We welcome the progress made on implementing the See here for a complete list of exchanges and delays. To access the communiqué and related annexures from the first 1st Finance Ministers and Central Bank Governors Meeting (22-23 February 2020), scroll down to Finance Track. Saudi Arabia assumed the G20 2020 Presidency on the 1 December 2019. Consultations for the annual G20 meeting are conducted through three tracks. Delegates worked out the compromise this weekend after Washington objected to a proposal to add “macroeconomic risk related to environmental stability” to a list of downside risks to global growth, two G20 diplomatic sources said. RIYADH (Reuters) - Finance officials from the world’s 20 biggest economies (G20) on Sunday referenced climate change in their final communique for the first time in U.S. President Donald Trump’s administration, but stopped short of calling it a major risk to the economy. To access the communiqué and related annexures from the first 1st Finance Ministers and Central Bank Governors Meeting (22-23 February 2020), scroll down to Finance Track. The communique forecasts a modest pick-up in global growth this year and next, but cites downside risks to this outlook stemming from geopolitical and remaining trade tensions and policy uncertainty. As per the G20 Leaders' commitment, a joint G20 Finance and Health Ministers meeting will be held in September 2020 to discuss progress and global gaps in pandemic preparedness and response. It will be held on 21–22 November 2020 in Riyadh, the capital city of Saudi Arabia. One of the G20 sources said it was the first time a reference to climate change had been included in a G20 finance communique during Trump’s presidency, even though it was removed from the top of the joint statement. Government discussions take place under the Finance and Sherpa Tracks. A report issued last week forecast the world’s financial services sector risks losses of up to $1 trillion if it fails to respond quickly to climate change and is hit by policy shifts such as the introduction of a carbon tax. U.S. Treasury Secretary Steven Mnuchin played down the importance of the language included, calling it a “purely factual” reference to work being done by the FSB. Following a request of Saudi Arabia's G20 Presidency, the OECD outlined measures taken by countries in its report Tax and Fiscal Policy in Response to the Coronavirus Crisis: Strengthening Confidence and Resilience. U.S. officials have resisted naming climate change as an economic risk since Trump took office in 2017. Our Standards: The Thomson Reuters Trust Principles. 1, presented during the virtual meeting of the G20 Finance Ministers and Central Bank Governors, on 15 April 2020. The G20 Agriculture and Water Ministers Meeting will take place as part of the Sherpa Track for the G20 Leaders Summit 2020, which is to be hosted by Saudi Arabia at the end of 2020. In this letter to the G20 Finance Ministers and Central Bank Governors, FSB Chair Randal K. Quarles, notes that the swift intervention of FSB members in response to the COVID pandemic helped to stabilise markets, but the path of recovery is still uncertain. In a statement after the meetings ended, Georgieva called for concerted action “to scale up climate change mitigation and adaptation.”. That passage reads: “Mobilizing sustainable finance and strengthening financial inclusion are important for global growth and stability. We the undersigned call upon the G20 Finance Ministers meeting on 18th July to urgently undertake the following steps to deliver a natural and human capital investment plan that is job-rich, future-proof, and environmentally and financially sustainable. The pandemic has triggered the deepest global recession in decades, and what may turn out to be one of the most unequal in terms of impact. The 3rd Finance Ministers and Central Bank Governors Meeting will take place as part of the Finance Track for the G20 Leaders Summit 2020, which is to be hosted by Saudi Arabia at the end of 2020.. Annexes G20 Finance Ministers and Central Bank Governors Meeting 15 April 2020 [Virtual] As G20 members we will undertake the following actions and commitments to secure strong, sustainable, balanced and inclusive growth, acknowledging that international cooperation is key to secure the recovery:. “I did not bend to pressure from the Europeans,” Mnuchin told reporters after the release of the communique, bristling at the characterization of one reporter. Sherpa Track Agriculture Anti-corruption Climate Stewardship Development Download: 2020 G20 Presidency Agenda Documents from meetings throughout the year . Concerns about the economic impact of climate change have escalated in recent years and pressure is mounting on business to accelerate the shift to a low-carbon economy ahead of United Nations climate talks in November. But several G20 sources said