Net-zero transition at top of the agenda in G7 talks, says UK

Economic policymakers from the Group of Seven (G7) countries discussed on Tuesday ways in which to reform their economies in order to meet their net-zero emissions targets, according to the UK, this year's chair.

“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,” Britain’s finance ministry said in a statement.

UK Chancellor Rishi Sunak told those at the meeting that they needed to double down on their plans to achieve the G7's aim of creating a climate finance pool of $100 billion, the statement said.

Today, Sunak is expected to call on the G20 to also step up their efforts in tackling climate change and to help the International Monetary Fund (IMF) in making climate change a key component of its activities.

The ministry also said that tomorrow, he will discuss further support measures for vulnerable countries and a new way of allocating the IMF's financial reserves in the form of an internal currency known as special drawing rights (SDRs).

Last month IMF Managing Director Kristalina Georgieva said that she would present the IMF board with a formal proposal for a potential $650 billion expansion of SDRs by June.

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