We welcome the Sustainable Finance Working Group (SFWG) recommendations on the mechanisms to support the timely and adequate mobilisation of resources for climate finance while ensuring support for transition activities in line with country circumstances. We also recognise the significant role of public finance as an important enabler of climate actions, such as leveraging much-needed private finance through blended financial instruments, mechanisms and risk-sharing facilities to address both adaptation and mitigation efforts in a balanced manner for reaching ambitious Nationally Determined Contributions (NDCs), carbon neutrality and net-zero considering different national circumstances. We welcome the SFWG recommendations for scaling up blended finance and risk-sharing facilities, including the enhanced role of MDBs in mobilizing climate finance. We underscore the importance of maximizing the effect of concessional resources, such as those of the multilateral climate funds, to support developing countries’ implementation of the Paris Agreement and call for an ambitious second replenishment process of the Green Climate Fund for its upcoming 2024-2027 programming period We will undertake work to facilitate access to multilateral climate funds and enhance their leverage and ability to mobilize private capital. Recognizing the importance of supporting the commercialization of early-stage technologies that avoid, abate and remove greenhouse gas emissions and facilitate adaptation, we note the recommendations on financial solutions, policies, and incentives to encourage greater private flows for the rapid development, demonstration, and deployment of green and low-emission technologies. We reiterate the importance of a policy mix consisting of fiscal, market and regulatory mechanisms, including, as appropriate, the use of carbon pricing and non-pricing mechanisms and incentives toward carbon neutrality and net zero.
We endorse the multi-year G20 Technical Assistance Action Plan (TAAP) and the voluntary recommendations made to overcome data-related barriers to climate investments. We encourage the implementation of TAAP by relevant jurisdictions and stakeholders in line with the national circumstances. We look forward to reporting on the progress made in the implementation of the G20 Sustainable Finance Roadmap, which is voluntary and flexible in nature, and call for further efforts to advance the Roadmap’s recommended actions that will scale up sustainable finance, including, among others, the implementation of the Transition Finance Framework. We look forward to the 2023 G20 Sustainable Finance Report. We welcome the finalization of the sustainability and climate-related disclosure standards published by the International Sustainability Standards Board (ISSB) in June 2023, which provide the mechanisms that address proportionality and promote interoperability. It is important that flexibility, to take into account country-specific circumstances, is preserved in the implementation of those standards. When put into practice as above, those standards will help support globally comparable and reliable disclosures.
We recognise the need for increased global investments to meet our climate goals of the Paris Agreement, and to rapidly and substantially scale up investment and climate finance from billions to trillions of dollars globally from all sources. In this regard, it is essential to align all relevant financial flows with these objectives while scaling up finance, capacity building and technology transfer on voluntary and mutually agreed terms, taking into account the priorities and needs of developing countries. To achieve this, we:
i. Note the need of USD 5.8-5.9 trillion in the pre-2030 period required for developing countries, in particular for their needs to implement their NDCs, as well as the need of USD 4 trillion per year for clean energy technologies by 2030 to reach net zero emissions by 2050.
ii. We recall and reaffirm the commitment made in 2010 by the developed countries to the goal of mobilizing jointly USD 100 billion climate finance per year by 2020, and annually through 2025, to address the needs of the developing countries, in the context of meaningful mitigation action and transparency in implementation. Developed country contributors expect this goal to be met for the first time in 2023.
iii. We will work to successfully implement the decision at COP27 on funding arrangements for responding to loss and damage for assisting developing countries that are particularly vulnerable to the adverse effects of climate change, including establishing a fund. We will support the Transitional Committee established in this regard, and look forward to its recommendations on operationalization of the new funding arrangements including a fund at COP28.
iv. Call on Parties to set an ambitious, transparent and trackable New Collective Quantified Goal (NCQG) of climate finance in 2024, from a floor of USD 100 billion a year, taking into account the needs and priorities of developing countries in fulfilling the objective of the UNFCCC and implementation of the Paris Agreement.
v. Recalling para 18 of the Glasgow Climate Pact, we urge the developed countries to fulfil their commitment to at least double their collective provision of adaptation finance from 2019 levels by 2025, in the context of achieving scaled up financial resources.
vi. Call on all relevant financial institutions, such as MDBs and multilateral funds to further strengthen their efforts including by setting ambitious adaptation finance targets and announcing, where appropriate, revised and enhanced 2025 projections.
vii. Acknowledge the vital role of private climate finance in supplementing public climate finance and encourage the development of financing mechanisms such as blended finance, de-risking instruments and green bonds for projects in developing countries. Conserving, Protecting, Sustainably Using and Restoring Ecosystems.
We emphasize the importance of healthy ecosystems in addressing climate change, biodiversity loss, desertification, drought, land degradation, pollution, food insecurity and water scarcity. We commit to restoring by 2030 at least 30% of all degraded ecosystems and scaling up efforts to achieve land degradation neutrality. To achieve this, we:
i. Commit to the swift, full and effective implementation of the Kunming-Montreal Global Biodiversity Framework (GBF), and encourage others to do the same, and encourage actions to halt and reverse biodiversity loss by 2030. We also call for enhanced financial resources from all sources. To this end, we welcome the recent establishment of the Global Biodiversity Framework Fund within the Global Environment Facility (GEF).
ii. Support the G20 ambition to reduce land degradation by 50% by 2040 on a voluntary basis, as committed under the G20 Global Land Initiative (GLI) and note the discussions on the Gandhinagar Implementation Roadmap and the Gandhinagar Information Platform.
iii. Recognize that forests provide crucial ecosystem services, as well as for climate purposes acting as sinks, at the global and local levels for the environment, climate and people. We will scale up efforts to protect, conserve and sustainably manage forests and combat deforestation, in line with internationally agreed timelines, highlighting the contributions of these actions for sustainable development and taking into account the social and economic challenges of local communities and indigenous peoples. In the context of forests, we will avoid discriminatory green economic policies, consistent with WTO rules and multilateral environmental agreements. We are committed to mobilizing new and additional finance for forests from all sources, including concessional and innovative financing, in particular for developing countries. We commit to prevention and mitigation of wildfires and remediation of mining-degraded lands.
iv. Call for enhancing global cooperation and sharing of best practices on water, and welcome the deliberations at the UN 2023 Water Conference and G20 Dialogue on Water.
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