G20 Sustainable Finance Working Group aims to mobilise sustainable finance

To ensure global growth and stability, the G20 Sustainable Finance Working Group (SFWG) has proposed to mobilise sustainable finance to promote the transition towards greener, more resilient and inclusive societies and economies.

The main purpose of the Group, which concluded its fourth and last meeting under India’s G20 presidency on Thursday, is to advance international work to help scale up private and public sustainable finance and in doing so, accelerate the implementation of the Paris Agreement and 2030 Agenda for Sustainable Development.

The G20 Sustainable Finance Roadmap, as finalized in 2021, is the core around which the SFWG functions and takes up future work, the finance ministry said in a statement after conclusion of 2-day meeting in Varanasi.

Towards this end, the SFWG in 2023 carried out work for enabling finance for SDGs along with the mobilisation of timely and adequate resources for climate finance as agenda priorities, it said.

The SFWG during India’s G20 presidency has made recommendations on the following six areas — Mechanisms for Mobilisation of Timely and Adequate Resources for Climate Finance; Policy Measures and Financial Instruments for Catalysing the Rapid Development and Deployment of Green and Low-Carbon Technologies; Scaling-up the adoption of social impact investment instruments; Improving Nature-related Data and Reporting; G20 Technical Assistance Action Plan; Overcoming data-related barriers to climate investments.

In addition, the members have finalised the compendium of case studies on financing SDGs and the compendium on non-price policy levers to support sustainable investments, it said.

The G20 New Delhi Leader’s Declaration 2023 which was adopted in the Leader’s Summit held recently, has welcomed the work undertaken by the SFWG under India’s G20 presidency.

The 4th meeting also discussed the progress made by G20 members and International Organizations (IOs) on the G20 Sustainable Finance Roadmap.

Achieving sustainable development requires collective efforts from all member countries, it said, adding, all through the SFWG meetings, both the Co-Chairs, US and China, members and invitee countries, as well as international organizations actively participated and contributed in the finalization of deliverables as key outcomes this year.