • German Chancellor Olaf Scholz invited PM Modi for attending G7 Summit 2022 as a partner country.
  • Apart from India, Argentina, Indonesia, Senegal and South Africa also took part in the summit, as partner countries.

Session on “Investing in a better Future: Climate, Energy, Health”

PM Modi attended a session on Investing in a better Future: Climate, Energy, Health, at the G7 summit. During the session, PM highlighted that, in India, a huge market for clean energy technologies is emerging. Thus, G7 member countries can invest in research, innovation and manufacturing in the field. According to him, core theories of circular economy is an integral part of culture and lifestyle in India. He also reiterated India’s commitment at United Nations climate change COP26 Summit in Glasgow in 2021, to cut its emissions to net zero by 2070, not adding to greenhouse gases.

Impact of Russia-Ukraine War

PM Modi further noted, Russia-Ukraine war has pushed up energy prices worldwide. Main focus of the summit was on obtaining energy since world have been reeling under a fuel crisis amid Russia-Ukraine war.

Modi’s bilateral meeting with Scholz

During the PM Modi’s bilateral meeting with Scholz, they discussed ways of enhancing energy cooperation between India and Germany, as Europe is seeking ways for weaning itself off Russian gas.

Group of Seven (G7)

G7 is an inter-governmental political forum, comprising of Canada, France, Italy, Germany, Japan, the United States and the United Kingdom. Furthermore, European Union is a ‘non-enumerated member’.

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