Third meeting of the G20 Sustainable Finance Working Group (SFWG)

The third meeting of the Sustainable Finance Working Group (SFWG) was held online on 27 July 2021. The meeting was divided into two sessions. During the first session, the Group discussed the first draft of the Sustainable Finance Synthesis Report. The SFWG delegates analyzed the recommendations proposed by the Co-chairs and the Presidency regarding the three deliverables for 2021: improving the comparability, compatibility, and interoperability of approaches to align investments with sustainability goals; overcoming information challenges by improving sustainability reporting and disclosure; and enhancing the role of International Financial Institutions in supporting the goals of the Paris Agreement and Agenda 2030.

During the second session, the Group examined the G20 Sustainable Finance Roadmap, which will be submitted to Ministers and Governors ahead of their October meeting and will guide future G20 works on climate change and sustainable finance. SFWG delegates discussed the first draft of the Roadmap proposed by the Co-Chairs and the Presidency. It will focus on five key areas: Market development and approaches to align investments to Sustainability Goals; Consistent, comparable, and reliable information on sustainability risks, opportunities, and impacts; Assessment and management of climate and sustainability risks; Leverage public finance, policies, and incentives; Cross-cutting issues. Under each focus area, the Roadmap presents a number of actions to help scale up sustainable finance. The draft Roadmap also benefitted from the insightful contributions from knowledge partners and international organizations.

The SFWG also received important inputs from the International Conference on Climate Change, held in Venice on July 11, where major global actors, including several G20 Ministers and Governors, discussed policies and actions to promote the transition towards a low-carbon economy. Please find the Presidency’s Summary of the Conference here.

Disclaimer: This was published first by the Bank of Italy on this link.