G20's sustainable finance group to work on capacity building in segment

Capacity building of the ecosystem for financing sustainable development was among the priority areas taken up for discussion in the 1st SFWG meet, Geetu Joshi, adviser, Ministry of Finance, said

India's G20 presidency
India's G20 presidency
Press Trust of India Guwahati
2 min read Last Updated : Feb 04 2023 | 12:10 PM IST

With sustainable finance being a niche sector and most still in the learning process, the Sustainable Finance Working Group (SFWG) of G20 under India's presidency will work towards capacity building in the segment by identifying requirements, efforts already in place and existing gaps, an official said.

It will then come up with recommendations on what needs to be done in specific areas and how organisations can contribute towards it, she added.

Capacity building of the ecosystem for financing sustainable development was among the priority areas taken up for discussion in the 1st SFWG meet, Geetu Joshi, adviser, Ministry of Finance (MoF), said at the end of the two-day meeting here on Friday.

She said it had been taken up because in many countries there is a lack of adequate knowledge and a scarcity of skilled professionals and workforce in sustainable finance.

There is a lack of adequate knowledge. One member country said during a session that they thought only developing countries lacked this skill, but they realised that it is a global problem, Joshi said.

Pointing out that sustainable finance is a very technical and niche area, she said, Not everybody understands it. Everybody is in the learning process. There are a lot of technical issues that need to be identified.

During one of the sessions on the topic, international organisations shared what they are putting in place and based on it, we will identify the areas first, know the demands and then complement it with supply, she said.

The SFWG will identify the requirements, efforts being made, gaps that are present and come up with recommendations for specific areas and which organisations can contribute.

"We will develop a G20 Sustainable Finance Technical Assistance Action Plan (TAAP), the official said.

A skilled workforce is always a huge asset, especially in the area of sustainable finance and forms the key to achieving Sustainable Development Goals, Joshi added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :G20 summitSustainable DevelopmentG20 Meet

First Published: Feb 04 2023 | 12:10 PM IST

Next Story