G-20 Recognizes Need for Increased Climate Financing

g20logo7 November 2009: The Group of Twenty (G-20) Finance Ministers and Central Bank Governors met in St. Andrews, UK, on 6-7 November 2009, to discuss climate financing, among other issues.

In the resulting Communiqué, the G-20 recognizes the need to increase significantly and urgently the scale and predictability of finance to implement an ambitious international agreement on climate change, and to establish coordinated equitable, transparent and effective institutional arrangements. The leaders also note that public finance can leverage significant private investment, and that increasing the scope of carbon markets would depend on policy frameworks of developed and developing countries and on the depth of emission reductions on the part of developed countries. Leaders commit to take forward further work on climate change finance, to define financing options and institutional arrangements. [The Communiqué]