The G8, is made up of the seven most powerful economies of the world, (United States, Japan, Germany, France, UK, Canada, Italy) and Russia. Together they form a very powerful and influential (though informal) group of nations. For example, they accounting for almost 50% of the votes at the IMF and World Bank. At their annual summits they attract a lot of criticism, increasingly now in the mainstream, for failing the world’s poor. This section introduces the G8 with an overview of recent summits and their outcomes.
The 2007 Summit has gained some media attention in its buildup, but issues around climate change, similar to the efforts seen in 2005 to water down draft texts, have surfaced again. Protesters are gathering, and while mostly peaceful a handful have clashed with police. Issues such as the excessive farm subsidies of the rich nations seem less likely to get discussed, even though it is crucial for many poor countries.
One year on from the G8 Summit of 2005 that seemed to promise so much, what has been the status? It seems that some progress was certainly made. For example, significant debt cancellation has allowed some countries to offer enhanced or even free health services to all. Yet, there are still many concerns. The fancy accounting and spin used by some countries to paint a positive picture or give the impression that more assistance has been delivered than what actually has risks discrediting the process, impacting the poor once more. This short article explores some of these concerns.
The G8 Summit in July 2005 looked to be historic because of promised debt relief for some poor countries in Africa as well as action on climate change. But behind the media and government spin, was this really the case? Climate change was also under discussion, but leaked drafts revealed an extremely watered down text suggesting limited or no responsibility on rich countries to take leadership, and even questions around the science of climate change.