Recognise country-specific challenges for tailored policy actions: G20 group

Nearly 100 delegates from G20 member countries, 11 invitee countries, and 15 international organisations participated in the event.

Recognise country-specific challenges for tailored policy actions: G20 group

Thursday June 22, 2023,

2 min Read

The third meeting of the G20 Sustainable Finance Working Group under India's G20 Presidency held here recommended that country-specific challenges must be duly recognised for tailored policy actions.

The G20 SFWG deliberations, held for the past three days in Mahabalipuram, concluded today with the members stressing that the recommendations made during the meet reflect a greater focus on blended finance mechanisms.

Nearly 100 delegates from G20 member countries, 11 invitee countries and 15 international organisations participated in the event.

A draft deliverables document was shared with the members, discussing priority areas including—mechanisms for mobilisation of timely and adequate resources for climate finance; policy measures and financial instruments for catalysing the rapid development and deployment of green and low carbon technologies.

"The members highlighted that country-specific circumstances and challenges must be duly recognised for tailored policy actions. Conducive regulatory frameworks and efficient use of fiscal resources are necessary for creating an enabling policy environment for attracting climate investments," an official release said.

It also emerged during discussions among the members that Development Finance Institutions and Multilateral Development Banks must play a pivotal role in scaling up necessary financial flows, it said.

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The delegates also concurred with the idea that greater international cooperation can help in balancing policy design and transition risks.

"Improved understanding of data and metrics is required to support climate investments and enhance private sector financing. There is a need for governments and the private sector to work in collaboration to improve availability and access to data and methods for supporting progress on climate commitments," the release said.

The topics deliberated during the third SFWG meeting would be further discussed at the third edition of G20 Finance Ministers' and Central Bank Governors' Meeting scheduled to be held in Gujarat next month.

Several Jan Bhagidari (people's participation) events for the delegates were organised to make G20 discussions more inclusive and people-centric.

It included domestic outreach on India's G20 Roadmap to achieve a sustainable future, a G20 awareness campaign on Reserve Bank of India ombudsman scheme among others.

Members also took part in an early morning yoga session marking International Day of Yoga today, at Mahabalipuram's famous Shore Temple complex, a UNESCO World Heritage site.


Edited by Kanishk Singh

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