it marked progress toward greater recognition of the economic risks posed by climate change. The G20 Global Partnership for Financial Inclusion (GPFI) concluded its third plenary meeting on October 02, 2020, aimed to discuss the 2020 G20 Financial Inclusion Action Plan by the Saudi Presidency, which reflects the future work of the GPFI for the next three years. The International Monetary Fund included climate-related disasters in a list of risks that could derail a “highly fragile” projected recovery in the global economy in 2020. One of his first acts as president was to announce Washington’s withdrawal from the Paris climate accord. The FSB is examining the financial stability implications of climate change.”, “We welcome private sector participation and transparency in these areas.”. Saudi Arabia assumed the G20 2020 Presidency on the 1 December 2019. The final version of the communique eliminated those words from the first paragraph, leaving the only mention of climate concerns in the context of the work being done by the FSB further down in the document. Participating leaders. The climate crisis is upon us,” IMF chief Kristalina Georgieva told a conference in Riyadh on Friday ahead of the G20 talks. We recognize that the key lever in minimizing the economic disruption is to bring the spread … 15 July 2020. The G20 is the premier forum for international economic cooperation. G20 Finance Ministers and Central Bank Governors Virtual Meeting（Apr 15, 2020） G20 Finance Ministers and Central Bank Governors Meeting, Communiqué G20 Finance Ministers and Central Bank Governors Statement on COVID-19 （Mar 6, 2020） G20 Finance Ministers and Central Bank Governors Meeting, Riyadh (Feb 22-23, 2020) “We should not hide away from what is going on. The G20 (or Group of Twenty) is an international forum for the governments and central bank governors from 19 countries and the European Union (EU). Events Calendar The Saudi G20 Presidency will host more than 100 meetings throughout 2020; meetings fall under Sherpa, Finance and Engagement Groups. Download: 2020 G20 Presidency Agenda Documents from meetings throughout the year . Ministerial meetings not always held in summit host country. 18 July 2020. our next meeting in October 2020. Effective G20 Finance Ministers & Central Bank Governors Meeting . G20 finance ministers and central bankers met in the Saudi capital on Saturday and Sunday to discuss top global economic challenges, including the spread of coronavirus. WASHINGTON, July 18, 2020 - World Bank Group President David Malpass released the following remarks for today’s virtual G20 Finance Ministers and Central Bank Governors Meeting:. We remain committed to further progress on both pillars to overcome remaining differences and reaffirm our commitment to reach a global and consensus-based solution this year. Discussions related to “climate change and environmental protection” would continue at ministerial meetings and in technical groups throughout the year, he said. Reporting by Andrea Shalal and Michael Nienaber Additional reporting by Jan Strupczewksi; Editing by David Holmes, Jan Harvey and Frances Kerry. G20 Finance Ministers: How to achieve a Healthy, Just and Green Recovery . Saudi Finance Minister Mohammed al-Jadaan, hosting the meeting in Riyadh, told reporters that climate change remained a very important issue on the Saudi G20 presidency agenda and that there had been discussions related to “financial risks at large” linked to the issue. Locations in bold text indicate the meeting was concurrent with a G20 summit. The Action Plan endorsed by us will be reviewed regularly as the impact of the COVID-19 pandemic unfolds. 35 We commit to build on G20 Infrastructure efforts to increase the resilience of infrastructure against risks, including from pandemics. We will track the implementation and report on this plan, and any further updates to it, at the G20 Finance Ministers and Central Bank Governors Meeting in July 2020 and for the G20 Leaders' Summit in November 2020. It estimated that a typical climate-related natural disaster reduced growth by an average of 0.4 percentage points in the affected country the year it occurred. Consultations for the annual G20 meeting are conducted through three tracks. The G20 Finance Ministers and Central Bank Governors met virtually on Tuesday 31 March 2020 to coordinate their efforts in response to the COVID-19 pandemic and agree on a roadmap to implement the commitments made at the virtual G20 Leaders' Summit that was held on 26 March 2020 under the Saudi G20 Presidency, including: The United States blocked including climate change on a list of downside risks to global growth that had won agreement by nearly all other G20 delegates, but ultimately agreed to permit a reference to the Financial Stability Board’s work examining the implications of climate change for financial stability.