Why in news? The Group of Seven (G7) economic powers decided to set up an international Climate Club and invited interested states that pursue ambitious climate policies to join it, G7 chair Germany said in a statement.

Highlights

• It has established an international climate club in particularly ambitious countries are to cooperate in the fight against global warming
• This was announced by German Chancellor Olaf Scholz in a video conference with the other G7 heads of state and government.
• A statute was adopted to establish the climate club
• Idea of a climate club at the start of the year 2022 during Germany’s G7 Presidency
• Main focus : Climate-friendly restructuring of industry. Common rules and standards are to be agreed upon so that competition is not distorted in view of the high investments.
• Members : USA, Canada, France, the UK, Italy, Germany and Japan
• The club is to be open to all countries, regardless of size, level of economic development and political system.
• Germany holds the presidency until the end of the year, next Japan will then take over.