Working together with allies in the G7 such as the UK, France, Germany, and the USA, the Italian Presidency can use the G20 to advance strategic global agendas relating to finance and climate, to generate global benefits for people, planet, and prosperity.
Representing approximately 80% of global emissions and over 70% of global GDP, the G20 will be key to tackling multiple crises together for worldwide recovery from unprecedented threats. Whether the Paris Agreement is successful depends on the sustainability of historic G20 recovery investments from 2021-22 and on initiation of structural reforms to financial systems.
Additionally, as a main forum for international economic cooperation, the G20 must address poorer country fiscal space constraints while driving a global investment push in sustainable recovery.
Three priority agendas for the G20 around finance and climate must be:
- Assuring investment and fiscal space for sustainable recovery – A new development paradigm for prosperity by global recovery can mitigate scarring and catastrophic social impacts, protecting the 2030 Agenda of SDGs
- Greening recovery spending by the G20 – Shifting spending is essential to ensuring that economic recovery choices respect planetary boundaries and preserve feasibility of the Paris Agreement
- Reforming the financial system for sustainability – Initializing a broad suite of financial reforms will be vital to ensuring sustainability, resilience, and prosperity in the long-term