“We cannot afford to let financing gaps translate into a sustainable development gap,” said Ajay Seth, secretary, Department of Economic Affairs on Friday while mentioning that the Indian G20 Presidency has made “concerted efforts” to scale up sustainable finance.
Seth was speaking at the 2nd Voice of Global South Summit.
Seth said that in line with the Paris Agreement and Agenda 2030, the G20 has developed recommendations for mobilising finance for climate action and sustainable development goals (SDGs).
He reiterated that the Indian presidency strongly advocated strengthening Multilateral Development Banks (MDBs) to secure continued and sustainable access to low-cost concessional finance for low-income and middle-income countries.
“The (G20 Independent) Expert Group also made comprehensive recommendations on mobilising private finance. The implementation of these recommendations by MDBs within their respective governance frameworks can significantly enhance their strength in addressing various financing challenges,” Seth said.