LONDON, (Reuters) – The world’s governance must be reformed to make it resilient to future economic and health shocks as well as the challenges posed due to climate change and China’s rise, advised the Group of Seven wealthy nations.

The advisors recommended that the management of the world’s economy must change to address issues such as supply chains and vaccine distribution. They also suggested access to crucial minerals, cyber threats, cybersecurity, taxation, cryptocurrency-assets, climate change, and other areas.

Mark Sedwill is a former British head of the civil service, and national security adviser who presided over the G7 Advisory Panel on Economic Resilience. He believes that the G7 needs to work more closely together in order to manage and identify emerging threats or coercion.

The advisors stated that China was determined to become market leader in artificial intelligence, biotechnology and refining of key minerals for the green transition.

Panel members recommended investments in infrastructure and research. They also suggested trade rules that supported climate change fighting and an agreement to reform information sharing, traceability, and standards reforms for important minerals to support the green transition.

It will also be discussed at the Group of 20 leaders summit in Rome this month, and at the COP26 Climate Change Conference at Glasgow in November.