Tackling climate change and the other challenges needed to bring economic development on a sustainable path requires the involvement of the financial system and its alignment with the objectives of the Agenda 2030 and the Paris Agreement. In line with its vision articulated in the pillars of People, Planet and Prosperity, the Italian presidency of the G20 has decided to restart the work of the Sustainable Finance Study Group (SFSG) within the Finance track.
The first meeting of the SFSG was held virtually on 26 March 2021. The Study Group’s two co-chairs are China and the United States, with support from the United Nations Development Programme (UNDP) as secretariat.
The Study Group commenced discussion on the development of a multi-year G20 Roadmap for Sustainable Finance. The roadmap is designed to present an overview of the major gaps and barriers in mobilizing sustainable finance, and to outline key actions and milestones for the consideration of G20 Members.
By the end of the Italian Presidency, the SFSG will produce a synthesis report on the progress made on the main deliverables for 2021: sustainability reporting, approaches to identify sustainable investments (“taxonomies”), and the role of international financial institutions in supporting the Paris Agreement.
All of these topics will be addressed also through high level events such as the G20 Sustainable Finance Private Sector Roundtable (May) and the G20 Venice Conference on Climate (July).
Disclaimer: This was published first by the Bank of Italy on this link.