UK calls for more G7 progress to ensure green, sustainable global economy
(Photo by DANIEL LEAL-OLIVAS/AFP via Getty Images).
CHANCELLOR Rishi Sunak has called for more progress towards ensuring green and sustainable global economic recovery, while speaking with other finance ministers and central bankers from the G7 group of nations in a virtual meeting on Friday (28).
He asked for setting up consistent international rules on how companies report their climate impact, so investors can make better and informed decisions.
Britain will host an in-person meeting of finance ministers in London on June 4-5.
“I look forward to next week’s meeting as we continue working together to support jobs and secure a green and global economic recovery,” Sunak said.
Friday’s virtual meeting also discussed the world economy and central bank digital currencies.
US Treasury Secretary Janet Yellen told the meeting that it was important to provide further fiscal support “to promote a robust and lasting recovery in the wake of the pandemic.”
Irish finance minister Paschal Donohoe, who attended the meeting in his capacity as chair of the euro zone’s group of finance ministers said, “As we emerge from this crisis and open up our economies … we will increasingly need policies that help us to build, grow and adapt”.
Sunak is hopeful of reaching a deal among G7 countries on a joint approach to business taxation.
The US has proposed a global minimum corporation tax rate of 15%, well below G7 levels. However, Britain remains concerned the plans do not go far enough on taxation of tech giants such as Amazon, Google and Facebook.
Meanwhile, Britain will have another chance to get agreement when prime minister Boris Johnson hosts a meeting of G7 heads of government on June 11-13.