This conference is part of a series focusing on the role of the G20 and G7 in support of sustainable development. This year’s conference will focus on the role of the G20 and G7 in promoting the recovery from the Covid-19 pandemic that promotes a green and just transformation of economic systems. The conference reflects on the outcomes of the Carbis Bay G7 summit and the discussions within the G20 ahead of the Rome leaders’ summit but focuses on a forward-looking approach to explore potential policy initiatives promoted by the Indonesian G20 presidency and German G7 presidency in 2022 which will have a significant impact on success or failure of the UN High-level Political Forum on Sustainable Development (HLPF) on Leaders’ level in 2023 and progress in the multilateral climate process under the UNFCCC, including COP27. 

The Covid-19 pandemic has acted as a magnifying glass under which we can view the state of international cooperation. First, it underlined that many global problems are indeed global and require global cooperation and international policy responses. For example, export bans for medical equipment or the unequal roll-out of vaccines are inadequate to contain the virus and its mutations. Second, it demonstrates the inefficiency of responding to global problems with a silo mentality. Indeed, the Covid-19 pandemic is not just a health crisis, but systemically interlinked with the climate, biodiversity and social crises. Third, the initial responses to the Covid-19 pandemic challenged our thinking about development. While many of the poorer nations responded relatively effectively and were able to contain the spread of the virus, some of the wealthiest nations have been struggling to find the right answers. At the same time, developing countries are severely affected by the socio-economic impact of the pandemic and are further disadvantaged by the asymmetric provision of stimulus funding or vaccines. These challenges call for sustained international efforts to work towards a balanced recovery that is benefitting all countries, in particular the Global South, and that systemically addresses health, climate as well as socio-economic crises.  

It is necessary to learn from the experiences of the past two years to be able to meet the goals of the 2030 Agenda for Sustainable Development at the end of the decade and to make up for respective setbacks during the pandemic. While the United Nations system is the natural focal point of international cooperation on sustainable development and climate action, the G20 and G7 in the past years have been a relevant albeit struggling promoter of multilateral cooperation. Club governance formats such as the G20 and G7 provide important venues to facilitate dialogue and policy action to advance sustainable development. With a collective responsibility for 80 percent of global greenhouse gas emissions, while representing 80 percent of global wealth, it is imperative that the countries of the G20 throw their weight behind the implementation of both the Paris Agreement and the 2030 Agenda for Sustainable Development. The G7, too, is an important forum to advance international cooperation. A crucial contribution of the G7 countries is to underscore the universal character of the SDGs by advancing their implementation at home and by reducing negative spillovers on other countries. Furthermore, it is important to further interlinkages between the G20 and the G7 for the benefit of improved international cooperation. The particular strength of club governance formats lies in the potential to bridge policy silos and to strengthen the contribution of trade and finance for sustainable development and climate action. The EU has a significant role to play in both clubs and the respective UN processes by harnessing its European Green Deal to support ambitious global cooperation.  

This Expert Conference will discuss the potential of the G20 and G7 to advance global sustainability and climate action through transformations in three key policy fields – finance, trade and social protection. Three dedicated sessions will elaborate on the role of the G20 and G7 to promote a transformation of the international financial and trading systems towards a sustainable and climate-friendly global economy. The sessions will identify the relevant actors and their tasks to shape a sustainable future and point out the role of the G20 and G7 in this process.  

The conference brings together policy makers and experts from think tanks and other G20 and G7 engagement groups such as civil society, business and labour in an informal setting suitable for interactive and results-oriented discussions. It will be held under the Chatham House Rule, to ensure open and frank discussions.