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Mainstreaming sustainability and global cooperation will need reforms on the global financial system

28. Februar 2022 - 10:06

Mainstreaming Sustainability and Global Cooperation will Need
Reforms on the Global Financial System

JAKARTA, 21 FEBRUARY 2022. G20 has always been a forum that recognizes the
importance of collective action and inclusive collaboration among major developed and
emerging economies worldwide. Inclusive collaboration is now needed more than ever as the
world is recovering from the pandemic and facing the imminent threat of climate change.
The T20 Indonesia, through the T20 Inception Conference, held on 9-10 February 2022,
aimed to provide discussions that will help several key agendas, including mainstreaming
sustainability and global cooperation and recovery agenda. The conference, titled “Realizing
Inclusive Recovery from the COVID-19 Pandemic”, will provide this specific discussion on
the session titled “Mainstreaming Sustainability and Global Cooperation in Recovery
Agenda” by inviting Mari Elka Pangestu (Managing Director of Development Policy and
Partnerships, World Bank) and Jeffrey Sachs (Director, Center for Sustainable
Development, Columbia University) to share their remarks. The session was chaired by
Paolo Magri (Chair, T20 Italy).

Magri opened the session by sharing the key question that the session wanted to answer:
how international cooperation could support a sustainable and inclusive recovery. “The
recovery is already with us, as reflected in 5.5 percent global GDP growth in 2021, the highest
in 50 years. (This is) an impressive rebound from the carving-induced recession but, as we all
know, a shaky and unequal one.” said Magri. He further echoes the warning that the United
Nations have shared that the recovery effort might lose its steam as poorer countries bear
higher costs and widen inequalities. “Two major risks arose. First, SDGs may be harder to be
met, and secondly, a new financial crisis may severely hit poor countries and their ability to
adapt to climate change,” warned Magri.

Global Financial System Needs to Be Inclusive and Not Backward-Looking

The session continued with an opening remark by Jeffrey Sachs. He opened the session by
explaining how to enhance sustainable investment and global development cooperation in
times of the COVID-19 pandemic recovery. “We need to increase the financial flows to the
half of the world that is not accessing the financial system. So we need to be realistic about
what has been happening even before COVID. We were far off-track of financing the energy
transformation, climate adaptation, and sustainable development goals.” said Sachs. He
argued that the current financial system has been unable to optimize sufficient sources for
inclusive development efforts fully. “It requires a re-conceptualization that looks forward in
understanding what is financial, creditworthy, and growth-oriented. Currently, the credit
system is backward-looking. If you are poor, you are punished.” argued Sachs.

In his remark, he also outlined that the efforts made by the US, China, and the EU through
their global infrastructure funding initiatives should not be a form of expressing competition
between each other but a form of collaboration in enabling sufficient funds for renewable
energy. Furthermore, he also emphasized the importance of multilateral development banks
(MDBs) and other development banks and institutions in supporting the energy transition
effort. Lastly, he urged the G20 forum to help unlock market financing by reconceptualizing
debt sustainability.

Crowding in Necessary Investment in Sustainable Growth and Development would Require
a Vast, Differentiated, and Integrated Investment Approach

Mari Pangestu continued the session by sharing how to turn the major socio-economic
challenges currently facing the world into an opportunity for more sustainable and inclusive
growth and development and how MDBs play a role in such an effort. In responding to this
issue, Pangestu stated, “We have these twin agendas, not just recovering the development
gains but also we have the climate crisis at the same time. We need to not just do a business
as usual in a way that we design the policies for recovery growth and development, we need
to understand the interlinkages between people, planet, and the economy”. Pangestu
continued by outlining several key steps that need urgent action. “(Most importantly), we
need to deal with the health issue, which is to promote fast and fair vaccine rollout,
especially in the developing countries. MDBs, through the multilateral task force between the
World Bank, WTO, WHO, and the IMF, to make sure that the rollout of these vaccines can
happen. But countries have to be ready to receive the vaccines, so there’s a whole program
that needs to be done on both supply and demand side.” explained Pangestu.
She continued by answering how to drive a strong investment push to all necessary efforts
to achieve sustainable development. She explained that the required cost to achieve green,
resilient, and inclusive growth and development is huge as these will require physical capital,
human capital, and natural capital investment. “All of these (needs) requires vast investment,
whether it’s in investing in human capital or a climate and development integrated approach.
My final message is that investments need to be integrated between domestic and
international elements. Domestically, countries have to develop a policy framework and
institutional strengthening that will be necessary to target the poor and climate matters. The
issue is to get the prices right. Second, the role of development and concessional finance,
they need to be expanded to support investment and mitigate associated risks.” added
Pangestu. She closed her remark by encouraging G20 and T20 participants to consider the
blended financing scheme and look at this scheme holistically with the objective of
differentiated investment and sourcing needs, both to be executed in an integrated platform
of green resilient and inclusive growth and development.

