India: G20 Sustainable Finance Working Group meet commences near Chennai city
G20 Sustainable Finance Working Group
With over 100 delegates from G20 nations, invitee countries and international organisations in attendance, the third Sustainable Finance Working Group (SFWG) meeting under India’s G20 Presidency commenced on Monday at Mamallapuram near India’s southern Chennai city.
This comes after two meetings of this group that were already held in northeastern Assam state’s Guwahati city and western Rajasthan state’s Udaipur city. During the ongoing meeting, the focus will be towards finalising the recommendations for key deliverables set out in the SFWG 2023 work plan.
The SFWG has been working on three priority areas to advance the actions as envisaged in the G20 Sustainable Finance Roadmap: Mechanisms for mobilisation of timely and adequate resources for climate finance; enabling finance for the Sustainable Development Goals; capacity building of the ecosystem for financing toward sustainable development.
Under the first priority, SFWG will develop a list of options to support climate investments and transition activities in line with country circumstances. The options will include ways to expand risk-sharing facilities, as well as policies and financial instruments to support private capital for investment in green and low-carbon technologies.
It is the first time that the SFWG has undertaken work on financing Sustainable Development Goals, in addition to climate. Under this priority, the group has focused on financial instruments for social impact investment and nature-related data and reporting.
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Capacity building plays a vital role in supporting the goals of the 2030 Agenda for Sustainable Development and the Paris Agreement. The demand for capacity building for sustainable finance is rising. However, there are substantial knowledge gaps, limited technical assistance, a lack of consistent funds and a lack of coordination and collaboration among capacity-building programme providers.
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Under the Indian presidency of G20, the SFWG is developing a set of voluntary recommendations as part of its deliverables for 2023 to address the challenges and benefit the entire sustainable finance ecosystem.
The discussions and negotiations held in the ongoing meeting on the draft voluntary recommendations would feed into the deliberations to be held in the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in July 2023.
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