G20 Finance Ministers and Central Bank Governors Meeting 2024

The G20 meetings serve as a checkpoint on L&D Fund development work.

G20 governments agree on the need for a set of principles to guide on when debt-for-climate swaps are appropriate, based on country and regional contexts.

Working group with key treasuries (G20, MDB) including IIF on private creditors, with legal expertise.

Publication of an overview of fossil fuel subsidies.

South Africa, as next G20 president, agrees to center the South Africa JET-P in its G20 ambition plans.

Countries discuss regional overlaps and ways to complement emissions reductions across the G20.

Country-led platforms are a key topic of discussion.

As key shareholders, the G20 governments discuss MDB risk appetite. The Sustainable Finance Working Group examines the global climate finance funds to provide similar recommendations on improving fund volume and efficacy.

Domestic financial markets are a key discussion points, with G20 members discussing their role in de-risking investments and creating enabling policies.

Global Shield is significantly advanced in structuring and announcements.

Successes from the existing taxonomies (both developed economies like the EU and emerging markets and developing economies) are shared.

As the EU carbon removal certification is operationalized, lessons learned are shared with the wider group.