For full coverage of the event, please watch our recorded live stream on Youtube:

The post Mainstreaming sustainability and global cooperation will need reforms on the global financial system appeared first on G20 Insights.

Kategorien: english, Ticker

G20 needs to provide inclusive energy system to accelerate global energy transition

28. Februar 2022 - 10:02

G20 Needs to Provide Inclusive Energy System to Accelerate Global
Energy Transition

JAKARTA, 21 FEBRUARY 2022. G20 member countries accounted for about 75% of global
energy demand. Therefore, the G20 countries have a big responsibility and strategic role in
encouraging the use of clean energy. As the G20 is expected to reach a mutual agreement in
accelerating the global energy transition, the T20, as the official engagement group of G20,
has the opportunity to encourage the world’s collective efforts in realizing policies to
accelerate global economic recovery inclusively.

Through the T20 Inception Conference, the Think20 aims to provide such discussion under
one of the plenary sessions, titled “Accelerating Energy Transition – Raising Climate Target.”
This session was chaired by Moekti Handayani Soejachmoen (Kuki) as the chair of Task
Force 3 of T20 Indonesia 2022 and invited lists of panelists such as Gauri Singh (Deputy
Director-General, International Renewable Energy Agency (IRENA)), Tetsushi Sonobe (Dean
and CEO, Asian Development Bank Institute (ADBI)), Frank Jotzo (Task Force 3 Co-Chair, T20
Indonesia), and Dennis Snower (President, Global Solution Initiatives, Germany).

G20 Plays an Essential Roles in Accelerating Energy Transition Agenda

G20 member countries are expected to have a strategic position to encourage the energy
transition. When opening the session, Soejachmoen mentioned that the G20 is expected to
reach a mutual agreement in accelerating the global energy transition. “G20 has a strategic
role in promoting the use of clean energy, as the G20 is expected to reach a mutual
agreement in accelerating the global energy transition and strengthening the sustainable
global energy system,” said Soejachmoen.

The session continued with a keynote speech delivered by Gauri Singh. She emphasized the
importance of having an inclusive energy system to support the energy transition in her
remarks. “We must build a new energy system, a cleaner system (that is) focused on the
principles of inclusive sustainable and equitable growth. A greener system that liberates us
from the volatility and instability that has long characterized the energy economy. Indonesia
has an opportunity through its presidency not only to bring world leaders and
decision-makers together but to show energy transition leadership through its actions,” said

Furthermore, Singh also stated that the G20 as an inclusive platform, for both developed and
developing countries, could also accelerate green growth to support economic recovery. “We
believe (that) there is room for us to do more. The energy transition centered around
renewables has the power to address the overwhelming share of carbon emission efficiently
and cost-effectively,” added Singh.

Addressing Climate Agenda Should Enable Cross-Country Collaboration and Efforts to
Formulate Socially Acceptable Policies

The session continued with a panelist discussion. Frank Jotzo, Dennis Snower, and Tetsushi
Sonobe shared their thoughts about several key questions on accelerating the energy
transition. As we are all aware, there have been longstanding conversations on whether
countries need to slow down their development progress to reduce greenhouse gas
emissions (GHG emissions). Jotzo disapproved of such a proposal as he stated, “There is no
conflict anymore between the goals of development economic growth and a clean economic
system.” Jotzo further emphasized that affordable clean energy is the single critical factor
that will allow the world to achieve an ambitious climate change mitigation and drive the
energy transition to low carbon. “Investment in clean energy is increasingly understood not
as a brake on the economy, but as a motor of economic growth. An enormously large
investment is needed to get to the low carbon-low emission system of the future. That large
investment (is needed) upfront,” added Jotzo.

