Monday, Aug 15, 2022

Leaders Underline Climate Change At G20 Finance Ministers and Central Bank Governors Meeting

Indonesia's Finance Minister Sri Mulyani Indrawati has said that G20 members should proactively react in addressing climate change

Due to Global Warming, Earth Lost 28 Trillion Tonnes Of Ice From 1994 To 2017 Representational Image/Unsplash

Opening the first G20 Finance Ministers and Central Bank Governors (FMCBG) virtual meeting in Jakarta, Indonesia's Finance Minister Sri Mulyani Indrawati remarked that G20 members should proactively react in addressing climate change. She said that the issue poses a greater threat than the Covid-19 pandemic.

Xinhua news agency, quoted the minister saying that "the G20 Financial Track should be a momentum to find exit strategies for the global economic recovery in the post-pandemic era and make efforts to recover better and faster, and climate change is one important issue worth heeding."

The G20 is an intergovernmental forum comprising 19 countries and the European Union. As a member of the G20, India is also participating in the meeting. On the occasion, Indonesian economist and FM Indrawati asked the G20 countries to be committed to reducing carbon emissions and finding ways to support sustainable financing and investment that can help reinforce green energy.

"Our commitments are needed to hold up the energy transition. Therefore, cooperation and collaborations among the countries to address this issue are important," the minister added. According to her Indonesia has been on the track to accelerate energy transition to support the global low carbon economy.

"To realise the green energy, we should also talk about the international financing resources and open more opportunities for private investment," Indrawati stated. 

 Perry Warjiyo, who is Governor of Bank Indonesia, the country's central bank, expressed that climate change and natural disasters have become threats to the global economy as they could create environmental crises.

During the two-day meeting, issues like exit strategies to accelerate economic recovery, financing systems in the digital era, sustainable financing, financial inclusion, and international taxation will be discussed by leaders, thinkers, and experts from 20 nations.