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Source: The post is based on the article “4th G20 Sustainable Finance Working Group Meeting concludes in Varanasi with finalization of the G20 Sustainable Finance Report, 2023” published in PIB on 14th September 2023
What is the News?
The fourth and last meeting of the G20 Sustainable Finance Working Group (SFWG) under India’s G20 presidency began in Varanasi, Uttar Pradesh.
What is the G20 Sustainable Finance Working Group(SFWG)?
Background: It was launched in 2016 during China’s G20 presidency as Green Finance Study Group.
– In 2018, under the Argentinian Presidency, its scope was expanded and the group was renamed Sustainable Finance Study Group (SFSG).
– In 2021, G20 Finance Ministers and Central Bank Governors agreed to upgrade it into the G20 Sustainable Finance Working Group (SFWG).
Aim: To mobilize sustainable finance to help ensure global growth and stability, and promote the transition towards greener, more resilient and inclusive societies and economies.
Purpose: To advance international work to help scale up private and public sustainable finance and in doing so, accelerate the implementation of the Paris Agreement and 2030 Agenda for Sustainable Development.
What is the work done by SFWG during India’s G20 presidency?
The SFWG during India’s G20 presidency has made recommendations on the following six areas: (1) Mechanisms for Mobilization of Timely and Adequate Resources for Climate Finance; (2) Policy Measures and Financial Instruments for Catalyzing 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.
G20 New Delhi Leader’s Declaration 2023 has welcomed the work undertaken by the SFWG under India’s G20 presidency.
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