Afterward, Snower emphasized how important it is to make a socially acceptable climate
policy. He stated that climate action is often not socially acceptable because it hurts the
poorest consumers most and endangers people’s jobs in the carbon-intensive industry.
“Green energy has become much cheaper, and its investment will create a lot of jobs, but the
losers in the transitions will not automatically become the winners. So, I think we should be
very cognizant of the history that we have had over the past decades,” said Snower.
Furthermore, he added that international cooperation plays a significant role in creating
socially acceptable climate policies. “Advanced countries providing technology transfers and
financial support, the developing countries contribute much more actively to climate action;
that, in combination with making climate action socially acceptable, I think would be the right
framework for carbon pricing,” he added.

The discussion then continued to the contradiction of energy access with the energy price.
Sonobe mentioned that access to clean energy is indispensable to improving the quality of
life and sustaining economic development, especially in low-income countries. As clean
energy is still perceived as expensive for low-income countries, it is essential to find ways to
make clean energy comfortable. Echoing Jotzo and Snower, Sonobe stated that the key to
achieving such a goal is technology utilization, international cooperation, and policy
coordination. “Local carbon energy transition and the eradication of energy poverty are, in a
sense, contradictory with each other, but they should be and can be compatible with each
other,” he concluded.

For full coverage of the event, please watch our recorded live stream on Youtube:

The post G20 needs to provide inclusive energy system to accelerate global energy transition appeared first on G20 Insights.

Kategorien: english, Ticker

G20 should address challenges in the digital transformation to enable new emerging markets to bloom in the future

28. Februar 2022 - 10:00

G20 Should Address Challenges in the Digital Transformation to Enable
New Emerging Markets to Bloom in the Future

JAKARTA, 21 FEBRUARY 2022. Digital technology has accelerated growth and development
in various industries, particularly during the COVID-19 pandemic. Digital disruption eventually
exposes the digital gap, especially in terms of internet connectivity or availability of people’s
digital skills and literacy and cross-border data usage. The digitalization issue is one of the
catalysts in the G20 Indonesia presidency. Several priorities that will be discussed in the G20
are also in line with the T20 priorities.

Through the T20 Inception Conference, held on 9-10 February 2022, Think 20 aims to
discuss this issue under one of the plenary sessions, titled “Optimizing Digital
Transformation for Sustainable and Inclusive Growth”. This session was chaired by Suhono
Harso Supangkat as the Lead Co-Chair of Task Force 2 of T20 Indonesia 2022 and invited
lists of panellists, such as Richard Baldwin (Professor of International Economics, Graduate
Institute of International and Development Studies), Fukunari Kimura (Chief Economist,
Economic Research Institute for ASEAN and East Asia (ERIA) and Professor, Faculty of
Economics, Keio University), Junseok Hwang (Seoul National University, Professor,
International Technology Professional Program (ITPP), Technology Management,
Economics, and Policy Program (TEMEP), Director, Global R&DB Center (GRC)), and Barbara
Navarro (Head of Government Affairs and Public Policy, Google Cloud APAC).

Changes to the Role of Services and Migration Might Suggest New Emerging Markets in the

Supangkat opened the session by mentioning one of the G20 priorities: to make equal
access to connectivity and digitalization to the people around the world to enable faster
recovery and better agility to digitalization. “(We need to) promote equal access to
connectivity and digitalization, develop digitally skilled communities, and encourage
continuous global collective effort in dealing with the COVID-19 pandemic. The world can
recover together quickly and recover stronger and smarter in digital terms,” said Supangkat.
The session continued with a keynote speech delivered by Richard Baldwin. In his remarks,
he mentioned that telemigration creates opportunities for emerging markets, and digital
technology enables the export of services. “Digital technology is opening up the ability to
export services directly without people leaving (their place) and has played an important part
in the development stories of countries like Philippines, India, or Costa Rica. My proposition
of this speech is that this will spread wider,” said Baldwin. The key to telemigration was
digital technology; people will work in one nation and the other teams in different countries.
The COVID-19 pandemic also makes the quickening effects of doing telemigration. “The key
of telemigration is Digitech, (which) makes it possible, and the enormous wage gaps make it
profitable. In essence, globalization is always about arbitrage over relative prices; whenever
relative prices differ, firms are incentivized to make stuff in one place and sell it in another.
Arbitrage in goods has eliminated the largest differences in goods prices across the world,
but there still exists enormous relative wage differences, which will drive the arbitrage,”
added Baldwin.

