2nd G20 Sustainable Finance Working Group meeting begins in Udaipur

Tags: Summits National News

The 2nd Sustainable Finance Working Group (SFWG) meeting under India's G20 chairmanship began in Udaipur, Rajasthan and will last for three days.

An Overview of the News

• The focus of the meeting is to identify relevant policies and best practices for mobilising sustainable finance to help ensure global growth and stability.

• Two workshops were organised during the meeting, namely Non-pricing policy levers to support sustainable investment and efficient finance for the Sustainable Development Goals.

• More than 90 delegates from G20 member states, guest countries and various international organisations participated in the event.

• The first meeting of the Sustainable Finance Working Group (SFWG) was held in Guwahati on February 2 and 3 this year, and the third and fourth meetings will be held in Mahabalipuram and Varanasi, respectively.

About the Sustainable Finance Working Group (SFWG)

• Sustainable Finance Working Groups are collaborative initiatives that bring together stakeholders to advance sustainable finance practices.

• They aim to promote best practices, share knowledge and resources, and develop standards and guidelines for sustainable finance.

• Members may include financial institutions, companies, regulators, civil society organisations and academia.

• Examples of sustainable finance working groups include the United Nations Principles for Responsible Investment (PRI), the Sustainable Accounting Standards Board (SASB) and the Network for Greening the Financial System (NGFS).

About the G20

• The G20 (Group of Twenty) is an international forum consisting of 19 countries and the European Union, representing the world's major economies.

• Its members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.

• It is an international forum of the world's leading economies, established in 1999, and its primary objective is to promote international financial stability and sustainable economic growth.

• The G20 serves as a forum to discuss and coordinate policies related to a wide range of economic and financial issues such as trade, investment, employment, energy and climate change.