Calls led by younger generations to reverse the existing damage to the environment “must be heeded” if global economies are to continue to grow and “capitalism is to continue to succeed”, Chancellor Philip Hammond warned global financial leaders last week.
The Chancellor urged that sustainable growth and tackling climate change must be at the core of economies as he attended the annual IMF and World Bank Spring Meetings in Washington.
The Spring Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) bring together central bankers, ministers of finance and development, private sector executives, representatives from civil society organisations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness
The Chancellor set out to showcase the wealth of opportunities for greater cooperation between “Global Britain” and its international partners, and to highlight the world’s “most urgent challenges” – such as climate change and slower growth.
He highlighted the UK’s success in reducing the amount of carbon it produces relative to GDP faster than any other country in the G20 and will encourage other countries to follow suit.
Since 1990 the UK has cut its emissions by over 40% while the economy has grown by over two thirds, and the UK continues to take ambitious action on climate change and the environment.
The Chancellor also backed new global guidelines with urgent actions that finance ministers must take to protect economies and societies from climate change.
The Coalition of Finance Ministers for Climate Action is a new grouping of Finance Ministers committed to taking action on climate change, currently co-chaired by Finland and Chile.
Its purpose is to build engagement between finance ministries on climate change,
Philip Hammond, said: “Global Britain is at a turning point and our future is bright. We must work together with our partners across the world to create a safer, more prosperous and more sustainable economy for future generations.”
Speaking before departing for the Spring Meetings, the Chancellor of the Exchequer, Philip Hammond, said: “Global Britain is at a turning point and our future is bright. We must work together with our partners across the world to create a safer, more prosperous and more sustainable economy for future generations.”
The Chancellor also used the Spring Meetings to urge world leaders to pay their “fair share” towards the IMF, ensuring it is adequately resourced to support the world economy, amid slower global growth.
The Chancellor also held talks with Finance Ministers of the largest global economies including US Secretary to the Treasury, Steve Mnuchin, and the Chinese Minister of Finance, Liu Kun, discussing the future of trade, investment, and future closer cooperation post-Brexit.
He also met Larry Kudlow, Chair of the US National Economic Council, to discuss the US-UK economic relationship.