On Wednesday 23 June, G20 Finance Track Deputies met for an extraordinary meeting dedicated to climate change matters.
In 2021, the G20 is called to face unprecedented challenges. The urgent need to tackle the COVID-19 crisis still requires bold, coordinated and comprehensive policy responses.
The G20 and the international community have the unique chance to turn challenges into opportunities and gear the recovery towards more sustainable and inclusive development paradigms. It is a now or never moment for boosting investment, creating quality jobs, fostering productivity and strengthening long-term growth, while generating benefits for the environment and the society.
Fostering a greener recovery is a shared ambition by G20 Members. A few months ago, in April 2021, G20 Finance Ministers and Central Banks Governors declared that “Tackling climate change and promoting environmental protection are increasingly urgent matters for our economies and societies”. Adding, that “shaping the recovery provides a unique opportunity”.
In this context, the Italian G20 Presidency has been working to promote a renewed multilateral approach to both kick start the economic recovery and address the climate and environmental crisis. The strong political will, expressed by G20 Finance Ministers and Central Bank Governors, was immediately translated into practice in the update of the G20 Action Plan, which – since April – has a pillar devoted to protecting the planet.
The Italian G20 Presidency had also the vision to re-establish the Sustainable Finance Study Group (SFSG) within the G20 Finance track and to get the agreement by G20 Finance Ministers and Central Bank Governors to elevate it to a fully-fledged G20 Working Group (SFWG). Members have already met twice to advance on the G20 Sustainable Finance Roadmap among other issues.
Given this progress and the International Conference on Climate coming up soon, on Wednesday 23 June, the G20 Finance Track Deputies held an extraordinary meeting dedicated to debate climate change matters.
The meeting represented an opportunity for G20 Deputies to take stock of the progress on such a crucial agenda and to discuss innovative and effective policies to support the green transition. The meeting also prepared the ground for the 11 July International Conference on Climate in Venice. The Conference aims to promote the global dialogue and advance common understanding on the comprehensive strategies needed to support the transition towards low-carbon economies and societies. The Conference will be animated by distinguished representatives from International Organisations, national and international institutions, and the private sector.
At this climate-focused G20 Deputies Meeting, G20 members received updates and exchanged views on a number of critical issues, including green investments and policy actions needed to promote a global just transition, the role of Multilateral Development Banks in supporting the climate transition in emerging markets and developing economies and the coordinated actions required to promote comparable and high-quality standards for climate-related financial disclosure.
Such dialogue is expected to continue and be further developed, at G20 and international level, with a view to the United Nations Climate Change Conference (COP26), which will be held in November 2021.