New Delhi: The G20 Sustainable Finance Working Group (SFWG) has recently put forth a proposal with the objective of global growth and stability. Their mission is to leverage sustainable finance as a means to facilitate the transition toward more environmentally friendly, resilient, and inclusive economies and societies.
On Thursday, the SFWG concluded its fourth and final meeting under India’s G20 presidency. The aim of the agenda is to commit to the advancing of international efforts in scaling up sustainable finance. This includes both private and public funding mechanisms aimed at expediting the realization of two critical global goals—the Paris Agreement and the 2030 Agenda for Sustainable Development.
What is the Paris Agreement?
The Paris Agreement aims to bolster the global response to the threats that come with climate change by keeping the global temperature rise below 2 degrees Celsius above pre-industrial levels and further limiting the temperature increase to 1.5 degrees Celsius in the future.
What is the 2030 Agenda for Sustainable Development?
Launched by a UN Summit held in New York in 2015, the Agenda has five important dimensions: people, prosperity, planet, partnership and peace. It aims for “a world of universal respect for human rights and human dignity, the rule of law, justice, equality and non-discrimination”.
Key to the SFWG’s strategy is the G20 Sustainable Finance Roadmap, which was finalised in 2021 and will depend on further work, the finance ministry said in a statement after the conclusion of a 2-day meeting in Varanasi.
During their most recent two-day meeting in Varanasi, the finance ministry stated that the SFWG is focusing on enabling finance for Sustainable Development Goals (SDGs). Additionally, they are keen on mobilising timely and sufficient resources for climate finance as priorities for the year 2023.
India’s G20 presidency has seen the SFWG making recommendations in six crucial areas:
- 1. Mechanisms for Mobilisation of Timely and Adequate Resources for Climate Finance.
- 2. Policy Measures and Financial Instruments for Catalysing the Rapid Development and Deployment of Green and Low-Carbon Technologies.
- 3. Scaling-up the Adoption of Social Impact Investment Instruments.
- 4. Improving Nature-related Data and Reporting.
- 5. G20 Technical Assistance Action Plan.
- 6. Overcoming Data-related Barriers to Climate Investments.
Furthermore, the group has completed compendiums of case studies on financing SDGs and non-price policy levers designed to support sustainable investments, the statement further said.
During the Leader’s Summit in New Delhi, and the G20 New Delhi Leader’s Declaration 2023 welcomed the work done by SFWG during India’s G20 presidency. The progress made by G20 members and International Organisation (IOs) on the G20 Sustainable Financial Roadmap was also discussed.
It is only through collective efforts from all member countries that these goals can be attained.
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