From June 13–15, 2024, Italian Prime Minister Giorgia Meloni will convene G7 leaders in Apulia, Italy. The high-level meeting comes amid a range of global challenges, including the war in Ukraine, ongoing conflict in Gaza, climate disasters, and a mounting sovereign debt crisis in the Global South. With a resurgence of authoritarianism worldwide and renewed geopolitical tension, this G7 summit is seen as an opportunity to reinforce democratic values and restore trust in international institutions through decisive multilateral action. Here are five critical priorities the G7 should address at the summit.
1. Use Russia’s frozen assets to help Ukraine
Russian aggression continues to devastate Ukraine, causing extensive destruction to cities and infrastructure. The United States recently approved $60 billion in security assistance for Ukraine, but aid is arriving slowly. Similarly, the European Union’s plan to generate about $3 billion annually from frozen Russian funds only covers a fraction of Ukraine’s monthly financing needs.
With nearly $300 billion in frozen Russian assets available worldwide, these funds must be mobilized to fill a critical funding gap as Ukraine braces for a brutal summer offensive. However, some G7 countries remain unwilling to seize these immobilized assets due to potential legal ramifications and broader market implications.
At the recent G7 finance ministers’ meeting, the United States proposed using interest from frozen Russian assets as collateral for a $50 billion loan to support Ukraine. This plan faces challenges such as who would issue the debt and how risks would be shared among G7 countries. A final agreement will require approval at the upcoming summit.
2. Focus and coordinate food security efforts
Ongoing shocks to global supply chains from Russia’s invasion of Ukraine, climate disasters, and localized conflict have created a food insecurity crisis worldwide. In 2023, 282 million people across 59 nations faced severe food insecurity.
G7 leaders must take urgent action by providing financial assistance to organizations such as the World Food Programme and direct bilateral aid to worst-affected countries like Zambia and Yemen. Coordinated global leadership is essential; rather than creating new initiatives, leaders should implement current programs effectively.
3. Chart a path to Israeli-Palestinian security and peace
The conflict in the Middle East demands urgent action following Hamas’ terrorist attack on October 7, 2023. Israel’s military response has worsened humanitarian conditions in Gaza.
G7 leaders should support President Joe Biden's ceasefire proposal presented on May 31 for an immediate cessation of hostilities and humanitarian response in Gaza. Additionally, they should commit to supporting governance under the Palestinian Authority with plans for future elections.
4. Lay the groundwork for COP29
As COP29 approaches in November, the upcoming G7 summit presents an opportunity for decisive action on climate finance with the introduction of the New Collective Quantified Goal (NCQG) replacing outdated commitments from developed nations.
The G7 should commit to an ambitious NCQG while prioritizing increased grants for climate projects in developing regions ahead of COP29 discussions where stakes are high.
5. Make multilateral institutions work for all
Twentieth-century multilateral institutions are not equipped for contemporary problems; thus reform is necessary with LMICs having more prominent roles within decision-making structures across development banks and governance fora.
During this summit leaders should prioritize supporting debt restructuring alongside long-term development financing by endorsing new allocations of special drawing rights (SDRs).
Conclusion
The G7 summit represents an opportunity for democracies globally tackling pressing issues collectively enhancing collaboration demonstrating cohesive leadership paving way towards secure prosperous democratic future.
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