Prime Ministers Office 10 Downing Street
We, the Leaders of the Group of Seven (G7), met on 12 December, to reflect on progress of our cooperation under Germanys Presidency to jointly address global challenges at a time of severe geopolitical crisis and critical moment for the world economy. We were joined by Ukraines President Volodymyr Zelenskyy. This year in the face of Russias illegal, unjustifiable and unprovoked war of aggression against Ukraine, we stood more united than ever, together with Ukraine and in unwavering commitment to our shared values, the rules-based multilateral order and international cooperation.
Today, we reaffirm our unwavering support for and solidarity with Ukraine in the face of ongoing Russian war of aggression for as long as it takes. We condemn Russias continuous inhumane and brutal attacks targeting critical infrastructure, in particular energy and water facilities, and cities across Ukraine, and recall that indiscriminate attacks and attacks on the civilian population or civilian objects, constitute a war crime. We also condemn those who are facilitating Putins illegal war. We are determined to help Ukraine repair, restore and defend its critical energy and water infrastructure. We will help Ukraine in meeting its winter preparedness needs, will continue to support Ukraines civilian resilience, and will further enhance our efforts on this during the international conference to be held in Paris on 13 December. We are determined that Russia will ultimately need to pay for the restoration of critical infrastructure damaged or destroyed through its brutal war. There can be no impunity for war crimes and other atrocities. We will hold President Putin and those responsible to account in accordance with international law. We reiterate that Russias irresponsible nuclear rhetoric is unacceptable and that any use of chemical, biological, or nuclear weapons would be met with severe consequences.
Building on our commitments so far, we will continue to galvanise international support to help address Ukraines urgent short-term financing needs. We ask our Finance Ministers to convene shortly to discuss a joint approach for coordinated budget support in 2023. We affirm that the International Monetary Fund (IMF) should be central to this effort.
We firmly support efforts to secure Ukraines immediate financial stability and its recovery and reconstruction towards a sustainable, prosperous and democratic future, in line with its European path. We will build on the outcomes of the International Expert Conference on the Recovery, Reconstruction and Modernisation of Ukraine held on 25 October in Berlin, as well as at the Ukraine Recovery Conference on 21-22 June 2023 in London. In particular, with a view to supporting Ukraines repair, recovery and reconstruction, together with Ukraine and our international partners and in close coordination with relevant International Organisations and International Financial Institutions, we will establish a multi-agency Donor Coordination Platform. Through this platform, we will coordinate existing mechanisms to provide ongoing short- and long-term support with particular responsibility by the Finance Track for short term support , coordinate further international funding and expertise, and encourage Ukraines reform agenda as well as private sector led growth. We will also set up a Secretariat for the Platform. We will each designate a senior government representative to oversee the set-up of the platform and ongoing coordination efforts, and ask them to convene as soon as possible in January 2023.
With a view to a viable post-war peace settlement, we remain ready to reach arrangements together with Ukraine and interested countries and institutions on sustained security and other commitments to help Ukraine defend itself, secure its free and democratic future, and deter future Russian aggression in line with its rights enshrined in the UN Charter.
We will continue to coordinate efforts to meet Ukraines urgent requirements for military and defense equipment with an immediate focus on providing Ukraine with air defense systems and capabilities.
We also reiterate our strong condemnation of Russias continued seizure and militarization of Ukraines Zaporizhzhya Nuclear Power Plant, the abduction and reported abuse of Ukrainian personnel, and the willful destabilization of its operations. We support the International Atomic Energy Agencys (IAEA) efforts to establish a Safety and Security Zone.
Russias war of aggression must end. To date, we have not seen evidence that Russia is committed to sustainable peace efforts. Russia can end this war immediately by ceasing its attacks against Ukraine and completely and unconditionally withdrawing its forces from the territory of Ukraine. We welcome and support President Zelenskyys initiative for a just peace.
We remain committed to our unprecedented coordinated sanctions measures in response to Russias war of aggression. We will maintain and intensify economic pressure on Russia and those who evade and undermine our restrictive measures. We will continue to shield vulnerable countries that are severely impacted by the repercussions of Russias war of aggression and its weaponization of energy and food.
We reaffirm our intention to phase out Russian-origin crude oil and petroleum products from our domestic markets. During the week of 5 December 2022, the price cap on seaborne Russian crude oil entered into force in our respective jurisdictions, delivering on our commitment to limit Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets and to minimize negative economic spillovers of Russias war of aggression, especially on low- and middle-income countries. We encourage third countries that seek to import seaborne Russian-origin crude oil and petroleum products to leverage the price cap. We reiterate our decision that the price cap on Russian origin petroleum products will enter into force on 5 February 2023.
Russias war in Ukraine is exacerbating existing fragilities in the global economy, with direct impacts on the cost of living of people in our own countries, and on the worlds most vulnerable. We will continue to use all available policy tools to maintain global financial, macroeconomic and price stability and long-term fiscal sustainability, while providing targeted support to those most in need and working collaboratively to strengthen our collective economic security to external shocks and wider risks. We will make public investments and structural reforms to promote long term growth. We will further coordinate to respond to the urgent needs of most vulnerable countries and will encourage private investment in developing and emerging markets as a key enabler of sustainable economic pathways.
We will keep up our ambition to address global food insecurity, including through the Global Alliance for Food Security. We will keep supporting the delivery of grain and fertilizers to vulnerable countries in need and welcome the recent operations led by the World Food Programme (WFP) on this front. We welcome the extension of the Black Sea Grain Initiative (BSGI) alongside further efforts to bring Ukrainian food to the world, namely the European Unions Solidarity Lanes and the Grain from Ukraine Initiative.
Reaffirming our steadfast commitment to implement the Paris Agreement and the outcomes of COP26 and COP27, we commit to urgent, ambitious, and inclusive climate action in this decade to limit global warming to 1.5C above pre industrial levels. We reaffirm our commitment to reach net-zero emissions no later than 2050. To that end, and building on our statement adopted in June in Elmau, we endorse the Climate Clubs terms of reference as established by the Climate Club Task Force and hereby establish an open and inclusive international Climate Club. Focusing in particular on the decarbonisation of industries, we will thereby contribute to unlocking green growth. We invite international partners to join the Climate Club and to participate in the further elaboration of its concept and structure. In doing so, we will continue working closely together with relevant international organizations and stakeholders. We ask the Organisation for Economic Cooperation and Development (OECD), in tandem with the International Energy Agency (IEA), to host an interim secretariat working together with other international organizations.
Recalling our commitment to halt and reverse biodiversity loss by 2030, we will work intensively towards a successful outcome at CBD COP15, in particular the adoption of an ambitious and effective global biodiversity framework, with clear and measurable targets and its prompt and swift implementation. In this regard we are committed to mobilising resources from all sources and to substantially increasing our national and international funding for nature by 2025 to support the implementation of ambitious global framework. We encourage countries beyond the G7 to join us in this endeavor.
Accelerating our contributions to the Partnership for Global Infrastructure and Investment (PGII) to make our global partners a better offer on sustainable, inclusive, climate-resilient, and quality infrastructure investment, we welcome the progress on the Just Energy Transitions Partnerships (JETP) with South Africa and Indonesia as flagship projects for multilateral cooperation, just energy transition and sustainable investment and look forward to swiftly concluding negotiations on a JETP with Vietnam, as well as to making further progress with India and Senegal. We will intensify our cooperation within a PGII working group to deliver on our joint ambition to mobilize up to 600 billion dollars by 2027, and on JETPs, we will coordinate through