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G20 restarts Sustainable Finance Study Group – March 2021

The Italian presidency of the G20 has restarted the work of the Sustainable Finance Study Group (SFSG) within the Finance track. Read announcement here.

The first meeting of the SFSG was held virtually on 26 March 2021. The Study Group’s two co-chairs are China and the United States, with support from the United Nations Development Programme (UNDP) as secretariat.

The Study Group commenced discussion on the development of a multi-year G20 Roadmap for Sustainable Finance. The roadmap is designed to present an overview of the major gaps and barriers in mobilizing sustainable finance, and to outline key actions and milestones for the consideration of G20 Members.

By the end of the Italian Presidency, the SFSG will produce a synthesis report on the progress made on the main deliverables for 2021: sustainability reporting, approaches to identify sustainable investments (“taxonomies”), and the role of international financial institutions in supporting the Paris Agreement.

All of these topics will be addressed also through high level events such as the G20 Sustainable Finance Private Sector Roundtable (May) and the G20 Venice Conference on Climate (July).

G7 Ministers highlight importance of Sustainable Finance in 2017 Communiqué

In a communique released on 12 June at the end of a two-day meeting in Bologna, hosted by Italy, G7 environment ministers – including the US – called increased sustainable financing “fundamental” to the achievement of sustainability and climate goals.

Communiqué – G7 Bologna Environment Ministers’ Meeting, Bologna, Italy, 11-12 June 2017

The UNEP Inquiry into the Design of a Sustainable Financial System presented two reports at the meeting, which were endorsed in the final communique.:

  1. Mobilizing Sustainable Finance for SMEs
  2. Financial Centres for Sustainability

International Insurance Regulators establish Sustainable Insurance Forum

In December 2016, UN Environment convened insurance regulators and supervisors from around the world to launch the Sustainable Insurance Forum for Supervisors (SIF).

SIF is a network of insurance supervisors and regulators from around the world who are working together on the sustainability challenges facing the business of insurance. It serves as a global platform for knowledge sharing, research and collective action.

The Forum is a groundbreaking initiative to strengthen insurance regulators’ understanding of and responses to sustainability challenges, as well as the opportunities for the insurance business.

The SIF is a joint initiative of the Principles for Sustainable Insurance (PSI), the global framework created by UN Environment Finance Initiative, and UN Environment’s Inquiry into the Design of a Sustainable Financial System (Inquiry).

For more info, visit