CHENNAI: The third sustainable finance working group (SFWG) meeting of G20 has recommended supporting early-stage climate-tech startups, focusing on climate mitigation, carbon capture technologies and adaptation to the changing environment.
Interacting with the media persons in Mahabalipuram on Wednesday, Geetu Joshi, advisor to the government (international economic relations) and India Chair, SFWG of G20 said voluntary recommendations were made to bring out policies and financial instruments to support private capital investments in green and low carbon technologies and expand de-risking facilities.
The SFWG has finalised key deliverables for the current year which include mechanisms for mobilisation of climate finance, scaling-up adoption of social impact investment instruments and improving nature-related data and reporting, according to senior officials of the Union Government.
“G20 Technical Assistance Action Plan and the recommendation made to jurisdiction and relevant stakeholders in overcoming data-related barriers to climate investment are also part of deliverables,” she added. Responding to a question, she replied that traditionally social sectors have been financed by countries and the need to step up private finance for sustainable development goals (SDG) is also discussed in the meeting. Conducive regulatory frameworks and efficient use of fiscal resources is necessary for creating an enabling policy environment for attracting climate investments, a release from the government read.
Improved understanding of data and metrics is required to support climate investments and enhance private sector financing, Chandini Raina, Economic Advisor and India Chair of SFWG, G20 said. There is a need for governments, and the private sector to work in collaboration to improve availability and access to data and for supporting climate commitments and transition plans, she added.