On December 13, 2024, President Joe Biden held a virtual meeting with the leaders of the G7. During this session, President Biden noted that over the past four years, the G7 has evolved into a steering committee for decisive action. The group has tackled various global issues, including addressing the COVID crisis during its peak and responding to Russia's invasion of Ukraine with economic, military, and diplomatic measures. The G7 has also focused on China's non-market practices, accelerating the transition to clean energy, and providing tangible results for developing nations through new infrastructure partnerships. According to President Biden and other leaders, these collective efforts have resulted in a more unified G7.
The discussion included reiterating support for Ukraine and opposing Putin's aggression. President Biden pointed out that the United States has contributed $20 billion to a new World Bank fund as part of a historic $50 billion commitment from G7 Extraordinary Revenue Acceleration loans. This fund aims to provide economic support for Ukraine by utilizing income from immobilized Russian sovereign assets. President Biden urged other leaders to explore legal avenues to seize these assets' principal value to aid Ukraine in rebuilding its economy and defense.
In addition to Ukraine, leaders addressed issues in the Middle East. They emphasized the need for a Syrian-led political transition process and global efforts to ensure Lebanon's ceasefire success. President Biden stressed securing a ceasefire in Gaza and releasing all hostages.
The meeting also covered several global challenges such as non-market practices, climate change, artificial intelligence, and supporting developing countries.
President Biden expressed gratitude towards Prime Minister Meloni for her leadership of the G7 over the past year. He welcomed Canada's upcoming presidency under Prime Minister Trudeau and encouraged continued progress on vital initiatives.
