Mar 21: The Second G20 Sustainable Finance Working Group (SFWG) meeting under India’s G20 Presidency is set to take place in Udaipur, Rajasthan from 21st-23rd March 2023. During the three-day long meeting in Udaipur, over 90 delegates from various countries who are members of the G20 as well as those who have been invited by the Indian Presidency along with International Organisations will engage in detailed deliberations on the agreed-upon work plan and priority areas for 2023.
The First G20 Sustainable Finance Working Group (SFWG) was held in Guwahati, Assam on 2nd-3rd February 2023 where members showed wide-ranging support and cooperation for the SFWG work plan in 2023.
The Second G20 Sustainable Finance Working Group meeting is expected to take forward the discussions and revisit the key takeaways from previous meetings with respect to the three identified priority areas viz.,
- Mechanisms for mobilisation of timely and adequate resources for climate finance;
- Enabling finance for Sustainable Development Goals; and
- Capacity building of the ecosystem for financing toward sustainable development.
On the sidelines of the meeting, two workshops have been planned viz
- G20 Workshop on Non-Pricing Policy Levers to support Sustainable Investment and
- G20 Workshop on Enabling finance for the Sustainable Development Goals.
These workshops are expected to facilitate a technical-level exchange of ideas, experiences, and know-how from experts for detailed discussions and insights on relevant topics.
The G20 Workshop on Non-Pricing Policy Levers to support Sustainable Investment is scheduled to be held on 21st March 2023. This workshop will focus on better understanding the effectiveness of non-pricing policy levers in enabling low-carbon development with due consideration for national circumstances and nationally defined development priorities. On the other hand, the G20 Workshop on Enabling finance for the Sustainable Development Goals will be held on 22nd March 2023 to build a better understanding among G20 members and strengthen policy and other recommendations towards enhanced financing for SDGs. This is the first time for the SFWG to go beyond climate-related issues and engage in dialogue for enabling enhanced financing for select SDGs primarily through nature-related data and reporting and social impact investing.
As a prelude to the Second G20 Sustainable Finance Working Group, various ‘Jan Bhagidari’ events to create awareness around India’s G20 Presidency are being organised in Udaipur between 18th to 23rd March 2023. These events include a townhall meeting for MSME entrepreneurs, a seminar on Bridging the SDGs Financing Gap: Role of Microfinance at IIM Udaipur, a conference on ‘Green Finance-A Way Forward’, digital banking education program, sessions on cyber hygiene and cyber security, G20 Financial Literacy Walkathon, Financial literacy Camp, Coin/Note Exchange Mela and awareness program by Office of the RBI Ombudsman (ORBIO), Jaipur.
A domestic side event is also being organised ahead of the 2nd SFWG meeting on “Sharing experiences on Climate Budget Tagging (CBT)” on 20th March 2023. The workshop will discuss the initiatives taken at the international and the domestic level in tagging climate-related expenditures with a view to better monitoring these activities. The event will be chaired by the Finance Secretary, of the Government of India with participation from international experts and state/central government officials.
The delegates will experience Udaipur’s rich culture and heritage through specially curated excursion visits, cultural events, and local cuisine.
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