" G7 Climate, Energy and Environment Ministers’ Communiqué " 16 April 2023

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7.Sustainable value chains: We stress our commitment to transforming global value chains towards net-zero, climate-resilient, pollution-free, more circular and nature-positive ones, while also ensuring their security, and respect for human rights and in line with the relevant international guidelines in the field of responsible business conduct, such as the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises and the UN Guiding Principles of Business and Human Rights. It is therefore vital to increase security, sustainability, diversification, transparency and traceability of value chains globally, including by reducing reliance on insecure or monopolistic energy supply chains in a way that protects the environment and climate and respects human rights. We urge businesses to contribute to the achievement of the 2030 Agenda and its SDGs throughout their value chains, including by analyzing risks, implementing the GBF, disclosing information and implementing targets and plans related to environmental aspects such as climate change mitigation and adaptation, resource efficiency and circular economy approaches, nature conservation and halting and reversing biodiversity loss and forest loss by 2030, and pollution reduction and prevention. To this end, we commit to strengthening our efforts to implement and promote a mix of effective binding and non-binding policy measures that incentivize sustainability and resilience in value chains including, as appropriate, through effective domestic due diligence regulation, the enhancement of transparency and reporting throughout supply chains and strengthening green public procurement, while considering the need to avoid disproportionate burdens and costs for small and medium-sized enterprises (SMEs). We commit to supporting businesses, particularly SMEs, through sharing best practices and encouraging engagement with stakeholders in the value chains, among other things. We also commit to supporting capacity building in developing countries including building governance measurement and disclosure systems for GHGs and other environmental impacts with an aim to increasing resilience to climate change and environmental degradation.

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