UK urges G7 to secure green global economic recovery

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UK Chancellor Rishi Sunak calls on G7 to secure green global economic recovery(pic credit: https://twitter.com/RishiSunak)

UK Chancellor Rishi Sunak has called on the G7 member nations to continue working together to secure a green and sustainable global economic recovery.

Sunak made the remarks at a virtual meeting on Friday ahead of the in-person G7 Finance Ministers’ summit in London on June 4-5, reports Xinhua news agency.

The G7 should ensure that tackling climate change is prioritised in economic and financial policy, according to a statement from the UK Treasury.

Sunak also pressed for efforts to ensure that 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, according to the statement.

Following their virtual meeting on Thursday and Friday, the G7 Trade Ministers said in a joint communique that they are committed to continuing their collective work to drive forward global trade in support of the global recovery efforts from the Covid-19 pandemic.

“We agree to advance key issues including trade and the environment, trade and health, and digital trade and to ensure that global trade serves as an engine for inclusive economic growth,” the communique said.

The countries said that they are united with the aim of delivering as many safe and effective vaccines as fast as possible, to as many people as possible across the world and will prioritise discussions and support work at the World Trade Organization in identifying solutions to expand global vaccine production and distribution.

The G7 supports strategic investments to diversify production bases, working with industry, international organisations, regional bodies, and other governments to target funding effectively the communique said.

The G7 includes Canada, France, Germany, Italy, Japan, the UK and the US.

The UK holds the G7 presidency this year.

Prime Minister Boris Johnson will host the G7 leaders for a summit in Cornwall in South West England next month.

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