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SUSTAINABLE FINANCES
G20 Sustainable Finance Working Group reaches consensus: “Brasil meets 100% of its goals during the group's presidency”
All the objectives proposed by the Brazilian presidency were achieved at a technical meeting of the group held in Rio de Janeiro. Facilitating access to funding for climate finance and the adoption of principles for a just transition that proposes social justice were among the highlights.
The four Brazilian priorities for the Sustainable Finance Working Group obtained consensus from the G20 countries during the meeting, which took place on September 9th and 10th in Rio de Janeiro. The meeting discussed and consolidated the progress made during Brasil's presidency throughout the year and the document will be part of the final declaration by the leaders of the world's largest economies. The Deputy Secretary for Sustainable Development Finance at the Ministry of Finance, Ivan Oliveira, and the Deputy Head of the Central Bank of Brasil's International Relations Department, Cyntia Azevedo, presented an assessment of the priorities established and implemented by Brasil.
Ivan discussed the results, highlighting the intense work throughout the year and the importance of meeting the planned goals. "Those who accompanied us throughout the year are aware that we got here after a lot of joint work at the G20, it was a collaborative effort. The good news is that we have achieved 100% of what we planned for this group in Brazil's presidency,” stated the Undersecretary.
The first priority discussed was facilitating access to climate funding. Oliveira highlighted the independent report prepared by a group of experts and presented it during the meeting. This document is supported by the G20 and proposes a set of recommendations to simplify access and improve the global climate finance architecture. "This priority marks an important advance in supporting developing countries," added Oliveira.
The first priority discussed was facilitating access to climate funding. Oliveira highlighted the independent report prepared by a group of experts and presented it during the meeting. This document is supported by the G20 and proposes a set of recommendations to simplify access and improve the global climate finance architecture. "This priority marks an important advance in supporting developing countries," added Oliveira.
The second priority addressed the principles of a just and robust transition, emphasizing the integration of social justice into energy and sustainable transition plans. “We were able to include vital recommendations to ensure the transition is socially inclusive, aligning sustainable development and social equity,” he explained.
The third priority addresses the issue of sustainability in reporting practices. According to Oliveira, connecting this theme to the just transition was essential. "Creating clear guidelines for sustainability reporting is essential to ensure transparency and responsibility," he said. The goal is for both large corporations and small and medium-sized enterprises (SMEs) to adopt standards that reflect their sustainable practices.
The fourth priority focused on solutions based on nature and culture. Through 12 case studies, the group has identified innovative financial instruments that can be replicated in developing countries. "We have developed a toolbox with instruments that can be adapted to different local contexts," Oliveira added.
Overcoming global challenges on the sustainability agenda
Cyntia Azevedo detailed the importance of sustainability reporting, especially for SMEs. “We recognize that there is a significant technical challenge in implementing these reports, not just in Brasil, but globally. Many countries share the same difficulties and the report has provided recommendations for overcoming them,” she said.
Azevedo pointed out that the need for technical training was a central theme during the discussions. Sharing experiences between countries and international organizations, one of the pillars of the G20, was regarded as essential for advancing this agenda. “One of the most enriching moments was the event to check the action plan for technical assistance, where several countries presented initiatives that could inspire other members,” she highlighted.
The WG coordinators stressed that the negotiation process for finalizing the documents is challenging, but the consensus reached is proof of the group's success. "Coming to the end of a meeting with consensual documents is really a feeling of great success," celebrated Cyntia Azevedo.
Brasil’s G20 Presidency still has a long way to go until the official closure, but the results already achieved are an essential milestone. Advancing the sustainable finance agenda reaffirms Brasil's commitment to global sustainable development and creating a more equitable and resilient future.