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Strengthening G20 agenda for energy transition
The G20 aims to generate consensus on global fundraising efforts to finance energy transitions.
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Green energy target: A worker inspects solar panels on top of the Energy and Mineral Resources Ministry Electricity Directorate General’s office in Jakarta. The government has issued a regulation on renewable energy and energy conservation that sets a 23 percent renewable energy target for the country’s energy mix. (JP/Dhoni Setiawan)
The Indonesian presidency of the Group of 20 has been on fire. The first Finance Ministers and Central Bank Governors of G20 Countries (FMCBG) meeting just finished in Jakarta last week, resulting in a communiqué that stipulates several important issues.
The first point is how to strengthen the global health architecture in dealing with and overcoming the impact of the C0VID-19 pandemic. Many countries have experienced economic contractions and have yet to recover. The discussion produced several recommendations to overcome post-pandemic problems.
The second point is regarding sustainable finance. The world is currently facing a climate change crisis. This challenge can be addressed by formulating policies in the field of sustainable finance to create credible actions, especially in the effort to make an energy transition into renewable, cleaner, greener and environmentally friendly energy sources.
The third point deals with sustainable infrastructure development, as well as encouraging private sector participation. The fourth point is regarding international taxation, including agreements on digital tax mechanisms and global minimum taxes as an effort to avoid tax practices from taxpayers.
The fifth concerns the condition of poor and developing countries that are in debt. For this reason, global cooperation from creditors is needed to provide funding space for these countries to recover.
The sixth is regarding the global financial sector reform and the increasing variation of currencies used for trade and investment. This issue was formulated to support the resilience of developing countries to overcome a global spillover.
One of the efforts made is to strengthen and expand payment digitization and promote easy, fast and inexpensive transactions. The aim of this point is to increase financial inclusion in the development of retail trade and support micro, small and medium enterprises (MSME), especially women and youths.
