The authors recommend that the G20 target innovative green-technology SMEs as an opportunity to promote financial de-risking while addressing Paris Agreement commitments and UN Sustainable Development Goals. This should be achieved by creating signals for private investors through: (1) a reporting system that can help monitor the scale-up of green-technology SMEs; (2) the use of public funds to signal innovative green-technology SMEs to investors; and (3) the inclusion of SMEs in the design of green finance platforms. By implementing these recommendations, the G20 will ensure that innovative, low-carbon SMEs become attractive, low(er)-risk investment opportunities for the private sector.(Published as Global Solutions Paper) JEL O31 Q55 Q58 E60
The authors propose a policy package of low-carbon growth stimulation through a steep increase in sustainable infrastructure, mobilizing sustainable finance, and adoption of carbon pricing to simultaneously achieve the objectives of the Paris Agreement and the Sustainable Development Goals.(Published as Global Solutions Paper) JEL D62 E62 H21 H22
Green fiscal reforms would contribute to climate change mitigation, increase the economic efficiency of national tax systems and provide additional public revenues. Some countries in Latin America have already taken first steps towards green fiscal reforms. This outlook article provides an overview of the major challenges for the successful implementation of such reforms and discusses how they could be overcome.
→ There was no consensus on climaterelated financial risk at the Group of Twenty (G20) meeting of central bankers and finance ministers in March 2017, and the final communiqué did not mention climate change or the Paris Agreement. US President Donald Trump has since announced his intention to withdraw from the Paris Agreement; therefore, the phase I report from the Task Force on Climate-related Financial Risk Disclosures (TCFD) may not be welcomed at the G20 summit in July. → As a result, G20 finance ministers must assure governance of this agenda through interconnected national high-level expert groups. → Canada's financial institutions including asset owners and asset managers have the capacity to move swiftly to contribute to a platform for international collaboration on climate-related financial risk and green finance opportunities.
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