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Chancellor Calls on G7 to Work Together to Secure a Green Global Recovery

News story, HM Treasury (UK), May 28, 2021

The Chancellor 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.

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 Taskforce 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 mean investors can take that into account when making financial decisions.

Speaking after today's meeting — which comes ahead of next week's in-person G7 Finance Ministers' Meeting at London's Lancaster House, Chancellor of the Exchequer, Rishi Sunak, 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.

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.

Mr Sunak reflected on the UK's 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.

Further information

Source: HM Treasury, United Kingdom

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