The 43rd annual G7 Summit was held last week, on May 26 – 27, 2017. The location this year was Taormina in Sicily, Italy. The decision to hold the event in Sicily – and in particular in Taormina was to highlight the capacity to unite hope and hospitality in a single shared effort. The attendees of the 43rd summit included the leaders of the seven G7 member states as well as European Union representatives.
Improving the Conditions for Economic Growth Worldwide through Innovation & Sustainability
The mission of this year’s summit was ‘Building the Foundations of Renewed Trust’. The agenda was based on three fundamental pillars: 1) Citizen Safety; 2) Economic, Environmental and Social Sustainability and the Reduction of Inequalities; 3) Innovation, Skills and Labor in the Age of the next Production Revolution.
More specifically, the G7 Summit placed a great emphasis on how Innovation and Sustainability will be key drivers in shaping the future patterns of industrial development and in guiding the transition towards a digitized, innovative, low-emissions and more circular economy. The Business world should be concerned by the challenges the planet is confronted with, and should be fully committed to conciliating economic growth, job creation and environmental sustainability.
Climate Change & the future of the Paris Agreement
With respect to the crucial issue of climate change, the Group of Seven (G7) leaders have said in their final communique that they had failed to bridge differences with US President Donald Trump – and that the U.S.A. was unable to join other countries in committing to the Paris Agreement.
“The United States of America is in the process of reviewing its policies on climate change and on the Paris Agreement and thus is not in a position to join the consensus on these topics,” the communique reads. “Understanding this process, the heads of state and of government of Canada, France, Germany, Italy, Japan and the United Kingdom and the presidents of the European Council and of the European Commission reaffirm their strong commitment to swiftly implement the Paris Agreement,” it added.
G7 Nations Should Lead the Transition to a Low Carbon Economy
The G7 nations are responsible for 30 percent of coal-generated power worldwide – and as a result they should carry a large share of the responsibility for global greenhouse gas emissions. Talks about long-term growth are futile without taking into consideration the increasing scarcity of resources, which will push up prices and have an impact on the economy. The G7 nations ought to be a model for the necessary transition to a low-carbon economy.
To read the G7 Taormina Leaders’ Communiqué, please click here