Furthermore, Baldwin also stated the implications for emerging markets could create the
service trade growing faster than good trades by using the Digitech. Another advantage was
a low cost-labour. “Digitech will allow emerging markets to export their advantage directly.
Emerging markets competitive advantage is low-cost labour adjusted for quality, another
conjecture time zones will matter more for trade in services telemigration than it does for
trading goods,” said Baldwin.

Addressing the Challenges of Digital Transformation, Human Capital and Digital Literacy for
G20 Common Framework of Digital Transformation

The session continued with a panel discussion. Fukunari Kimura, Junseok Hwang, and
Barbara Navarro shared their thoughts about several key questions related to digital
transformation for sustainable and inclusive growth.
The challenges of digital transformation are applied in multiple layers, from private sectors to
communities. However, on the other hand, digital transformation is needed to enhance
productivity. “Digital transformation means that digital technology will penetrate the whole
economy, enhance the productivity of existing industries and also at the same time generate
new businesses, and in the end, improve people’s welfare,” said Kimura. Furthermore, G20
countries need to emphasize the security and policy environment to protect and make sure
the small players benefit from trade liberalization. “We have a bunch of smaller platforms and
also platform users; those are small players. When we talk about policies, certainly we don’t
have any context of policy to afford enough support; those are small players. Small players
can get a lot of benefits from the giant players, but sometimes we have to protect small
players from abuse of market power and other things,” added Kimura.

Afterwards, issues related to users’ connectivity and capability are also critical issues in
complex digital transformation. “There are three dimensions in the digital divide. The first is
geographical, such as urban rules. The second is industrial, which can utilize the digital
technology multinational process of local firms, especially on the issue of a large firm versus
MSMEs since we have a big gap over there. The third dimension is societal. The capability of
users of digital technology is also important,” added Hwang. In accordance with the
capability of users, there are a couple of challenges with human capital, digital literacy, and
education. Ever since the COVID-19 pandemic, the number of new internet users has grown
faster and bigger. “One is educating new users and why this is a challenge since the speed of
how much people are getting online in the Southeast Asia region had an increase of 40
million new internet users in 2020. For the first time following the pandemic, we need to
ensure that those people are educated and benefit from the internet economy. Second,
equipping the new digital workforce as we see a shortage of technical talent. Therefore, now
you need to learn, re-learn, and re-skill yourself,” added Navarro.

The discussion then continued to issues related to investment in education and development
efforts of a balanced regulatory ecosystem that enable private and public collaboration to
enhance digital transformation. “As more companies go through the digital transformation,
they will be more important to ensure that they operate in a protected environment. There are
three main security models. The first is extending the zero trans security model. The second
is securing the sovereign supply chain. The third is that we need to invest more in people to
develop specialist security skills on security engineers that develop products and services to
be more secure,” added Navarro.

For full coverage of the event, please watch our recorded live stream on Youtube:

The post G20 should address challenges in the digital transformation to enable new emerging markets to bloom in the future appeared first on G20 Insights.

Kategorien: english, Ticker

Preventing future health emergencies through global health

28. Februar 2022 - 9:54

Preventing Future Health Emergencies through Global Health
Architecture and Financing

JAKARTA, 21 FEBRUARY 2022. The COVID-19 pandemic has been the biggest challenge to
the global community since the 1940s. Today, as global communities are overcoming the
COVID-19 pandemic altogether, new conversations emerged that primarily focus on building
a more robust international health architecture that will protect future generations. The future
possibility of other pandemic incidence and other major health emergencies might be left
with no single government or multilateral agency that can address this threat alone. Such a
landscape is needed as we are urged to be better prepared to predict, prevent, detect, assess,
and effectively respond to pandemics in a highly coordinated manner.

Through the T20 Inception Conference, the Think20 aims to provide such discussion under
one of the plenary sessions, titled “Global Health Architecture and Financing .” This session
was chaired by Hasbullah Thabrany as the Lead Co-Chair of Task Force 6 of T20 Indonesia
2022 and invited lists of panelists, such as Budi Gunadi Sadikin (Minister of Health, Republic
of Indonesia), Rifat Atun (Professor of Global Health Systems, Harvard University), Vera
Songwe (United Nations Under-Secretary-General and Executive Secretary of the Economic
Commission for Africa (ECA)), and Sachin Chaturvedi (Director General, Research and
Information System for Developing Countries (RIS)).

