John Adoyi, PBA Journalism MenteeIn the quest to begin mitigating the impact of global warming on the environment, leaders of the world most advanced economies (G7) have reached an agreement to set up what they called “Climate Club”.
The club involves a set of joint rules and standards agreed on by G7 members in the fight against global warming with the hope that it would avoid spats over green tariffs.
According to report in the Time, countries including China, India, Indonesia and South Africa who are major contributors to global warming and climate change, were left out in the agreement.
The G-7 leaders in a statement said, “We note with concern that currently neither global climate ambition nor implementation are sufficient to achieve the goals of the Paris Agreement. The Climate Club will address that by “accelerating climate action and increasing ambition, with a particular focus on the industry sector.”
The leaders reached the agreement at a three-day summit of the G7 which took place in Bavaria, Germany.
Due to concerns expressed by climate and trade experts, the German Chancellor, Olive Schulz has argued that the Climate Club would help eliminate a chaotic patchwork of national regulations that could increase the risk of new trade conflicts as countries slap levies or tariffs on imports deemed less sustainable.
It will also potentially help mitigate disadvantages faced by companies doing business in regions with more ambitious carbon-reduction goals, and put pressure on non-members to adopt stricter climate protection measures, the Times reported.
Though there are large emitting countries like China, India, Indonesia and South Africa, the G7 leaders promised to be open and inclusive in nature to those who will fully implement the Paris agreement.
The gesture is supported by the Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF) and the World Bank. Currently, members of the club are only the G7 members that include the United Kingdom, United States, France, Japan, Italy, Canada and Germany.
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