The Indonesian Presidency G20 Global Briefing Report Review.

Page 1





INDONESIA groupofnations . COM
AN_205111_070223 People. Planet. Paint. We deliver the sustainable and innovative solutions that our customers, communities –and the planet – are increasingly relying on.


Connecting more flavours than any other airline.

GROUPOFNATIONS.COM 06 GLOBAL BRIEFING REPORT CONTENTS 10 MESSAGE 14 Liechtenstein Bankers Association 18 Kestone 22 AkzoNobel 104 Ampere Cloud 110 Jarvis College 124 Brunnback Water 126 Myanmar 140 Uniplat 134 CHARTING A SUSTAINABLE AND INCLUSIVE FUTURE India’s G20 Presidency 12 MESSAGE 64 SPECIAL FEATURE G20 Strategic Talk Series. New Era Bali Kerthi 138 MESSAGE Working Towards a Successful G7 Hiroshima Summit 26 G20 Presidency Chair’s Summary 120 DELIVERING SUSTAINABILITY The real Question is How? 28 Planning for Success for a Leaders’ Summit 130 MESSAGE Closing Session Remarks of G20 Bali Summit 2022 30 Four Priorities to Unlock Private Investment in a Sustainable Infrastructure 132 STARTUP 20 Engagement Group 54 G20 COMMUNIQUE Finance Ministers and Central Bank Governors Meeting 132 India’s G20 Presidency is Symbolic of its Rising Global Influence BRANDED STORIES ADVERTISERS INDEX LEAD FEATURE 02 AkzoNobel 04 Turkish Airlines 07 Brunnback Water 09 Group of Nations 16 Kestone 21 Middle East Institute 34 Global Infrastructure Hub 39 45 CPA Canada 53 CG Create 63 Sun Siyam Resorts 101 Northwestern University 102 Issuu 119 Globus Relief 128 Turtle Island Fiji 144 Uniplat 146 Global Blended Finance Alliance , 36 G20 BALI LEADERS’ DECLARATION
ARSjad Rasjid Chairman of the Indonesian Chamber of Commerce and Industry (KADIN Indonesia) and Host of B20
Shinta W. Kamdani Chair of B20 Indonesia


Kalium: 2 mg/l Kalcium: 30-33 mg/l Magnesium: 3,4-3,7 mg/l Natrium 6,5-7,0 mg/l

Alkalinitet: 71-87 mg/l Flourid: 0,46-0,67 mg/l Klorid: 15-16 mg/l pH 7,8

@Brunnbäck Sweden Natural Mineral Water org. 559365-3693 °

BRUNNBÄCK SWEDEN Natural Mineral Water Carbonated Water 500 ml


Dear Readers

Are you up to date on the latest international advancements from G20?

Our 14th Global Briefing Report Review is a comprehensive look into the outcomes and discussions made by the Indonesian Presidency of G20. We provide an in-depth review of the Summit that will give you insight into how it’ll influence global affairs in the future. On top of that, we are excited to share information about upcoming summits throughout the year at and with our newly launched Podcast show.

Stay informed with our Summit at so that you can catch everything necessary! Stay ahead of global affairs by understanding what happened during Indonesia’s tenure as G20 President and stay Summit on any new developments related to this organization worldwide.

Discover what topics are being discussed for the upcoming 18th G20 Heads of State & Government Summit in Delhi on 9th-10th September 2023. With our exclusive report reviewing these critical events, you can ensure you never fall behind. You can share your company’s story on how you are providing solutions to some of the world challenges we face today.

We are excited to publish the first-ever COP Global Briefing Report Review, which will be out later in the year. You can go to and see the official website and sign up for the issue. After 27 years of publishing these Summit bespoke publications, we can not thank our knowledge partners enough who believe in the work and share these Global Briefing Reports amongst their networks.

I hope you enjoy it, and please remember to go to and sign up for your free issue.

