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Article

25 Jan 2022

Author:
G7 Germany

German Government publishes priorities for G7 presidency incl. call for binding standard on corporate due diligence

2. Economic stability and transformation

We are committed to a post-pandemic economic and financial policy that is geared to stability and growth and promotes resilience and price and financial market stability in a sustainable manner...

In cooperation with our G7 partners, we want to work towards the strengthened international implementation of sustainable finance and increase transparency on sustainability and climate aspects so that financial market stakeholders can better reflect these considerations in their decisions. The political agreement on reallocation of taxing rights achieved in 2021 for major multilateral companies (especially in the digital economy) and for the introduction of a global minimum tax rate is a major step towards greater tax fairness around the world...

Moreover, we are committed to rules-based free trade that takes into account fair social, environmental and human rights standards as the foundation for prosperity and sustainable business...

Moreover, global supply chains play a key role for functioning global trade, the global economic recovery and sustainable development as a whole. We therefore want to work together to address disruptions in supply chains with common action and, by creating suitable conditions, to support international companies in their efforts to make their supply chains even more resilient and sustainable in the future. Rules-based free trade is an important prerequisite in this regard. We want to work to ensure that international environmental, labour and social standards constitute the framework for doing business and discuss requirements with respect to an internationally accepted, binding standard for corporate due diligence. Companies should contribute to achieving environmental, social and economic Sustainable Development Goals around the world via their supply chains. Further policy priorities include strengthening sustainable supply chains in agriculture, which make an important contribution to safeguarding the global food supply, as well as promoting deforestation-free supply chains, which play a major role in the area of climate protection and the protection of biodiversity.

The COVID-19 pandemic has also turned the spotlight on issues of health and safety in the workplace; we want to focus on these issues during our G7 Presidency. In so doing, we will also address the challenges posed by climate change with respect to health and safety in the workplace in a targeted manner...

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