The G20 brings together the world’s major economies. Collectively, they account for more than 80% of world GDP. Annual priorities are set by the Presidency, which rotates between member states each year. Through different thematic working groups, the G20 discusses the most pressing global issues and builds consensus on ways forward.
The Development Working Group (DWG) is tasked with implementing the G20 Development Agenda and is the custodian of the G20 2030 Action Plan for Sustainable Development. At the start of 2021, the DWG commissioned UNDP’s Sustainable Finance Hub to carry out a stocktake of INFF progress made to date.
Looking across the key issues of ownership, targeted impact and alignment, UNDP identified five ways the G20 DWG members could support INFFs:
- Investing in knowledge exchange, technical assistance and training for INFFs;
- Aligning international support for INFFs;
- Engaging constituencies to support INFFs;
- Prioritising the integration of economic, social and environmental sustainability within INFFs; and
- Tracking trends in international support.
The DWG members used these recommendations to shape this voluntary framework of support for INFFs, which was endorsed by the G20 at the Rome Summit in October 2021. This marked a significant step forward for global support of INFFs: the Leaders’ Declaration sets a de facto agenda for collective action in the year to come.