Global S&T Development Trend Analysis Platform of Resources and Environment
The G7 and Europe’s vision for a sustainable financial system | |
Johannes Schroeten | |
2022-05-25 | |
出版年 | 2022 |
国家 | 欧洲 |
领域 | 气候变化 |
英文摘要 | The G7 remains a crucial forum to set the international reform agenda in various policy spaces, not least for financial system reform. Through it, European G7 members have the opportunity to bring the EU’s leadership on sustainable finance norms and standards to the international community and help advance the vision for a sustainable, resilient financial system at the heart of the EU’s Sustainable Finance Strategy. With the Leaders’ Summit approaching on 26-28 June in Elmau, Germany, coordination and agreement around four key outcomes are key. For the third year in a row, compounding crises have shaken and destabilised the international financial system, amplified by the climate emergency. It is now clear that the risks stemming from the climate emergency both in terms of transitional and physical impacts pose a systemic challenge to the financial system. And the G7 countries have shown the power they hold in shaping financial norms: in 2021, the G7 agreed on a global minimum corporate tax rate, which was then joined by 136 countries and jurisdictions including most of the OECD and G20. More recently, the historically sweeping financial sanctions imposed by the G7 and their allies in response to the Russian invasion of Ukraine have led to double-digit GDP contraction and the partial expulsion of Russian from the international financial system. It is therefore hugely consequential that the G7 has laid the basis for improving the resilience and sustainability of the financial system with last year’s decision to make the disclosure of climate-related financial risks mandatory. E3G has outlined in a briefing four areas in which the G7 needs to make process this year to bring a sustainable, resilient financial system closer to reality. This is an opportunity for the EU to take the European idea of a financial system onto the international stage and work toward a joint global vision for a truly sustainable and resilient global financial system, better leveraging its economic, market and regulatory power.
The G7 Finance Ministers Communiqué from May 20th indicated some initial progress, but it is now key for the remainder of the German presidency to secure substantial progress on the above points. The EU’s sustainable finance agenda has implications far beyond its own jurisdiction: see for example our blog on the geopolitical role of the EU’s taxonomy in this week’s newsletter. The European members of the G7 must therefore seize the opportunity of the upcoming summit to advance critical outcomes for a sustainable, resilient and inclusive financial system that delivers for Europe – and beyond. |
URL | 查看原文 |
来源平台 | E3G |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/350035 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | Johannes Schroeten. The G7 and Europe’s vision for a sustainable financial system,2022. |
条目包含的文件 | 条目无相关文件。 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
查看访问统计 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Johannes Schroeten]的文章 |
百度学术 |
百度学术中相似的文章 |
[Johannes Schroeten]的文章 |
必应学术 |
必应学术中相似的文章 |
[Johannes Schroeten]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论