Take a leaf out of the G7 book

The 39-page communique issued by the climate, energy and environment ministers of the world's seven wealthiest economies at the end of the G7 ministerial summit on May 26-27 in Berlin is a plan to transform economies so as to tackle the most pressing challenges of the day. For emerging countries, the statement is an indication of issues that will impact their plans to transform their economies while bridging the development gap that continues to afflict millions of their citizens.

Over the past two decades, developing countries such as China, India and Brazil have registered high GDP growth. The G7's share of the global annual income, or GDP, reduced from 65% in 2000 to 45% - with some experts putting it at 32% - in 2020. At the same time, these seven countries account for over 50% of global net wealth, drive global agenda and lead in innovation. This is the context in which the G7 communique must be understood: how the richest countries are proposing to reshape their economies, and that of the globe, to deal with the triple environmental crises of climate change, biodiversity loss and pollution, not to mind the pandemic and the war in Ukraine. This is the critical decade in which the groundwork of this global economy redux is being laid.

For India, the communique underscores the need for mainstreaming environmental concerns in the growth plan. The era of 'grow first' is over. Countries like India are vulnerable to, and experiencing, the most adverse impacts of climate change, undermining its economic and development agenda. India must view the G7 statement as a guide on areas of growth, partnership and collaboration as it engages with the G7 at the leaders' summit later this month.