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Thursday, September 2, 2021
Tuesday, July 13, 2021
Press Conference by the G20 High Level Independent Panel (HLIP) Presentation of the report on financing the global commons for pandemic preparedness and response. Introductory remarks from: • Daniele Franco, Minister of Economy and Finance, Italy With the presence of the Co-chairs of the G20 HLIP: • Ngozi Okonjo-Iweala, Director General of the World Trade Organization and former Foreign and Finance Minister, Nigeria; • Tharman Shanmugaratnam, Former Deputy Prime Minister and Minister for Finance, Singapore; • Lawrence Summers, Former United States Treasury Secretary.
Saturday 10 July 2021 9.45am – 5.15pm G20 Finance Ministers and Central Bank Governors Meeting Closed-door meeting 5.30pm Giudecca Room –
G20 Presidency Press Conference With: • Daniele Franco, Minister of Economy and Finance, Italy; • Ignazio Visco, Governor of the Bank of Italy.
Sunday 11 July 2021 09.15am - 5.30pm Venice International Conference on Climate Event open to accredited journalists only. Accredited journalists can follow the event in the Media Centre or remotely. Credentials to access the event virtually will be sent one hour before the event starts to the same email address used for accreditation.
g20 finance ministers Daniele Franco Minister of Economy and Finance Italy Martin Guzman Minister of Economy Argentina Simon Birmingham Finance Minister Australia Paulo Roberto Nunes Guedes Finance Minister Brazil Chrystia Freeland Minister of Finance and Deputy Prime Minister Canada Kun Liu Minister of Finance China Bruno Le Maire Minister for the Economy and Finance France Olaf Scholz Federal Minister of Finance Germany Nirmala Sitharaman Finance Minister India Sri Mulyani Indrawati Finance Minister Indonesia Tarō Asō Finance Minister Japan Arturo Herrera Gutiérrez Finance Minister Mexico Anton Siluanov Finance Minister Russia Mohammed Al-Jadaan Finance Minister Saudi Arabia Tito Mboweni Finance Minister South Africa Nam-Ki Hong Minister of Economy and Finance Republic of Korea Lütfi Elvan Minister of Treasury and Finance Turkey Rishi Sunak Chancellor of the Exchequer UK Janet Yellen Secretary of the Treasury United States Paolo Gentiloni Commissioner for Economy European Union Andrej Šircelj Finance Minister Council of the EU (Slovenia’s Presidency)
G20 central bank governors Ignazio Visco Governor Italy Miguel A. Pesce Governor Argentina Philip Lowe Governor Australia Roberto de Oliveira Campos Neto Governor Brazil Tiff Macklem Governor Canada Gang YI Governor China Francois Villeroy De Galhau Governor France Jens Weidmann Governor Germany Shaktikanta Das Governor India Perry Warjiyo Governor Indonesia Haruhiko Kuroda Governor Japan Alejandro Diaz De Leon Governor Mexico Elvira Nabiullina Governor Russia Fahad Almubarak Governor Saudi Arabia Lesetja Kganyago Governor South Africa Juyeol Lee Governor Republic of Korea Sahap Kavcioglu Governor Turkey Andrew Bailey Governor United Kingdom Jerome H. Powell Chair United States Christine Lagarde President European Central Bank
invited ministry of finance beyond g20 José Sele Yalaghuli AU Chair and Finance Minister African Union (AU) Amin Liew Abdullah ASEAN Chair and Minister of Finance and Economy Association of Southeast Asian Nations (ASEAN) Ukur Yatani Cabinet Secretary of the Ministry of Treasury and Planning Kenia Charles Adu Boahen President’s Representative in the Ministry of Finance Ghana Uzziel Ndagijimana NEPAD Chair and Minister of Finance and Economic Planning New Partnership for Africa's Development (NEPAD) Wopke Hoekstra Finance Minister Netherlands Lawrence Wong Finance Minister Singapore Nadia Calviño Third Vice President and Minister for Economy and Digitalization Spain Ueli Maurer Finance Minister Switzerland
G20 INTERNATIONAL ORGANIZATIONS
Asian Infrastructure Investment Bank (AIIB) Jin Liqun President and Chair of the Board of Directors
Bank for International Settlements (BIS) Agustin Carstens General Manager
European Bank for Reconstruction and Development (EBRD) Odile RenaudBasso President
Financial Action Task Force (FATF) Marcus Pleyer President of Financial Action Task Force
Financial Stability Board (FSB) Randal K. Quarles Chair
Global Infrastructure Hub (GIH) Marie Lam-Frendo Chief Executive Officer
The Group of 24 Marilou Uy Director
12 G20 INTERNATIONAL ORGANIZATIONS PARTICIPANTS
High Level Independent Panel (HLIP) on financing the global commons for pandemic preparedness and response Tharman Shanmugaratnam Co-Chair High Level Independent Panel (HLIP) on financing the global commons for pandemic preparedness and response Ngozi OkonjoIweala Co-Chair
High Level Independent Panel (HLIP) on financing the global commons for pandemic preparedness and response Lawrence Summers Co-Chair
International Monetary Fund IMF Kristalina Georgieva Managing Director
International Monetary and Financial Committee (IMFC) (Chair - Sweden) Magdalena Andersson Finance Minister
Organization for Economic Co-operation and Development (OECD) Mathias Cormann Secretary General
