CBI responds to G7 Communique

As the G7 in Cornwall concludes, the CBI has responded to the commitments made at the summit. 

Lord Bilimoria, CBI President, said: 

“The G7 in Cornwall has reignited a belief that the international community can come together in a spirit of collaboration to tackle the big issues of our age.  

On vaccine commitments to the rest of the world, Karan said: 

“The G7 has taken huge strides to close the vaccine gap between advanced economies and developing countries. Much more will be needed soon from advanced economies. 

“A sustainable, global economic recovery that reopens international travel can only happen with a successful vaccination programme and take-up across the globe.  

“The immediate priority must now be tackling existing bottlenecks and removing trade and export barriers so that vital medicine reaches those in need. The G7 agreement recognises just how important this is if global health supply chains are to be resilient in the future.  

On climate and biodiversity commitments, he said: 

“International action and agreement is fundamental to meeting the global climate and biodiversity challenges the planet faces. The G7’s commitments are a key piece of the puzzle, but only one piece.  

“These welcome commitments must now spur concrete action on the ground, using legislation as the tool for change and utilising the force of business. It’s the only way for advanced economies to make quicker progress and help ensure that developing nations are a central part of this journey. 

“Decarbonising our economies is a battle on multiple fronts. From less reliance on fossil fuels, to greening our transport systems and protecting nature, the hard work must continue. 

“The B7 committed to further develop a set of specific principles for understanding business activity on biodiversity and supports business in quantifying their impact on nature and how to value natural assets and services. A lot of work is underway already.  

“After this weekend, the UK must now lead the charge, building up momentum to wider agreements this year at the G20 and COP26 in Glasgow. Businesses have a significant role to play in protecting biodiversity and creating a sustainable future for all.   

“And they understand the importance of limiting the impact of their own activities on the planet and are committed to further work to shape the principles for ‘nature-positive’ business action. Businesses must lead by example and already 1/3 of the UK companies with a market capitalisation of £650bn have already committed to net zero by 2050. 

On a global, fairer recovery, he said: 

“Economies across the world are in the midst of the worst social, health and economic challenge in decades. To move from crisis to recovery requires unity and this weekend could prove a seminal moment. 

“With energy and ambition, a recovery that is sustainable and inclusive is more than possible. G7 commitments to future skills, the new B3W partnership and women’s education can make a big difference. 

“To make it a reality, we will also need stronger collaboration between businesses, with governments and across nations. 

On international trade, he said: 

“Trade is the most important factor in increasing the prosperity, opportunities and life chances of people and communities around the world. For too long, the pursuit of protectionism in some parts of the world has been allowed to escalate.  

“The G7 has drawn a line in the sand by reaffirming the benefits of free and fair trade, while recognizing the urgent need for reform at the WTO. This can be built on as we head to the G20 later in the year. 

On the Northern Ireland Protocol, Karan said: 

“Pragmatism must be put ahead of politics with just a few weeks before the end of June. While no silver bullet, a veterinary agreement will do so much to smoothing trade. Businesses want calm heads and solutions to help protect peace and prosperity in Northern Ireland.”