Final Finance Track deputies’ session held in Washington before ministerial meeting

On Tuesday (October 22), the deputies successfully concluded the G20 Finance Track technical negotiations. The results will be examined at the ministerial level. The session preceded the fourth meeting of Finance ministers and Central Bank presidents, which started this Wednesday (October 23) and will go on until tomorrow. Finance Track chair and Secretary of International Affairs at the Ministry of Finance, Ambassador Tatiana Rosito, headed the Brazilian delegation. According to the Ambassador, this final session represented the conclusion “of our joint efforts throughout five meetings, almost 50 technical meetings on 11 lines of work, 40 side events, and over 550 meetings held bilaterally and with co-chairs.”

“Brazil’s G20 Presidency introduced an ambitious yet attainable agenda focused on ‘building a just world and a sustainable planet’, approaching key issues such as social inclusion, combating hunger and poverty, energy transitions, and global governance reform. The Finance Track was incumbent on providing technical solutions and financial means to support these overarching objectives. As a result, we produced over 130 G20 notes, Presidential Notes, reports, and contribution documents,” added Rosito.

COP and women

Before the deputies' session, on Tuesday (22) morning, Brazilian representatives participated in a round table entitled International Sustainable Finance Architecture: Keeping the Momentum and Ambition for Delivery Between COPs. The event presented an opportunity to establish contact points between the Brazilian agenda for the G20 Finance Track and the COP that will be hosted in Brazil.

Rosito underscored that “connecting the results of the G20 with the upcoming COP 29, when we will discuss the New Collective Quantified Target, is not only a timely idea but also reaffirms our countries’ willingness to make good on our fruitful and prospective dialogs and take advantage of the G20 results. This is key to accelerate our journey towards a sustainable and resilient future.”

The secretary highlighted that the baselines for the Ministry of Finance’s international action will also be useful during the work for the COP: “The Brazilian Government and the Ministry of Finance are highly committed to combating climate change. We must jointly address the need for climate action and the imperatives of reducing poverty and inequality. In this sense, the debate held throughout our G20 presidency connects with the importance of transition plans that are believable, guaranteeing the trust of investors; robust, resisting the challenges and uncertainties; and fair and inclusive, ensuring that no one is left behind.”

During the Finance deputies’ fifth meeting, Brazil also publicized a joint statement by the G20 Presidency and the Women’s Empowerment Group of the G20 Sherpa Track advocating for the need for greater female presence in leadership spaces of international financial institutions.

The statement also defended the need for efforts to eliminate the pay difference between men and women and for the issue of gender to be taken into consideration for the formulation of transition and hunger eradication policies.