When opening the session, Thabrany mentioned that the G20 is expected to strengthen the
global health architecture and finance together to build a more resilient world. “We need to
strengthen the global health architecture and to finance together to build a world that is more
resilient to the pandemic and future shock. The resources must include vaccines, drugs,
medical devices, and health workers ready to be deployed to face the health crisis. In
addition, the process of restructuring the architecture of global health resilient must be
inclusive and adhere to principal of solidarity, justice, transparency, and equity.” said

The session continued with a keynote speech delivered by Budi Gunadi Sadikin. In his
speech, he emphasized that the Indonesia G20 Presidency is committed to three priorities in
the health sector. “First, we encourage countries to build a global health systems resilience
by synergizing financial and essential health resources mobilization and global surveillance
enhancement by sharing genomic data through a platform to respond to the current and
future global health threats. Second, Indonesia proposes that we can harmonize the global
health protocols standards, as people and their mobility have been faster than ever. Third,
Indonesia also would like to propose that we expand and redistribute equally global
manufacturing health and global resources health for pandemic prevention, preparedness,
and response. We need to expand the global manufacturing capacities of health products,
particularly for vaccines, therapeutics, and diagnostic and personal protective equipment,”
said Sadikin.

Furthermore, Sadikin also stated that as a health leader and part of the global community, we
need to strengthen our cooperation by building our capacity and systems to ensure that the
world learns the lesson of the COVID-19 pandemic. “We must come together as a global
community for peaceful cooperations that extend beyond this crisis, building our capacity
and systems and require a sustain political, financial, and societal commitment over many
years. Only by investing in what matters, we can minimize the social-economic impact of the
future pandemic,” added Sadikin.

Addressing The Global Losses and Pressing Challenges from COVID-19 Pandemic to
Reform the Global Health Architecture and Financing

The session continued with a panelist discussion, where Budi Gunadi Sadikin, Rifat Atun,
Vera Songwe, and Sachin Chaturvedi shared their thoughts about several key questions
related to accelerating global health architecture and financing. The economic losses are
huge for countries and current and future generations, but there is also a huge cost of
COVID-19 on health systems. Atun stated, “Recent estimates on the economic losses
amount more than 12.5 trillion according to latest estimates by IMF losses to 2024. There’s
going to be a large number of large amounts of losses into the future, including
intergenerational effects of the COVID-19.”. The COVIDd-19 pandemic has also increased
poverty around the world, particularly in Africa, Songwe stated, “We also saw a huge increase
in poverty. We estimate that over 70 million more people fell into poverty during the year
2021 due to the COVID-19 pandemic, particularly because of job losses and because
economists just contracted. We did not have enough safety net. As the ILO has shown, only
17% of the African countries have safety net programs that can keep people out of poverty,”
said Songwe.

Afterward, Chaturvedi emphasized how important it is to create resilient health
infrastructure. He stated that digitalization could create interconnected health infrastructure
and support systems for fiscal and monetary policies. “India has created a new allocation
going to teach forward the idea of digitalization of health sector for digital infrastructure
trying to focus on physical and social infrastructure interconnected trying to create MSMEs
and supporting system to both fiscal and monetary policies,” said Chaturvedi. Furthermore,
he added the global approach for materials availability and the importance of sharing
production and exporting the vaccines to developing countries. As we can see, many
countries are struggling to face the COVID-19 pandemic. Atun also mentioned investing in
the development as a strong digital assistance response, and the system needs to function
as a whole and be integrated. “The critically important message in terms of response is that
the system needs to function as a whole, not just on health care component but also on the
organization of the public health systems, the availability of financing and additional
resources, and delivery of services that were targeted to manage the COVID-19 pandemic
and also other conditions,” added Atun.

The discussion then continued to the reforming systems of health architecture and
financing. Sadikin mentioned six strategies to reform healthcare in Indonesia that can be
proposed globally as the President of G20. “First, reform on the primary care. Second, reform
the healthcare systems. Third, reform the healthcare resiliences to ensure the
pharmaceutical, therapeutic, and diagnostic—fourth, health care financing systems. Fifth,
reform the human healthcare resources. Sixth or last is the reform on the healthcare
information technology,” said Sadikin. The G20 under Indonesia’s presidency is expected to
play a leading role in the development of this global upward for pandemics, not just for
preparedness but also for response and resilience with the inclusive process and integrated
and multi-sectoral approach. “We need to change our mindset and give the huge impact of
the COVID-19, we should stop seeing health care as a cost; we must see it as a real
investment that benefits individuals, communities, societies, and economies. A critically
important investment and for this G20 should push for a one-off financing plan to build
health systems that enable them to be prepared, responsive, and resilient to the next wave of
pandemics,” added Atun.

