G20 finance meeting on climate

G20 finance meeting on climate in Venice made “significant progress”

Business News

International Monetary Fund Managing Director Kristalina Georgieva praises Venice and the diplomacy of Italian Economy Minister Daniele Franco and Bank of Italy Governor Ignazio VIsco at G20 meeting.

The IMF number one spoke to Ansa news agency following three days of meetings in the lagoon city last week.

She praised Italy’s presidency of G20 and the city of Venice for its MOSE flood barrier.

“You should be truly proud of the choice of Venice, which embodied the spirit of demonstrating both the threat of climate change and the technological breakthroughs that can help combat global warming”, Georgieva told ANSA in an interview.

“I had never been to a meeting at which practically every session, in one way or another, touched on the future of the climate,” she continued. She hailed the “significant progress” made in the fight against climate change.

“We saw a much more coherent and far-sighted commitment from finance ministers and (central bank) governors on climate change”.

Sustainable Finance Working Group restart

Georgieva said the steps forward taken included “the importance of a comprehensive policy approach” and the progress on ‘disclosure’ of climate risk exposure by financial intermediaries, with the central banks on the front line.

She also mentioned the decision to restart the Sustainable Finance Working Group which brings together both the U.S. and China as co-chairs.

“I was highly impressed by the performance of the Italian G20 presidency in bringing countries together, with the diversity of interests of the G20, to address risks, going from the climate crisis to the pandemic, and to make the most of opportunities and the desire to restart.”   

Leave a Reply