The third sustainable finance working group (SFWG) meeting of G20 has recently recommended supporting early-stage climate-tech startups. The group is focusing on climate mitigation, carbon capture technologies, and adapting to the changing environment. The aim is to bring out policies and financial instruments to support private capital investments in green and low carbon technologies, expand de-risking facilities and meet sustainable development goals.
Government (international economic relations) advisor to India Chair, SFWG of G20, Geetu Joshi stated that voluntary recommendations were made to bring out policies and financial instruments. These will help support private investments in green and low carbon technologies and bring necessary de-risking facilities. The primary aim of these measures is to meet sustainable development goals and achieve better outcomes.
The SFWG has finalized some key deliverables for the current year, which include mechanisms for mobilizing climate finance, scaling-up adoption of social impact investment instruments, and improving nature-related data and reporting. The G20 Technical Assistance Action Plan and the recommendation to overcome data-related barriers to climate investment for jurisdiction and relevant stakeholders are also part of deliverables.
The need to step up private finance for sustainable development goals (SDG) is also discussed in the meeting, Joshi said. The government feels that an enabling policy environment can build conducive regulatory frameworks and efficiently use fiscal resources for attracting climate investments. To support climate investments and enhance private sector financing, there is an improved understanding of data and metrics required.
Economic Advisor and India Chair of SFWG, Chandini Raina added, there is a need for governments and the private sector to work in collaboration to improve availability and access to data and for supporting climate commitments and transition plans. Cooperation on enhancing data and metrics can help support climate investments and enhance private sector financing, as well as various climate commitments and transition plans.
