ISE-SHIMA (Japan), (Sputnik) – On Thursday, G7 leaders discussed the issue of falling oil prices, the prospects of free trade development, reforms in the tax sphere and the state of the Chinese economy and its influence on macroeconomic factors.
"The G7, continuing to take a leadership role, commits to taking the necessary steps to secure ratification, acceptance or approval of the Paris Agreement as soon as possible,and calls on all Parties to do so striving for a goal of entry into force in 2016," the G7 leaders said in a Friday declaration.
The Paris agreement, signed in April, aims to limit the temperature increase to 1.5°C above pre-industrial levels.
"We commit to formulate and communicate ambitions mid-century long-term low greenhouse gas (GHG) emission development strategies well ahead of the 2020 deadline," the G7 leaders stressed.
It is expected that G7 leaders will also discuss energy issues in the first half of the day.