Copyright 2022 the CAT Company All rights reserved. The G7/G20/B20 Publication is a product of CAT Company. No part of this publication can be reproduced without written consent of the publisher Chris Atkins and the CAT Company. All trademarks that appear in this publication are the property of the respective owners. Any and all companies featured in this publication are contacted by CAT Company to provide advertising and/or services. Every effort has been made to ensure the accuracy of information in this publication, however, CAT Company makes no warranties, express or implied in regards to the information, and disclaim all liability for any loss, damages, errors, or omissions PUBLISHER/CEO & FOUNDER Chris Atkins CREATIVE DIRECTOR Christian Gilliham (+44) 7951 722265 EVP OPERATIONS Jennifer Latchman-Atkins EXECUTIVES Eduard Zsiga Richard Reale Phil Cook Anthony Leigh Jones Tyrone Eastman Special thanks to G20 Indian Sherpa Amitabh Kant Singh Vinod kumar Dr Ranjeet Mehta THE INDONESIAN PRESIDENCY LEADERS’ G20 BALI LEADERS’ DECLARATION

Since 2010, the Business 20 (B20) has been the official dialogue forum for the business community to communicate and share their aspirations with the G20 governments. This year, global economic recovery has been significantly impacted by supply-chain disruptions, pandemic recovery needs, the growing development divide in innovation and technology, and the increasingly pressing nature of the climate crisis. B20 Indonesia, hosted by the Indonesian Chamber of Commerce and Industry (KADIN Indonesia), has brought together global business and thought leaders to address these pressing economic issues from a business perspective.

To that end, B20 Indonesia convened six task forces and an action council, composed of chief executives and senior members of companies and business organizations in G20 countries. These bodies formulated actionable policy recommendations. These recommendations are intended to be adopted and implemented by G20 governments to boost recovery and economic growth. In the recommendations, B20 Indonesia has prioritized three key areas: accelerating the green transition, promoting inclusive growth, and creating equitable access to healthcare.

Accelerating the green transition

Climate change has profoundly impacted the global community.


The G20 economies account for around 80 percent of global greenhouse gas emissions, meaning businesses in G20 countries have a significant role to play in achieving a net-zero future. B20 Indonesia is committed to promoting private-led transformation through various pathways, including scaling up renewables and green technologies, tapping into carbon markets, and driving green investments.

Promoting inclusive growth

The belief that inclusivity and growth should be addressed separately has often hampered efforts to pursue more inclusive and resilient economic recovery and growth. Promoting inclusion is key to unlocking economic growth, according to studies. For instance, increased women’s participation in the global economy could potentially add USD 2.1 trillion in GDP by 2025.

Despite this potential economic benefit, women and micro-, small-, and mediumsized enterprises (MSMEs) still face multiple difficulties in participating in the global value chain. B20 Indonesia is prioritizing the shift to a more sustainable and equitable economy for women and MSMEs through transformative change led by public- and private-sector leaders.

Creating equitable access to healthcare

The COVID-19 pandemic will not be the last global health crisis to radically disrupt the global economy. In any given year,

there’s a two percent probability that a global pandemic with a similar worldwide impact on the global economy will occur. We need to invest in and strengthen public health systems to improve overall health resilience. Mitigation of future health crises should be achieved by closing systemic gaps in health infrastructure across populations and regions worldwide. B20 Indonesia is advocating for business players to collaborate to create equitable access to healthcare and bolster health system resilience, especially in low- and middleincome countries.

I am grateful for the constructive support we have received on our policy recommendations, B20 Indonesia Legacy Programs, and side events from our task forces, the action council, International Advocacy Caucus (IAC) members, and all the B20 communities. Your support has played a vital role in shaping and honing our recommendations to make a difference in the broader G20 countries.

Finally, I would like to offer B20 Indonesia’s best wishes, encouragement, and support to B20 India. I trust that their efforts will further amplify the progress the B20 community has made during B20 Indonesia’s presidency and the synergies we have brought to fruition, thus bringing the G20 countries even closer to resilient, sustainable economic growth.

