G20 commitments on sustainable finance


G20 Environment, reunited in Naples, has approved a "Communiqué" with the strategies to apply with regards to sustainable finance, marine litter, a net of Unesco environmental experts (a network which was wanted by Italy), an appeal for the protection and the restoration of the degraded soils, a sustainable water management, committing itself to pursuing equitable access to drinking water.

The commitments made by the G20 Environment revolve around three macro themes:

  • Biodiversity, protection of natural capital and restoration of ecosystems (nature-based solutions, protection and restoration of soil, protection of water resources, oceans and seas including marine plastic litter).
  • Efficient use of resources and circular economy (G20 vision on circular economy with focus on textiles and sustainable fashion; circular cities; education and training).
  • Sustainable finance (focus on specific financing needs for the protection and restoration of ecosystems as a contribution to the G20 work on the future form of the global financial system).

As far as biodiversity is concerned, the Agreement provides for the full use of nature-based solutions or ecosystem-based approaches to address biodiversity loss, restore degraded land, increase resilience, prevent, mitigate and adapt to climate change, while providing multiple benefits in the economic, social and environmental fields. In addition, the role of nature-based solutions or ecosystem-based approaches is increasingly recognised in economic sectors and in all ecosystems, including urban areas, for a sustainable and environmentally sound development horizon that ensures social inclusion, protection and preservation of the environment at the same time.

The G20 also addressed the circular economy, with a commitment to strengthen multilateral cooperation in circular innovation. It aims to reduce the environmental footprint and to double the circularity of materials with a voluntary target to be achieved by 2030. This represents a real contribution to achieving SDG 12- Ensuring sustainable patterns of production and consumption.

In order to pursue sustainable finance, the G20 decided to strengthen investments in natural capital activities, to promote synergies between climate finance flows, to biodiversity and ecosystems and to align investments towards sustainable development and growth. In particular, through work on a multiannual roadmap on sustainable finance carried out by the G20’s Sustainable Finance Working Group.

Environment and health