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Leveraging the G20 to accelerate transition finance flows to emerging economies

Time () 14:00 15:30
Image credit:Port Augusta Renewable Energy Park, John Morton.


14:00 - 15:30 Indian Standard Time/9:30 - 11:00 GMT +1

There is growing recognition of the urgency of mobilising resources for climate action. Emerging and developing economies in particular will need massive volumes of green and transition finance to deliver on climate goals while improving living standards, boosting economic productivity and enhancing the resilience of vulnerable populations, as articulated in the Chair’s Summary from the 1st G20 Finance Ministers and Central Bank Governors Meeting under India’s G20 Presidency.

The recent G20 input paper led by India’s Ministry of Finance highlights the wealth of mechanisms for mobilisation of resources for climate action. However, it lands in a context where there has been a multiplication of frameworks and standards. The proliferation risks enabling greenwashing, reduces comparability of efforts and increasing transaction costs.

The G20 Sustainable Finance Working Group (SFWG) has been making valuable contributions on this topic in recent years. In 2021, the communique from the 4th G20 Finance Ministers and Central Bank Governors Meeting endorsed the Sustainable Finance Roadmap, which identifies a set of actions to support greater comparability, interoperability, and consistency of approaches to increase Paris-aligned financial flows to emerging economies. In 2022, the Chair’s Summary from the 4th G20 Finance Ministers and Central Bank Governors Meeting endorsed the Sustainable Finance Report, which articulates recommendations for developing transition finance frameworks to support a whole-of-economy low-carbon transition.

India’s G20 Presidency offers an opportunity to evaluate progress towards increasing flows of finance to decarbonise hard-to-abate sectors in emerging and developing economies. This virtual panel event will be held in advance of the 3rd meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) and the Environment and Climate Sustainability Ministers meeting under India’s G20 Presidency. It will provide the evidence necessary to craft and test specific text about the design and implementation of transition finance frameworks across jurisdictions, as well as steps to build the relevant capabilities of financial institutions to fill the transition finance gap.

Speakers to be confirmed.