Legal & Regulatory News

​G7 Finance Ministers and Central Bank Governors publish Communiqué

The Finance Ministers and Central Bank Governors of the G7 met virtually on 28 May 2021, and the Finance Ministers of the G7 also met in London on 4-5 June 2021, joined by the Heads of the International Monetary Fund, World Bank Group, the Organisation for Economic Cooperation and Development, Eurogroup, and (on 28 May) the Financial Stability Board (the G7 Meetings).

Following the G7 Meetings, the Finance Ministers and Central Bank Governors of the G7 have published a communiqué setting out various agreed actions – aimed at creating deeper multilateral economic cooperation – including, amongst other things:

• a commitment to work together to ensure a strong, sustainable, balanced and inclusive global recovery that builds back better and greener from the Covid-19 pandemic, recognising the disproportionate impact of the pandemic on certain groups including women, youth and vulnerable populations;
• support for the move towards mandatory climate-related financial disclosures that provide consistent and decision-useful information for market participants and that are based on the Task Force on Climate-related Financial Disclosures (TCFD) framework, in line with domestic regulatory frameworks;
• a commitment to a multi-year effort to deliver the significant structural change needed to meet net zero commitments and environment objectives in a way that is positive for jobs, growth, competitiveness and fairness; and
• a requirement for G7 Central Banks to assess the financial stability risks posed by climate change, and to consider drawing on, as appropriate, scenarios published by the Network for Greening the Financial System.

Click here to view the communiqué.