G20: Fourth SFWG meeting to be held in Varanasi on Sep 13-14

The 4th G20 Sustainable Finance Working Group (SFWG) meeting under India’s G20 Presidency will be held in Varanasi on September 13 -14, an official statement said.

The meeting will bring together over 80 delegates from G20 member countries, special invitee countries and International organisations.

The 4th and last meeting will focus on finalising the 2023 G20 Sustainable Finance report and also discuss the progress made by jurisdictions and relevant stakeholders against the actions listed in the G20 Sustainable Finance Roadmap, the statement said.

The main purpose of the SFWG is to help scale up private and public sustainable finance and in so doing, accelerate the implementation of the Paris Agreement and 2030 agenda for sustainable development.

The working group is co-chaired by the US and China, and UNDP serves as the secretariat.

Three priority areas have been outlined for the SFWG under India’s G20 Presidency. Mechanisms for mobilisation of timely and adequate resources for climate finance, enabling finance for the Sustainable Development Goals; and Capacity building of the ecosystem for financing toward sustainable development, as per the statement.

These priority areas reflect India’s focus on sustainability and the theme of India’s G20 Presidency “Vasudhaiva Kutumbakam” or ‘One Earth. One Family. One Future’, it added.

The G20 New Delhi Leader’s Declaration 2023 adopted in the Leader’s Summit held recently has welcomed the work undertaken by the SFWG under India’s G20 presidency.

The discussions in the 4th SFWG meeting in Varanasi will continue to build on the first three meetings held in Guwahati, Udaipur, and Mahabalipuram, respectively, to jointly adopt the 2023 G20 Sustainable Finance Report.

The report will consist of the recommendations welcomed by the leaders. The key highlight of the 4th SFWG meeting will be reflections and sharing of experiences by G20 members on the progress made in the implementation of the G20 Sustainable Finance Roadmap.

A Domestic Outreach Event (Jan Bhagidari) on G20 Sustainable Finance Working Group: Towards Strong, Sustainable, Balanced, and Inclusive Growth (SSBIG)’ was held on Tuesday in BHU, Varanasi.

Students, academics, financial experts, policymakers, and regulators participated in the discussions highlighting the achievements of the sustainable finance agenda during India’s G20 Presidency.