G7 Development and Finance Ministers Discuss Investing in Growth that Works for Everyone
June 1, 2018 – Whistler, British Columbia – Department of Finance Canada
Canada and its G7 partners recognize that the ambitious push needed to accelerate progress toward the achievement of global sustainable development objectives requires a step change in both the quantity and quality of financing for development, as well as the full and equal participation of women.
Today, G7 development and finance ministers concluded their meeting, the first of its kind, to support the G7 theme Investing in Growth that Works for Everyone. During the meeting they discussed innovative and gender-responsive mechanisms that can leverage public resources and attract new partnerships and sources of finance for sustainable development.
The meeting was co-chaired by the Honourable Bill Morneau, Minister of Finance, and the Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie. The meeting also included a presentation by members of the G7 Gender Equality Advisory Council for Canada's G7 presidency.
In particular, they discussed:
- the promotion of women's full and equal economic participation to achieve growth that works for everyone by measures such as the promotion of women's financial inclusion, the integration of gender-based analysis, the enabling of gender-responsive policy development and implementation, and the support of women entrepreneurs;
- innovative financing approaches to mobilize private capital for sustainable development, including supporting new partnerships to connect the public sector and private investment communities; and
- the building of economic resilience against extreme weather events, particularly for small island developing states and least-developed countries, which are most vulnerable to such events.
The G7 can play an important role in advancing innovative solutions that can be tested and expanded to other international forums and partners. The outcomes of the G7 finance and development ministers' meeting lay the groundwork for further discussions at the June 8 to 9, 2018 leaders' summit in Charlevoix, Quebec.
"Creating opportunities to ensure that growth benefits everyone can lead to a prosperous future for all. The G7 is uniquely positioned to support innovative financing approaches that mobilize more investments and capacities for sustainable development."
- Bill Morneau, Minister of Finance
"When women and girls have greater equality in education, employment, entrepreneurship and full enjoyment of their human rights, they can transform and generate economic growth that lasts. This is why the empowerment of women and girls is critical to our efforts to achieve growth that works for all."
- Marie-Claude Bibeau, Minister of International Development and La Francophonie
Economic cooperation through the G7 plays a crucial role in maintaining a level global playing field and ensuring that the benefits of economic growth are shared by everyone.
The G7 is an informal grouping of seven of the world's advanced economies, consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, as well as the European Union.
Co-chaired by Melinda Gates and Isabelle Hudon, Ambassador of Canada to France, the Gender Equality Advisory Council is advising Canada in the context of its G7 presidency on how to integrate gender equality and women's empowerment across all themes, activities and initiatives.
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