The G7 Finance goals for Chantilly « Working for a fairer capitalism »
G7 Finance Ministers and Central Bank Governors (FMCBGs) met in Chantilly on July 17th and 18th, 2019. They reaffirmed the importance of their close cooperation to address the current and future economic and financial challenges and committed to work together for a more inclusive, equal and sustainable economic model. It was the last G7 ministerial meeting to be held before the Biarritz Summit (24 to 26 August 2019) of heads of state. It is fully aligned with the G7 Presidency’s cross-cutting priority of fighting inequalities and was focus on making capitalism fairer.
Ministers and Governors discussed more specifically ways to:
- first, continuing to address current risks in the global economy and the financial system to support strong, sustainable, balanced and inclusive growth that generates widespread prosperity;
- second, accelerating the work to tackle new challenges, including most importantly making the international tax system fairer, addressing the competition challenges that are raised by the digitalization of the economy, and advancing the agenda on climate and green finance;
- third, ensuring that the benefits of growth are more widely shared, fighting inequalities within countries as well as between advanced and developing countries.
Climate and green finance
On the climate and green finance agenda, Ministers and Governors took stock of and discussed objectives and strategies for climate and green finance in view of the upcoming UN Climate Action Summit in September and the upcoming replenishment of the Green Climate Fund in 2019. They also discussed more specifically the role of the private sector in the transition towards a green and low-carbon economy. Attention was given to the role of the financial sector, in particular to the proposal of building a taxonomy of sustainable activities, building on common fundamental principles and correspondences between existing taxonomies at regional level. Those Ministers and Governors that are members of the Network for Greening the Financial System encouraged the implementation of the recommendations listed in the comprehensive report of the Network for Greening the Financial System, which aim at enhancing the role of financial actors in managing environmental risks and mobilizing capital for green and low-carbon investments. Ministers and Governors welcomed actions undertaken by the MDBs and the IMF to mainstream environmental considerations within their activities and looked forward to continued efforts in that regard.
Women’s digital financial inclusion in Africa
Ministers and Governors also discussed the Bill and Melinda Gates Foundation report on women’s digital financial inclusion in Africa and its recommendations. The report identifies five already existing initiatives that together form a relevant and coherent package to make progress in this area. Ministers and Governors underlined the importance of advancing the agenda of women’s digital financial inclusion in Africa, as a key dimension of women’s economic empowerment. They welcomed the recommendations of the report as a meaningful contribution to this work.
Read the full Chair's summary here.