The Role of the G7 in Ensuring a Just and Sustainable Recovery (Policy CoLab Action Brief)
The World Benchmarking Alliance organised a Policy CoLAB in May 2021, around the G7 2021 summit, bringing together our Allies and other partners for a dynamic, multi-stakeholder discussion. Below, is our outcome document and action suggestions for the G7.
Under the UK presidency, the G7 is set to convene in June 2021 in the aftermath of a global economy shrinking 4.3% in 2020 and at a central juncture for revitalising multilateralism. As the G7 plus four guest nations – Australia, India, South Africa, and South Korea – account for nearly 60% of the 2,000 most influential businesses globally for the planet’s sustainable future (the WBA “SDG2000”), a crucial measure of success will be the ability of G7 to rally governments, business leaders, capital flows, and markets behind a sustainable and just recovery. Similarly, action and commitments must be bridged with other multilateral fora like never before including the G20, UN High-level Political Forum, and COP26.
This outcome document reflects the inputs of more than three dozen global experts representing financial institutions, think thanks, philanthropic organisations, UN agencies, civil society, and business associations that assembled virtually on 6 May for a WBA Policy Collective Learning and Action Lab (Policy CoLab). Specifically, the group explored action points to catalyse leadership and accountability from all stakeholders, and specifically business and governments that can put the international community on track to build forward stronger in line for a Decade of Action for the Sustainable Development Goals (SDGs).
Recommendations for the G7:
- Ensure sustainable finance is embedded as a cross-cutting issue on par with other global challenges like climate change;
- Advance the case for business-led transformation for a sustainable recovery that integrates a true systems approach;
- Adopt a full value-chain approach that covers lives, livelihoods and nature as well as enabling a just transition to net zero;
- Transcend traditional silos among stakeholder groups through inclusive global governance.