United Nations Development Programme (UNDP) Achim Steiner Administrator
World Bank Group WBG David Malpass President
with president jin liqun aiib--- interviewer Haslinda AminSingapore linkedin …Joined February 2012 insta: @haslindatv
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aiib and amundi cbi - climate bonds initiative
For climate change. President jin of the Asian infrastructure Investment Bank, it's committed to being a green Bank. President always good to have you with us.
Thank you very much. I'm very happy to see you and answer your questions. First up, president Jin, you attended the just concluded, G20 meeting. Climate was among the top of its agenda for the first time, G20 members, recognize carbon pricing as a climate tool. Is it a game changer, you think? R.
we are being hit by the very ferocious storm starting from last night. So we are really in the midst of the impact of the climate change and all the last three nights. I was involved in the G20 meetings focused on the climate change, mitigation adaptation and the transition to low carbon.
Economy as you know there's some discussions with regard to the carbon Taxation and pricing. I also made some comments on this because you see this is very much important and to mitigate the climate change by reducing the emissions. And moving quickly to Net, Zero is very much important and in this regard and carbon Taxation and carbon prIcing are considered one of the
Measures to deal with that. So I think this is a very important initiative, of course, it will take some time for Sovereign governments to reach consensus, so that they will be very good carbon market and Taxation. And also I think this would be very important to incentivize the private sector
we in aiib families are watching this very closely. And if this this International agreement of this, I do believe International financial institutions should follow
Looks good on paper.
Jin how much Global coordination is there? so far as the MDBs are concerned, I think we have worked very closely together as a team we in aiib have worked with the World Bank ,ADB particularly and working with other institutions to Enhance investment in climate change mitigation adaptation. L in 2020, there is about sixty six billion dollars provided by the mdbs along with the co-financing from the private sector of 85 billion dollars. A total about over a hundred fifty billion dollars of the resources are allocated for climate change mitigation and adaptation. So this is quire a big amount but I think is not enough so far as adaptation is needed Asia. As you know, stands at the Gap of 70 billion dollars a year. So lots remains to be done. So there's cooperation among MDB's and cooperation between mdbs and the private sector.
Its not just about mitigation is also about adaptation. The pandemic has provided an opportunity to look at things differently. Resources have been reallocated from energy, intensive sectors to Greener sectors like health care. How can we build on that Asian countries are faced with a dual challenge of recovery from the pandemic and also to sustain economy in the countries which are highly indebted. In our view, it is very much important for many countries to deal with the both, in my view, climate change, mitigation adaptation and growth are not mutually exclusive indeed, they are mutually enhancing based on very good policies.
At this moment, it is very much important to ramp up efforts to contain the pandemic which is still raging with the new variants but with the vaccines rolling out, I think probably before the end of this year or early next year we can basically bring the pandemic under control and the next issue is how to sustain economy recover from the pandemic. So I think in Emerging from the pandemic, The Human Society should be well advised to pay more attention to improve the ecosystem for the economic development and Environmental Protection. How should we look at developing green and sectors? Like renewables.
That is key because of the insatiable appetite for energy. And looking at human capital to support such cleaner sectors. Of course. It's very important for us to improve the quality of the human resources at this moment. Our focus is on the Health Care System. Health Care system is considered one of the productive, sectors and only healthy Nation can be productive. So I think it's appropriate to allocate certain amount of resources for Health Care system, which a really a big challenge for number of countries in Asia wITH Healthcare deficit. But education is also important. We at this moment do not allocate resources for education but I think our resource allocation for healthcare can help the government to allocate their own resources for education and education should be catered for with new development, the high-tech and in digital era. As you know the Industrial Revolution warmed up the planet and now the Technological Revolution must reverse the trend. And, we need to cool with the planet down to pre-industrial level, but all this involves, I think high-tech and basically education.
