G20 in Bali : Commission and Indonesian G20 Presidency co-hosted event on financial dimension of climate mitigation policies

On 16 July, in the margins of the G20 finance ministers and central bank governors meeting in Bali, Indonesia, the Commission and the Indonesian G20 Presidency co-hosted a high-level policy breakfast on ‘’Climate Mitigation Policies: Where Do We Stand?”. Co-chaired by Commissioner for the Economy Paolo Gentiloni and Indonesia’s Finance Minister Sri Mulyani, the meeting discussed policy experiences with tackling the urgent threat of climate change. The Intergovernmental Panel on Climate Change (IPCC), the IMF and the OECD steered the debate, providing participants with a brief overview of their ongoing work on climate mitigation. A panel composed of G20 emerging and advanced economies then discussed the wide range of policy measures undertaken or planned at the national level to address climate change. The high-level breakfast discussion allowed G20 Finance Ministers and Central Bank Governors to share best practices and national experiences, including on domestic incentives for sustainable investment and measures in support of a just and affordable transition towards climate-resilient economies. This event provided the link between the G20 Leaders commitments from Rome and the forthcoming COP27, by firmly anchoring climate issues into the G20 finance track agenda, in the pursuit of a more coordinated approach on global climate mitigation.