G7 leaders at the G7 Summit in Elmau Castle, Germany, June 28, 2022. (Photo: AFP/VNA)

The G7 is strongly committed to supporting Ukrainian reconstruction and acting in unison to reduce Russia’s revenue. G7 leaders are also ready to contribute to the stabilization of the world economy, strengthen supply chains, and ensure fair competition, according to the statement issued at their three-day annual G7 summit, held this year in southern Germany.

The G7 pledged to act quickly to secure energy supplies and agreed to gradually end dependence on Russian energy. In response to the threat of hunger and malnutrition, the G7 will provide an additional 4.5 billion USD in aid, stand by their commitments to keep their food and agricultural markets open, and step up efforts to help Ukraine produce and export food and manufactured goods.

The G7 is committed to building an international "Climate Club" and working with partners to establish it by the end of  this year, with the goal of keeping the global temperature increase below 1.5 degrees Celsius and implementing the Paris Agreement on climate change.