This year, global economic recovery has been significantly impacted by supply-chain disruptions, pandemic recovery needs, the growing development divide in innovation and technology, and the increasingly pressing nature of the climate crisis.
ARSjad Rasjid Chairman of the Indonesian Chamber of Commerce and Industry (KADIN Indonesia) and Host of B20 Indonesia

Throughout Indonesia’s G20 presidency, B20 Indonesia has been at the forefront of change in global economic recovery. It hasn’t been easy to navigate the dynamics of the global economy while representing the diverse interests of the B20 business community. At times, we have needed to reflect, take a step back, and reframe our thinking. At other times, we have had to innovate and push ourselves to ensure that our policy recommendations have a real impact on the global economy. I am personally thankful to the business leaders in the task forces, the action council, the IAC, our knowledge partners, and the entire B20 community for the tireless efforts and generous counsel, input, and resources throughout the year. All of you have contributed to the success of B20 Indonesia.

B20 Indonesia is committed to delivering actionable policy recommendations, building on the work of past presidencies, and creating pragmatic real-life progress to accelerate global economic recovery and sustainable growth. Since our inception meeting in January 2022, we have successfully conducted more than 350 key meetings and 130 side events, collecting input from more than 1,200 business players across G20 countries. The diversity of thoughts and aspirations has helped create inclusive outputs of 25 policy recommendations and 68 policy actions for the greater G20 governments to act


upon. I am extremely proud to share the three key breakthroughs we made in our policy recommendations:

B20 Indonesia is prioritizing innovation to unlock post-crisis growth

This includes opening up digital opportunities across the economy, expanding cooperation for better cybercrime response, and increasing funds for green infrastructure through a blended finance mechanism.

B20 Indonesia is empowering MSMEs and vulnerable groups

This is done through building MSMEs’ decarbonization and green financing capabilities; enabling entrepreneurship, business growth, and job creation for MSMEs; and empowering women-led MSMEs and workers in the informal economy, including in rural communities.

B20 Indonesia is supporting increased collaboration between developed and developing countries

This will help mitigate future global crises by creating robust guidelines on health emergency preparedness.

Beyond these, B20 Indonesia has initiated four B20 Indonesia Legacy Programs, which are inspired and derived from Task Force’s and Action Council’s policy recommendations with aim to deliver tangible and pragmatic outcomes to ensure lasting impact beyond the B20 Indonesia’s presidency:

• Carbon Centre of Excellence: platform to empower businesses to unleash carbon trading growth potential through carbon knowledge repository and practicesharing center.

• B20 Wiki: platform to scale up nextgeneration mid-sized companies to take part of the global supply chain.

• One Global Women Empowerment: platform to aggregate existing capacities and networks to accelerate and scale impactful women empowerment efforts globally.

• Global One Shot Campaign: global campaign aims to harness the potential of next-generation vaccines and injectables to help make preventable disease history.

With these breakthroughs, B20 Indonesia would like to invite the B20 communities as well as G20 leaders to support, sustain, and further develop these policy recommendations and B20 Indonesia Legacy Programs beyond B20 Indonesia’s presidency. We hope that B20 Indonesia communique will serve as a call to action to G20 leaders to urgently develop policies centralizing in these areas to advance sustainable and robust global economic growth. Let’s continue and keep this momentum to push forward global recovery, resilience, and growth by strengthening the partnership among business communities and government across G20 countries to recover stronger together.

At times, we have needed to reflect, take a step back, and reframe our thinking. At other times, we have had to innovate and push ourselves to ensure that our policy recommendations have a real impact on the global economy.

No excuse and no eScape to take repsonsibility

Aworldwide raging pandemic and Putin’s brutal war of aggression. The twenties really did not begin auspiciously. The German president’s notion of an epochal turning point hits the mark. The war and the desperate search for alternatives to fossil fuels from Russia somewhat pushed ongoing climate change, probably the greatest and most significant long-term challenge of our time, out of the headlines. As an aid to memory, just a few headlines from recent years: droughts in Australia, deforestation of the rainforest in Brazil, floods in Europe or melting glaciers in the Alps. The consequences of this warming – rising sea levels, climate instability, biodiversity loss, and humanitarian and energy crises, to name a few – pose an existential threat to the future of our society and all our businesses. According to the Intergovernmental Panel on Climate

Change (IPCC) more than a dozen natural systems—from ice sheets to the Amazon rainforest—are at risk of “tipping.”

