Green Finance
About the G20 and B20
In September 2016 China hosted its first G20 summit in Hangzhou, bringing together 20 global heads of state to discuss economic and financial issues, as well as global governance and pressing current events.
One of the key groups supporting the conference is the Business 20 (B20), which convenes more than 1,000 business leaders. In 2016 they provided advice on working towards an innovative, invigorated, interconnected and inclusive world economy.
PwC’s role
PwC took the role of knowledge partner of the Financial Growth Task Force of the B20. This involved providing in-depth support in the discussions to identify the barriers to financial growth and provide practical recommendations to overcome them. PwC was responsible for gathering and synthesising these valuable discussions into an easy and accessible report which was shared with the G20.
Key recommendations for green growth
One of the key recommendations was linked to the development of green finance - a rapidly emerging market that refers to the financial investment in projects which generate environmental benefits, such as energy efficiency or renewable energy. To grow this market, the task force identified policy recommendations for the G20 in the following areas:
- Creating incentives and lowering the financial costs of green investments.
- Developing green standards and encouraging disclosure and reporting on investment impacts.
- Building institutional capacity and knowledge through an international platform.
- Encouraging or rewarding those financial institutions taking actions to measure climate, environmental and social risks.
These recommendations were reflected in the final G20 communications and in recent policy updates from around the world, including China’s comprehensive green finance strategy.
Click here to visit China’s G20 summit web page and here to find out more details about the Financial Growth Task force’s recommendations.
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