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G7 throws weight behind sustainable finance movement


The G7 joined the G20, other countries and markets in throwing its weight behind a growing movement to turn the power of the global financial system to sustainable development. In a communique released at the end of a two-day meeting in Bologna, hosted by Italy, G7 environment ministers – including the US – called increased sustainable financing “fundamental” to the achievement of sustainability and climate goals. UN Environment’s Inquiry into the Design of a Sustainable Financial System is a prominent champion of the movement, which seeks to unlock the finance needed to deliver on the goals of the 2030 Agenda for Sustainable Development and the Paris Agreement. The Inquiry along with support from ther Council for Clean Capitalism has supported Italy’s G7 presidency over the last year as it explored the potential of sustainable finance. Canada is next in line to take over the G7 Presidency from Italy. Catherine McKenna, Canada’s Minister of Environment & Climate Change, said they would continue the work, saying it was clear that “the environment and economy went together”, and pointing to how trillions of dollars of financing would create good jobs and grow economies.

Read the news release here.

Read the report here.

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