G7 leadership for sustainable, resilient and inclusive economic recovery and growth - summary report

An independent report requested by the UK Prime Minister for the G7

The world is currently confronting an interwoven set of challenges: the devastating health and social costs of the COVID-19 pandemic; the diminished prospects for economic growth and employment against a backdrop of rising public debt; the mounting threats of climate change, environmental degradation and biodiversity loss; growing inequality that has been exacerbated by the pandemic; and disrupted education for 90% of the world’s children. A failure to act on any of these dimensions will weaken progress on the others.

The G7 Summit taking place from 11 to 13 June 2021 in Carbis Bay, Cornwall, offers a unique opportunity for the G7 to take bold action to ‘build back better’ – to realise the growth and jobs story of the 21st century and ensure environmental sustainability. Nicholas Stern, in this independent report for the UK’s prime minster, argues that in setting specific priorities and targets as part of an integrated global agenda, the summit must give momentum to a shared international vision for strong recovery and sustainable growth, provide policies for delivery, and mobilise finance for action. This is a “special moment in history, offering the chance, indeed duty, for the G7 to lead a globally coordinated recovery, driven by sustainable investment and innovation by both the private and public sectors”.

The report first sets out the challenges and opportunities facing the world, followed by the shared vision and strategy, and concludes with priorities for action.