Welcome Brazil 2024 G20 Presidency – SFWG Newsletter, February 2024

As we have embarked on a new cycle of the G20, we are thrilled to welcome Brazil’s G20 Presidency in 2024 to continue the progressive work in sustainable finance, building on the foundations laid by previous presidencies. 

Brazil proposes the world’s largest economies to tackle key priorities, especially for the Global South: combat hunger, poverty and inequality; progress on the three dimensions of sustainable development (economic, social, and environmental); and reform of global governance system. The 2024 G20 works under a clear vision: “Building a just world and a sustainable planet.”

Brazil G20 kicked off mid-December in Brasilia through Sherpa Track and Finance Track meetings held over three days. The Deputies’ discussions included strategies for tackling climate change, leveraging green energy potential, and proposals for alignment of macroeconomic and financial strategies with the goals of the United Nations Framework Convention on Climate Change and the Paris Agreement.

Find the latest news on the G20 website.

2024 Priorities: First SFWG Meeting Under the G20 Brazil Presidency

In February, the Brazil G20 Presidency hosted its first SFWG meeting. Over the course of two impactful days, more than 170 delegates from both permanent and guest G20 jurisdictions convened to address the agenda set forth by Brazil. The discussions were deeply engaging, covering the workplan set forth at the inaugural Deputies’ meeting. The SFWG 2024 agenda is shaped by crucial priorities: 

  • Optimizing the operations of the International Environmental and Climate Funds to deliver sustainable finance.
  • Advancing credible, robust and just transition plans.
  • Analyzing implementation challenges related to sustainability reporting standards, including for SMEs and EMDEs.
  • Financing Nature-Based Solutions.  

Stay tuned as we report on the SFWG progress on these priorities.

Read the G20 Presidency and SFWG Co-Chairs Note on Agenda Priorities.

Coming up: G20 Sustainable Finance Private Sector Roundtable

The G20 Sustainable Finance Working Group (SFWG) is organizing a Sustainable Finance Private Sector Roundtable, to provide a platform for open discussions between representatives from central banks and ministries of finance on one side, and corporates, financial institutions, and academia on the other.

The event will feature three distinct roundtables, each dedicated to inform specific SFWG 2024 priorities: (i) Advancing credible, robust, and just transition plans, (ii) Implementing sustainability reporting requirements that are inclusive and effective, especially for small and medium-sized enterprises (SMEs) and Emerging Market and Developing Economies (EMDEs), and (iii) Addressing the critical issue of financing Nature-Based Solutions.

The roundtable will take place on 6 March 2024, from 9:00am to 1:30pm Brasilia time (UTC -3), on Zoom Platform. It is open for all interested parties. Click the button below to register for the event.

Register here.

Tracking progress on the G20 Sustainable Finance Roadmap

The online Progress Tracking Dashboard continues to efficiently monitor the latest progress over the 19 Actions of the G20 Sustainable Finance Roadmap. The dashboard is based on efforts voluntarily reported by jurisdictions. international organizations, and global networks to advance the 5 Roadmap’s focus areas of action:

  • Market development and approaches to align investments to Sustainability Goals. 
  • Consistent, comparable, and decision-making-useful information on sustainability risks, opportunities, and impacts. 
  • Assessment and management of climate and sustainability risks.
  • Role of IFIs, public finance, and incentives.
  • Cross-cutting issues.

With active voluntary contributions from all G20 jurisdictions, this tracker highlights progress in sustainable development, emphasizing the collective drive towards a greener, more resilient world.

Click here to access the dashboard.

Overview of 2023 SFWG Achievements under G20 India Presidency: Sustainable Finance Report and Technical Assistance Action Plan (TAAP) 

The Sustainable Finance Working Group (SFWG) aims to mobilize finance as a way of ensuring global growth and stability, and promoting the transitions towards greener, more resilient, and inclusive societies and economies. 

At the 18th G20 Heads of State and Government Summit that took place on September 9-10, 2023, in New Delhi, the G20 Leaders endorsed the SFWG 2023 work and its final deliverables, the G20 Sustainable Finance Report, and the Technical Assistance Action Plan. The Summit has been the pinnacle of the G20 process and intense work carried out with Finance Ministries, Central Banks, International Organizations, Groups and Networks, as well as with Engagement Groups and the private sector throughout the year.

G20 Sustainable Finance Report

The G20 Sustainable Finance Report, in two parts, summarizes the work of the SFWG in 2023 and offers recommendations on:

  • Mechanisms for Mobilisation of Timely and Adequate Resources for Climate Finance
  • Enabling Finance for the Sustainable Development Goals: Analytical Framework for SDG-aligned Finance and Priorities under India’s G20 Presidency
  • Capacity Building of the Ecosystem for Financing toward Sustainable Development

This work has been anchored in the G20 Sustainable Finance Roadmap (the “Roadmap”) actions, endorsed as voluntary by G20 Leaders at the 2021 Rome Summit.

Learn more.

The Technical Assistance Action Plan (TAAP)

The Technical Assistance Action Plan (TAAP) aims at building capacities necessary for sustainable finance. It offers a set of actionable recommendations focused on:

  • creating an enabling environment for enhancing capacity building services
  • tailoring capacity building services and
  • capacity building on transition finance and other SDGs.

Learn more.