UK Chancellor of the Exchequer Rishi Sunak has urged G-7 Finance Ministers to continue working together to secure a green and sustainable global economic recovery and ensure that tackling climate change is prioritised in their economic and financial policy.
At a virtual meeting with G-7 Finance Ministers and Central Bank Governors on Friday, Sunak also pressed for action that will ensure global financial markets play their part in the transition to net zero, such as improved climate-related financial disclosures and support for the development of international sustainability-related financial reporting standards.
Friday’s virtual meeting comes ahead of next week’s in-person G7 Finance Ministers’ Meeting that will take place in London on June 4-5.
The UK has already set an example globally by becoming the first country in the world to announce its intention to make climate reporting, in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), fully mandatory across the economy by 2025.
This will improve understanding of how firms are managing the risks of climate change and investors can take that into account when making financial decisions.
Speaking after the meeting, the Indian-origin UK finance minister, said, “It was great speaking to my G7 counterparts today about the actions we need to take to progress our ambitious climate agenda.
”I look forward to next week’s meeting as we continue working together to support jobs and secure a green and global economic recovery,” he said.
The Chancellor welcomed the G7’s continued progress on greening the financial system and highlighted the importance of ensuring the private sector plays its part in the global effort to reach net zero.
The Chancellor also reiterated the G7’s important role in steering the global economy through the next stages of economic recovery. Sunak reflected on the UK’s economic recovery at home, noting welcome signs that the government’s Plan for Jobs is working in supporting jobs and urged for continued coordination to ensure this recovery is shared across the globe.
The G7 comprises the United Kingdom, Canada, France, Germany, Italy, Japan, the United States and the EU.
The heads of the IMF, World Bank Group, Organisation for Economic Co-operation and Development (OECD) and Financial Stability Board (FSB) also joined the meeting.