WORLD NEWS | Delegates discuss energy security, climate change at second G20 framework working group meeting

Tamil Nadu (Chennai) [India]25th March (ANI): The second meeting of the G20 Framework Working Group (FWG) under India’s G20 presidency concluded in Chennai on 25th March. During the meeting, participants discussed and agreed on the way forward for key outcomes, including on macroeconomic consequences. Food and energy insecurity, climate change and transition pathways, the G20 said in a press release.

The two-day meeting was co-chaired by V Anantha Nageswaran, Chief Economic Adviser to the Treasury, and Clare Lombardelli, Chief Economic Adviser to the UK Treasury. About 87 representatives from G20 member countries, invited parties and international organizations attended the meeting.

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As part of the Chennai side event, G20 representatives also discussed the impact of climate change. The official account of the Indian G20 presidency shared details about the meeting on Twitter, “As part of the second #FWG meeting, delegates discussed and agreed on the way forward with key deliverables, including those on food and energy Insecurity and the macroeconomic consequences of climate change and transition pathways.”

According to the G20 press release, the framework working group focuses on global macroeconomic issues and considers how to strengthen policy cooperation for strong, sustainable, balanced and inclusive growth (SSBIG).

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During the meeting in Chennai, several international organizations, including the World Bank Group (WBG), International Monetary Fund (IMF), Food and Agriculture Organization (FAO), International Energy Agency (IEA), Network for Green Financial Systems (NGFS ) ) and the Organization for Economic Co-operation and Development (OECD) provided detailed technical presentations on these issues to inform the FWG results.

Discussions on the outlook and risks for the global economy highlighted the need for continued efforts to manage global inflation and vigilance against emerging financial risks. G20 representatives discussed how food and energy prices are high in many countries, disproportionately affecting fragile states.

Discussions at the meeting also highlighted the difficult trade-offs countries face as they balance short-term energy security with long-term structural reforms to transition to clean energy, according to a press release.

Ensuring the availability and accessibility of critical minerals to facilitate a smoother transition as well as generating domestic savings to meet investment needs and boost economic growth to enable the transition were also discussed during the meeting.

During the FWG session, a panel discussion on “Macroeconomic Implications of Climate Change and Transition Pathways” was also organized in cooperation with the UAE, which will chair COP28.

The conference aims to develop a collective understanding of the challenges countries face during the climate transition and initiate a macroeconomic discussion around climate policy actions and transition pathways.

There was also an outreach program with IIT Chennai and Madras School of Economics prior to the conference. The Chief Economic Adviser interacted with students and researchers of the Indian and world economy with a focus on India’s G20 presidency in 2023.

In order for the dignitaries to experience Tamil Nadu’s rich cultural heritage and diverse cuisine, the delegates were treated to a ‘Ratri Bhoj Par Samvad’ (dinner conversation). According to the release, delegates also had the opportunity to experience Tamil Nadu’s rich cultural heritage during a tour of several landmark attractions in Chennai.

The RBI is also organizing a series of ‘Jan Bhagidari Events’. These included a financial literacy program involving multiple farmer producer organizations, farmers and self-help groups, followed by an awareness program for students, a campaign to promote digital financial inclusion among street vendors, and by building awareness among farmers to Enhancing financial inclusion for MSME entrepreneurs and exporters. (Arnie)

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