Unedited press release follows, I added a little emphasis.
CarrZee: This comes as G20 President Indonesia stands up to the USA, UK, Canada and allows both the Russia and Ukraine leaders into the G20 summit later this year:
G20 Looks to Strengthen Public-Private Synergies to Scale-up Sustainable Finance Investments
April 29, 2022
by Author 3
Jakarta, 29 April 2022 – On 27-28 April 2022, the G20 Sustainable Finance Working Group (SFWG) hosted a G20 Sustainable Finance Private Sector Roundtable. The forum aimed to gather the private sector to exchange ideas with SFWG members and discuss ways to strengthen the synergy of the public and private sectors in scaling up sustainable finance to meet the 2030 Agenda and Paris Agreement goals.
In recognition of the critical role of sustainable finance for green, resilient, and inclusive global economic recovery, the Indonesian G20 Presidency put forth an ambitious sustainable finance agenda for the group, only a year after its elevation from the Sustainable Finance Study Group to the Sustainable Finance Working Group (SFWG) during the Italian Presidency.
On 18 February 2022, the G20 Finance Ministers and Central Bank Governors (FMCBG), had welcomed the growing role of the private sector, together with public and MDB finance, in promoting transitions towards a low GHG and climate-resilient economy. In his opening speech on 27 April, Wempi Saputra, Assistant Minister of Finance for Macroeconomy and International Finance, Indonesia, highlighted the priority of the sustainable finance agenda to the Indonesian G20 Presidency and the expected intensifying role of the private sector to help mobilise sustainable finance, in an affordable way, in light of countries’ limited fiscal capacity in ongoing global crises.
The two-day roundtable provided the opportunity for the private sector to contribute to shaping the G20 sustainable finance agenda, and ensuring that the SFWG deliverables this year can facilitate acceleration of market growth and development and mobilisation of private capital flows. Several topics discussed on the first day included ways for the public sector to support private investment for transitions, and measures to mitigate its potential adverse economic and social impacts.
Private sector representatives also shared their thoughts on the voluntary practices to help financial institutions (FI) establish and meet their transition plans and its broader enabling environment throughout the two days. Meanwhile, on the second day, representatives from private and public sectors conversed about tools to improve SMEs’ access to sustainable finance instruments, the role of digital finance, and mechanisms for the public sector in developing countries to improve access to sustainable finance markets.
The SFWG Co-chairs, Larry McDonald, Deputy Assistant Secretary, US Treasury, and Ma Jun, Advisor to the Governor, People’s Bank of China, took the lead in the discussion. Marcos Neto, Director of UNDP’s Sustainable Finance Hub, moderated the discussion as the Head of the SFWG Secretariat. More than 700 participants from the private sector, delegates of FMCBGs and knowledge partners attended the roundtable.
Throughout the two-day meeting, distinguished private sector representatives highlighted several potential areas of work to help accelerate the scaling-up of sustainable finance, such as interoperability of alignment approaches, availability of data and its quality, transparency disclosure of transition plans, and public sector role on incentives. A number of private sector representatives also commended the G20 SFWG for its progress within just a year since its establishment.
The discussion summary will feed into the development of G20 SFWG deliverables this year, including the high-level framework for transition finance, which is currently being developed. The G20 sustainable finance agenda discussion will continue at the next G20 Policy Levers Forum (13 June) and the 3rd SFWG Meeting (14-15 June).