The voices of developing countries must be heard at this year’s G20 summit, Asian leaders demanded on the eve of the AVPN Global Conference which opens in Bali, Indonesia, tomorrow (June 21).
At “G20 Impact Day,” an event held in Bali for select AVPN members on the eve of the network’s Global Conference, discussions focused on priorities that the Indonesian government, host of the G20 Summit this year has identified for world leaders. to focus on.
AVPN, which brings together impact investors, policymakers, academics and others from across the Asia-Pacific region, is helping the Indonesian government advance discussions on sustainable finance and developing the potential of micro, small and medium enterprises.
As global economies are still recovering from the Covid-19 pandemic while reeling from the effects of the conflict in Ukraine, speakers stressed the need to take into account the uneven progress on key G20 themes, as well as the need to listen to developing countries.
The challenge is how we can bring back the economy – a new type of economy
“There are many aspects we need to consider during the recovery process,” said Professor Bambang Brodjonegoro, a former chief minister in the Indonesian government, now an academic and co-chair of the G20 think tank, the T20. “Recovery is not just about trying to get the economy back to what it was before the pandemic. The challenge is how we can bring back the economy – a new kind of economy.
He added that the G20 was still dominated by its members from developed countries. “We hope that by hosting the G20, we can share a vision closer to the needs of developing countries,” he said.
Raden Siliwanti (pictured), from the Indonesian Ministry of National Development Planning (Bappenas) and Co-Chair of the G20 Development Working Group, said: “The G20 should be relevant not only to its members but also to the world in as a whole, especially developing countries and small island states.
Gaping funding gap
Speakers underscored the importance of blended finance – the use of catalytic capital from public or philanthropic sources to increase private sector investment – in achieving the Sustainable Development Goals, especially since the financing gap needed to achieve the goals has expanded to approximately $4.2 billion per year. year since the pandemic.
Professor Bambang stressed that the three key priorities of the G20 – strengthening the global health architecture, digital transformation and the transition to sustainable energy – all had to be considered from the perspective of inclusion and sustainability. ‘equality. For example, the transition to sustainable energy could only be achieved globally if renewable energy became more affordable for developing countries.
We need family offices and other philanthropic organizations to catalyze blended finance and inspire others to come
“When talking about energy transition, let’s not exclude the word affordable,” he said.
Komal Sahu, AVPN’s Head of Sustainable Finance, pointed out that the main obstacle to securing more blended finance deals aimed at achieving the Sustainable Development Goals was “awareness and understanding” of it.
She urged impact investors across Asia-Pacific to play their part. “We need family offices and other philanthropic organizations to step in to do what is necessary to catalyze blended finance and to entice others to come in,” she said.
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