The last meeting under Brazil’s G20 presidency of the G20 Sustainable Finance Working Group ended in Rio de Janeiro. The meeting resulted in the creation of a document aimed at reforming access to environmental and climate funds, according to
Brasil 247, a partner of TV BRICS.

One of the Brazilian government’s priorities is to make it easier for the countries of the Global South to access the resources that finance projects aimed at regulating and controlling climate change. The current criteria for allocating funds are considered bureaucratic for many emerging countries.

The main multilateral organisations responsible for providing environmental funding include the Green Climate Fund, the Climate Investment Funds, the Adaptation Fund and the Global Environment Facility.

During the meeting, the group’s coordinator and undersecretary for Sustainable Development Financing at the Ministry of Finance, Ivan Oliveira, commented on the discussion agenda for the next G20 Leaders’ Summit, which will be held between 18 and 19 November 2024 in Rio de Janeiro.

“We have an implementation agenda ahead of us, but we managed to get all the G20 members to support an agenda to reform the climate finance architecture,” he said.

The Working Group aims to stimulate sustainable finance to promote the transition to greener, more resilient and inclusive economies, identifying possible institutional barriers to such finance.

Photo:
iStock