For full coverage of the event, please watch our recorded live stream on Youtube:

The post Preventing future health emergencies through global health appeared first on G20 Insights.

Kategorien: english, Ticker

Providing ways to address recovery and achieve sustainable development through inclusive global participation

28. Februar 2022 - 9:50

Press Release of T20 Inception Conference:
Providing ways to address recovery and achieve sustainable development through inclusive global participation

JAKARTA, 21 FEBRUARY 2022. On the heels of the Handover Ceremony of the T20 presidency from Italy to Indonesia, the T20 Indonesia hosted the Inception Conference as an opening meeting for think tanks and research institutes. The T20 Inception Conference, held on 9-10 February 2022, aimed to provide discussions that will help to guide policy innovations during Indonesia’s G20 presidency. The conference, titled “Realizing Inclusive Recovery from the COVID-19 Pandemic”, was intended to address priority areas – ranging from climate change to digital transition, from social cohesion to growth and financial stability, in which all of them are aligned with the G20 priority issues.

The T20 Inception Conference invited prominent speakers worldwide from renowned think tanks, international development organizations, and government representatives. Several key figures shared their time to deliver keynote speeches, including Bambang P.S. Brodjonegoro and Djisman Simandjuntak (Lead Co-Chairs of T20 Indonesia), Retno L.P. Marsudi (Minister of Foreign Affairs, Indonesia), Mari Elka Pangestu (Managing Director of Development Policy and Partnerships, World Bank), Jeffrey Sachs (Director, Center for Sustainable Development, Columbia University), Budi Gunadi Sadikin (Minister of Health, Indonesia), Richard Baldwin (Professor of International Economics, Graduate Institute, Geneva), Achim Steiner (Administrator, UNDP), Gauri Singh (Deputy Director-General, IRENA), Raden Edi Prio Pambudi and Wempi Saputra (G20 Indonesia), and H.E. Ambassador Abhay Thakur (G20 India Sous Sherpa).

T20 Could Encourage More Inclusive Participation from Emerging Countries to Provide Global Solutions

Bambang Brodjonegoro opened the conference focusing on progressing global economic recovery. “Global economic recovery is on track, albeit at a more moderate phase than initially anticipated due to the resurgence of COVID-19 in many parts of the world,” said Brodjonegoro. As countries worldwide are transitioning to the recovery states, he argued that global coordination is needed to formulate exit policy strategies. “In the past, the exit policy agenda was the domain of the advanced economies, especially following the 2007-2008 global financial crisis. The unwinding of stimulus policies during the global COVID-19 pandemic crisis will necessitate a much wider international and domestic policy coordination within and between the advanced and the emerging market,” added Bambang. He encouraged increased active participation from emerging countries to ensure that working global policy initiatives being shaped could be considered just and fair and could be accepted by all governments. “As the official engagement of the G20, T20 on its 10th anniversary is committed to putting its best in ensuring the objectivity and inclusivity of policy recommendation,” Brodjonegoro concluded.
Furthermore, Retno Marsudi continued her keynote speech. Aligned with Brodjonegoro, Marsudi emphasized the contribution of T20 to the policymaking processes that happened in the previous G20 summits. “Over the past decade, T20 has contributed to the work of G20 by serving as a repository of ideas and providing research-based policy recommendations. As an open and independent forum, T20 has a bird’s eye view, those able to offer bold and innovative solutions to global challenges,” said Marsudi. Marsudi added that the G20 needs to create impactful measures through concrete and implementable policy advice. “Advises from T20 are critical to achieving meaningful results in three priority sectors under Indonesia’s presidency,” added Marsudi.

