G20 Bali Summit week begins with B20 and official launch of $1.4b Pandemic Fund

Shri Jayant Sinha, member of India's parliament and former Minister of State for Finance, delivered the closing remarks during Sunday's side event on blended finance.

Blended finance refers to the mobilization of both public and corporate funding to attain socio-economic development goals. Blended finance is the focus of the Tri Hita Karana (THK) Forum on Sustainable Development.

Sinha said India is working on "innovative financial instruments (that can) drive significant investment in climate finance". He noted that decarbonization would need international collaboration and "very substantial amounts of capital". He estimated that India's climate financing alone would need $100 billion each year.

"There are various estimates which imply that the Global South is going to require trillion dollars annually (for) climate finance. Now, this is certainly not going to come from governments. It's certainly not going to come from multilateral development banks or development finance institutions," he said.

Sinha said unless such funds can be mobilized, "we are not going to be able to decarbonize in the Global South".

On Nov 12, the Environmental, Social, and Governance (ESG) Framework and Manual for government support and facilities in infrastructure financing was launched. This initiative is the first ESG policy established by the Indonesian Ministry of Finance in infrastructure financing.

The implementation of the ESG is a concrete deliverable of the infrastructure agenda of the Indonesian Presidency related to sustainable infrastructure and Quality Infrastructure Investments, according to the ministry.