Further, F20 appreciates the decision to establish the Sustainable Finance Working Group (SFWG) at the G20 and the intend to promote globally consistent, comparable and reliable climate-related financial disclosures.
Much is still to do, because many concrete concepts, plans and steps to phase out coal, stop fossil fuel subsidies or protect 30% of the world’s oceans and forests by 2030 are only ‘welcomed’ or ‘recognized’ by the concluding communiqué of the G20. This now needs to be converted into concrete action and national and international implementation plans. The Indonesian G20 Presidency starting in December should be in resonance and work closely with the upcoming German Presidency of the Group of Seven, which we consider as a subgroup of the G20. Such cooperation could have enormous potential to accelerate urgently needed climate actions.
The Foundations Platform F20 is an alliance of more than 70 foundations and philanthropic organisations from the G20 countries. The platform aims to further gather momentum to implement the 2030 Agenda via the 17 Sustainable Development Goals (SDGs) and support the Paris Climate Agreement in order to build bridges between different stakeholders, including the private and financial sector, politics and civil society. In total, the foundations represent a capital in the double-digit billion range (US dollars).