HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda. The Finance Ministers and Central Bank Governors discussed the key roles of their ministries and central banks in the transition to net zero and how climate policies complement and amplify the role of the private sector in financing climate action. The meeting was chaired by the UK Chancellor, who highlighted the need for G7 to raise its climate finance ambition to support the USD 100 billion target and called for improved climate-related financial disclosures, international sustainability-related financial reporting standards, and international transparency to tackle illicit finance from illegal wildlife trade.
The G7 consists of the United Kingdom, Canada, France, Germany, Italy, Japan, the United States, and the EU. This meeting was the first of a series that the Chancellor will be holding with global counterparts this week. He will also call on the G20 to focus its efforts on taking collective action to tackle climate change and support the IMF in integrating climate change across its activities and to encourage Multilateral Development Banks to be Paris-aligned. The Chancellor also attended and spoke at the Coalition of Finance Ministers for Climate Action meeting where Finance Ministers discussed promoting strong recovery and growth while accelerating the transition to low carbon, climate risk management, and decarbonization policies.
Related Link: News Release
Keywords: Europe, UK, Banking, Securities, COP26, Climate Change Risk, G7, Sustainable Finance, Disclosures, Reporting, HM Treasury
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