Aiib has said that 50% of its financing will be directed towards climate change by 2025, where are you on this and talk to us about some of the innovative solutions that you're looking at? How can technology and digital infrastructure be the answer to the 21st century green development. At this moment, we have already 45% of the financing for climate change. And by 2025,
50% of the approved for climate change mitigation and adaptation. There are various ways to achieve that objective. First of all, it's very much important for us to mobilize private sector resources because as you know our resources are very limited and when we do infrastructure projects we make it we want to make sure that Infrastructure projects be done in an environmentally benign way. It will not increase emission on the contrary it should reduce emission and we also have some very Innovative approaches. As you know, we have investing climate resilience Partners a private Equity Fund, to mobilize the private resources to bring Climate technology.
Member countries. This is the way we work with the private sector and also, we have launched two portfolios under the sustainable Capital marketing initiative. One is the well receive ESG portfolio with amundi as our asset manager and the other is Asia, climate Bond portfolio with amundi as the asset manager and actually ataiib the climate changing.
framework. I announced our bank, would not do any coal based plants. And we will not do any projects which are related to coal. I made that very much clear in the meeting. As, you know, this is aiib among the CBI climate change, Investment framework is very much important. It is to translate the key Objectives of Paris agreement iIn two fundamental metrics to assess the issues level of alignment with climate change, mitigation adaptation and transition to Net Zero. And all these efforts are very, very important for the climate change, mitigation. And that also indicates that aiibis the very creative and Innovative in doing everything possible to leverage our resources for that purpose. You talked about the need To collaborate with a private sector to mobilize private Capital. This has been the case for a very long time. Can you give us perhaps even anecdotal evidence as to how much progress has been made? I mean to get their investment more in line with the Paris agreement. You see, the progress is very obvious as I indicated in our efforts, we find very enthusiastic partners.
The private sector to work with us. I can see a heightened awareness of the importance of the investment in this on the part of the climate investors. We also know strong sense of social responsibility demonstrated by the private sector companies is very important for their reputation for the ability to raise capital in the market. And nowadays.
If the private sector, is only focused on making money to the neglect of the climate change impact. I don't think they will be welcomed. And so you see, I would say, broadly speaking, the heightened awareness of promoting climate change mitigation and adaptation it's really the consciousness of the private sector. So we have no difficulty working with them and Also, as you see,
It is very important for all of the asoan members of our bank, to create enabling environment for the private sector to enhance the investment. That's why I said propitious that the G7 says it will end overseas funding for coal.
Is that all enough to force, a shift to clean energy and or is there a chance that some of Asia May pivot or look towards the likes of Korea for those fundings? You see the Asian country are faced with the challenge? Because it's the populous region and Full poverty reduction programs imply, increased demand for energy because as more people are lifted out of poverty, they need a more decent life and they need more energy. So it's really a very big Challenge and while the mdbs Are allocating resoure For that purpose is still not a very much and insufficient so we need to do a lot of things. Promoting Renewables is important and in our view to improve Energy Efficiency is also very important. You know, you simply cannot produce energy without looking atthe efficiency side, and in this regard, Mass transition systems in Asian Metropolis is Very important and I would say they are lots of things these countries need to do with the support of the model of our Banks and and other institutions. So the challenges is there, the consensus is that right? I'm just wondering if there's one step that needs to be taken one. Would that be? Because the likes of the US China. India, they're set to burn more coal this year than ever. There's been an unrelenting called demand pushing prices. Prices to record levels.
The big economies. I think certainly have a big responsibility as I said during the G20 meeting. And when I was asked about the Chinese government's program and I would say China is a big country with a large population, starting from a very low development point and this ambitious objective of achieving carbon peeking by 2030 and carbon neutrality by 2060
This is ambitious but given the track record of China, you can believe if the government is committed to do something, they would do it. What India is going to do. It is I think important in terms of the demonstration effect when countries like China and India with lots of challenges facing them can still.
Try to achieve the objective. That should be a huge incentive to other countries to do the same.President Jin, Always great to have you with us. Thank you so much for your insights today.