The fiscal capacity of countries in the ongoing global crisis is limitedJakarta (ANTARA) - The G20 Sustainable Finance Working Group (SFWG) is encouraging the strengthening of public and private sector synergies to improve sustainable finance to meet the goals of the 2030 Agenda and the Paris Agreement.
Wempi Saputra, expert staff for macroeconomics and international finance to the Finance Minister, made the remarks on Saturday.
He highlighted the role of the private sector in mobilizing affordable sustainable finance given the limited fiscal capacity amid the current global crisis.
"The fiscal capacity of countries in the ongoing global crisis is limited," he noted.
One effort to mobilize the private sector was the G20 Sustainable Finance Private Sector Roundtable.
At the forum, private sector players shared their thoughts about voluntary practices to help financial institutions (FIs) develop and fulfill transition plans and also create a wider supporting environment.
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The private and public sectors also discussed tools and policies to increase the access of small and medium enterprises (SMEs) to sustainable financial instruments.
Saputra said that the private sector also discussed the role of digital finance and public sector mechanisms in developing countries in increasing access to sustainable financial markets.
Furthermore, private sector representatives highlighted several potential areas of work to help accelerate the promotion of sustainable finance, he added.
Efforts to accelerate the improvement of sustainable finance cover the interoperability of the alignment approach, data availability and quality, disclosure of transition plans or transparency, and the role of the public sector in providing incentives.
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G20 is a forum consisting of the European Union and 19 countries, namely South Africa, the United States, Saudi Arabia, Argentina, Australia, Brazil, India, Indonesia, the United Kingdom, Italy, Japan, Germany, Canada, Mexico, the Republic of Korea, Russia, France, China, and Turkey.
Indonesia is holding the 2022 G20 Presidency from December 2021 until November 2022. There are two main work streams discussed at the G20, namely the Finance Track, which focuses on financial, economic, monetary, and tax issues, and the Sherpa Track, which focuses on climate change, development, trade, energy, anti-corruption, and geopolitics.
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Translator: Astrid Faidlatul H, Resinta S
Editor: Fardah Assegaf
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