Embedding Climate Challenges to SDGs Could Help Tackling Climate Financing Gap

The need to allocate sufficient resources to combat climate change effectively to significantly reduce emissions while also promoting immediate development objectives has become more urgent to achieve. In this regard, Achim Steiner shared his view on his keynote speech on the 2nd day of the Inception Conference. Achim opened his remarks by emphasizing that countries worldwide are seeking to secure critical financing for climate action and sustainable development. “In the midst of an enormous socio-economic crisis following the pandemic, securing such critical financing are enormous challenges,” said Steiner. Steiner explained that uneven recovery efforts worldwide had become another hurdle that global players need to face. “While high-income countries are envisaging their recovery already in terms of what comes next, for much of the developing world, the economic outlook, particularly in 2022, remains bleak, and therefore, any discussions about financing have to begin by facing that,” added Steiner. He further recalled that the financing gap between advanced and developing economies become wider as he stated, “The financing gap to achieve the sustainable development goals has now risen to an estimated USD 4.2 trillion annually, and the developing economies are estimated to experience a USD 700 billion drop in external private financing.” He further encouraged global communities to be a part of global green and inclusive recovery. He believed such efforts are pre-conditional and intrinsic to limiting global warming to 1.5-degree celsius. “That leads me to argue that we need to embed the challenge of climate change in the broader achievement of all the SDGs, and it asks of all of us to broaden our lens from that narrow focus on just decarbonizing development to trying to find a way, in which the development through decarbonization becomes a driver for both recovery in the short-term but also the longer-term transition,” concluded Steiner.

G20 and T20 Way Forward

At the end of the last day of the T20 Inception Conference, representatives from T20 Indonesia, represented by Djisman Simandjuntak, G20 Indonesia, represented by Raden Edi Prio Pambudi and Wempi Saputra, and a representative from G20 India, designated by H.E. Ambassador Abhay Thakur delivered their concluding remarks. Pambudi opened the session by encouraging T20 and other engagement groups to endorse practical solutions, translate concepts into actions, and implement impactful results for G20. “G20 must continue to build a constructive partnership with international institutions, civil societies, scientists, businesses, great unions, and academia, including experts. This partnership will be a force for the G20 to generate legitimacy,” said Pambudi. Saputra continued by echoing a similar message to Achim Steiner. “Sustainable finance is critical to a green resilient and inclusive global economic recovery and the achievement of the 2030 Paris Agreement and SDGs. I welcome and support the T20 process that will bring discussions on sustainable development and accelerating energy transition,” said Saputra. Simandjuntak continued by sharing his desired policy changes proposal under his recommendations to G20. He viewed that the COVID-19 pandemic has resulted in a disruptive manner that requires significant policy changes. “The recommendations that we create from the T20 forums have to be focused and include pleasant surprises, concrete, and coherent. (Our policy recommendations) also need to be attractive for government, international institutions, (and) private sectors. It needs to be sequenced timely. The most important thing is that it needs to be delivered,” said Simandjuntak. He closed his remarks by reassuring T20 commitment to positively contributing to the long-overdue global reset. Lastly, H.E. Thakur closed the session by delivering his remarks. “For the G20 to be more effective in addressing current and future global challenges, it is crucial that new thinking, more ideas, and new imagination and greater openness be integrated into the G20 debates and discussions. In this regard, think tanks have a significant role in bringing forth the voices of the various pertinent global issues facing the world,” Thakur suggested. He believed that the T20 would enable a platform that pools ideas from pluralistic and interdisciplinary, as well as diverse perspectives, would continue to enrich negotiations among G20 leaders. “It is heartening to see that the number of institutions participating in the T20 has also gone up,” added Thakur.

For full coverage of the event, please watch our recorded live stream on Youtube:
Day 1:
Day 2:

The post Providing ways to address recovery and achieve sustainable development through inclusive global participation appeared first on G20 Insights.

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The Global Solutions Summit 2022 is a T20 Indonesia associated event

11. Februar 2022 - 12:10

The Global Solutions Summit 2022 has been recognized as an associated event by Think20 Indonesia under its G20 presidency. The Summit 2022 aims to support the T20 and G20 by bringing together top researchers, policymakers, business leaders, and civil society representatives in a renowned global problem-solving process.

The policy recommendations of the T20 Indonesia focus on sustainable investment, climate target and energy transition, food security, social cohesion, global health and economic recovery and the global cooperation for the SDGs financing. Please find the Task Forces of the T20 Indonesia here.

The next Global Solutions Summit will be a hybrid event that will take place on March 28th and 29th, 2022, at the ESMT Berlin, and digitally. The central concept is “Listen to the world: Promoting social well-being within planetary boundaries”. It will focus on the following areas: Economic transformation, political and governance transformation, environmental transformation, and health and social transformation.

For more information, please visit and

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