2ND G20 SUSTAINABLE FINANCE WORKING GROUP MEETING IN UDAIPUR

2ND G20 SUSTAINABLE FINANCE WORKING GROUP MEETING IN UDAIPUR   I  RACE IAS : Best IAS Coaching institute in Lucknow I Current Affairs

Why in News?

  • According to recent news, the second three-day meeting of the Sustainable Finance Working Group under the G20 chairmanship of India will be held in Udaipur, Rajasthan.

Key points:

  • Main objectives of this meeting:
  • Timely and adequate resource mobilization for climate finance;
  • Enabling Finance for the Sustainable Development Goals;
  • Capacity building of the ecosystem for financing sustainable development.
  • More than 90 delegates from G20 member states, guest countries and various international organizations will participate in the event.
  • The first meeting of the Sustainable Finance Working Group was held in Guwahati on February 2 and 3 this year, and the third and fourth meetings will be held in Mahabalipuram and Varanasi respectively.

About the Sustainable Finance Working Group:

  • The Sustainable Finance Working Group is a collaborative initiative that seeks to bring together stakeholders to advance sustainable finance practices.
  • The group aims to promote best practices, share knowledge and resources, and develop standards and guidelines for sustainable finance.
  • The meeting of this working group is attended by financial institutions, companies, regulators, civil society organizations and academia.

About G20:

  • The G20 (a group of 19 countries and the European Union) is the main forum for international economic cooperation.
  • Its members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States.
  • It plays an important role in determining and strengthening the global structure and governance on all major international economic issues.
  • India is chairing the G20 from 1 December 2022 to 30 November 2023.

Establishment of G20:

  • The G20 was established in 1999 after the Asian financial crisis as a forum for finance ministers and central bank governors to discuss global economic and financial issues.
  • In the wake of the global economic and financial crisis of 2007, the G20 was elevated to the level of Heads of State/Government, and in 2009 it was designated as the "Principal Forum for International Economic Cooperation".
  • The G20 summit is held annually under a rotating presidency.
  • Currently, G20 issues include trade, climate change, sustainable development, health, agriculture, energy, environment, climate change and anti-corruption, in addition to economic issues.

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