G7

The G7 have made a stuttering start on climate but have largely neglected the plight of people living in poverty, said Oxfam at the close of the annual leaders’ summit in Germany today.

Coal plants in the G7 are on track to cost the world $450 billion a year by the end of the century and reduce crops by millions of tons as they fuel the gathering pace of climate change.

To set the tone for a successful climate agreement at the UN talks in December, the G7 must lead the world in setting out clear plans for a just transition away from coal. 

G7 based companies and investors cheated Africa out of an estimated US$6 billion in 2010 through just one form of tax dodging, according to a new Oxfam report ‘Money talks: Africa at the G7’, released today.

This G7 finance meeting has again been a debate among exclusive club members without the equal participation of developing countries. It’s no wonder that tax issues relevant to poor countries were not addressed. 

Energy security, climate change and the global economy were among the main topics the G7 leaders addressed during the

Russia’s absence from the G7 summit is a stark warning to Europe that political turmoil on its doorstep risks an energy price crisis, at the same time as the effects of climate change on food imports could drive up costs.

G7 finance ministers meeting in Canada this weekend must agree to a Financial Transaction Tax to leverage billions needed to help poor nations deal with the impact of the global economic crisis.