G20 Supports Reform Of Climate Funds

(MENAFN- Brazil-Arab News Agency (ANBA)) Rio de Janeiro – The G20 Sustainable Finance Working Group (SFWG) concluded its final meeting under Brazilian presidency on Wednesday (10) at an event held in Rio de Janeiro. According to the group's coordinators, the main deliverable is a report with recommendations for reforming environmental and climate funds. The document was commissioned by the Working Group to experts in the field.

Streamlining access for the so-called Global South to funds has always been a priority for Brazil. Currently, four multilateral mechanisms finance most projects aimed at combating the climate crisis: the Green Climate Fund, Climate Investment Funds, Adaptation Fund, and Global Environment Facility.

The criteria for obtaining resources from these funds are considered bureaucratic and difficult by most Global South countries, which Brazil hopes will change following the G20 meetings.

“We prioritize using the political capital of the G20 to drive a transformation of the world's major climate and environmental funds. What we have achieved here is not trivial. We have an implementation agenda ahead, but we have managed to get all G20 members to support a reform agenda for the climate finance architecture,” said Ivan Oliveira, coordinator of the group and Undersecretary for Sustainable Development Finance at Brazil's Ministry of Finance.

“This strongly connects with a solidarity agenda in President Lula's foreign policy. It's a substantial achievement with the potential to unlock the system, so that the billions of dollars allocated to these funds actually reach the countries in need, more quickly and effectively,” Oliveira added.

G20 Sustainable Finance Working Group

The Sustainable Finance Working Group was created to mobilize sustainable finance as a means of ensuring global growth and stability. The idea is to promote transitions to greener, more resilient, and inclusive societies and economies. The group's mission is to identify institutional and market barriers to these finances.

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Translated by Guilherme Miranda

Fernando Frazão/Agência Brasil

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