GUWAHATI: The first meeting of the Sustainable Finance Working Group (SFWG) under G20, which was held in Guwahati recently, concluded with a decision to develop a G20 Sustainable Finance Technical Assistance Action Plan (TAAP).
This would include identification and analysis of existing capacitybuilding activities and skill gaps in sustainable finance. The meeting, which took place on February 2-3, discussed mobilising sustainable finance to help ensure global growth and stability. SFWG aims to promote the transition towards greener, more resilient, and inclusive societies and economies.
Human-centric model
In his inaugural address Sarbananda Sonowal, Union Minister of Ayush and Minister of Ports, Shipping and Waterways, praised India’s “pro-planet” and human-centric model of conservation of nature. Explaining the role of traditional medicine in a sustainable future he said, “The aim is to channel India’s ancient wisdom and traditional knowledge, and capitalize on it to pave the way for a sustainable future”.During the meeting three priority areas were discussed: mechanism of timely and adequate resources for climate finance; enabling finance for sustainable development goals and capacity building of the ecosystem for financing towards sustainable development.
Capacity building
Based on this, SFWG would give recommendations for international organisations, multilateral development banks, international NGOs, and governments on how to scale up capacity-building services and explore ways to form a global network for sustainable finance capacity building.
The meeting was attended in person by 95 delegates from G20 member countries, 10 invitee countries and 14 international organisations like. These discussions will set the stage for the first G20 Finance Ministers and Central Bank Governors meeting under the Indian presidency, to be held on February 24-25 in Bengaluru.