Resilient business models important for transformation

In this extremely difficult situation, intermediaries like banks play a crucial role and have a resepctive responsibility in steering capital flows in the right direction. However, they can only play this role if they themselves think and act in the long term and are solidly positioned. Let’s face it, neither Liechtenstein as a country nor the institutions themselves are large or significant enough to not have a noticeable impact on global CO2 emissions and their net-zero commitments. And we are privileged to live in beautiful nature and blessed with much wealth and in a country with the highest per capita income in the

world. On the other hand, as a major wealth management location, we are also in a position to exert a disproportionate influence on the investment of funds and thus on the allocation of the so urgently needed capital for the green transition.

Business models of the banks in Liechtenstein have proven themselves as very resilient. They can be described with the traditional values of stability, quality or reliability. This tradition or “thinking in generations” stands for a sustainable business model that places the client at the centre of thinking and acting. Sustainability is also an important pillar of Roadmap 2025, the growth strategy of the Liechtenstein banking centre. The banking centre should play a decisive and formative role in the transformation of the global economy and society towards more sustainability. We do this in the knowledge that our demanding

SIMON TRIBELHORN CEO at Liechtenstein Bankers Association (LBA)

clientele expects more than just high-quality services. They want financial institutions to contribute to solving the ecological and social challenges of our time.

Accepting the SDGs as a millenium opportunity

In 2021, the sustainability issue also gained further political momentum. With the “traffic light” coalition in Germany, the decarbonisation of the economy and society was set as a binding goal for the first time for a large industrialised country. Climate protection in particular and the Sustainable Development Goals (SDGs for short) have thus virtually become the reason of state or the political orientation framework. This fundamental transformation will require immense sums of money over the next few years. At the global level, it is estimated that the annual investment volume to achieve the SDGs amounts to approximately USD 7 trillion. Currently, only one seventh of this is covered by the public sector. A substantial part must come from the private sector. And here, Liechtenstein banks in particular can play an important role as intermediaries and mobilise and channel the required capital.

Probably the most credible commitment of the banking industry to this transformation is the Net-Zero Banking Alliance (NZBA). In the meantime, more than 100 banks from over 40 countries and with total assets of USD 40 trillion, including all three large Liechtenstein banks, have joined forces in this alliance, committed themselves to net zero and given a clear roadmap on the way there.

The need for walking the talk now

The investments mentioned above are accompanied by equally large business opportunities. For example, the latest Better Business, Better World report estimates that sustainable and inclusive business models could unlock economic business opportunities worth at least USD 12 trillion per year by 2030 and create up to 380 million jobs worldwide. Perseverance, communication and solidarity are

terms often heard in the West in connection with the war in Ukraine and the sanctions. But they are also prerequisites for a successful fight against climate change. Firstly, all measures must be designed in such a way that they are long-term and can be sustained over a long period of time.

Secondly, good, truthful and transparent communication is needed. Because only those who recognise the sense of measures will also implement them and go the whole distance. And thirdly, it needs a solidary world community in which every country and every person makes their contribution. ■

About Liechtenstein Bankers Association (LBA)

The Liechtenstein Bankers Associafion was founded in 1969 and is the voice of Liechtenstein banks at home and abroad. It is one of the most important associafions in the country and plays an important role in the successful development of the financial centre. As a member of the European Bankers Federafion (EBF), the European Payments Council (EPC), the European Parliamentary Financial Services Forum (EPFSF), the Liechtenstein Bankers Associafion is an important member of key bodies at European level and plays an acfive role in the European legislafive process. Since 2017, the Liechtenstein Bankers Associafion has also been a member of the Public Affairs Council (PAC) with offces in Washington and Brussels, and since 2018, a member of the internafional network “Financial Centres for Sustainability” (FC4S). With the Roadmap 2025, the LBA has placed an even stronger focus on the two major topic «sustainability» and «digitalisation». As a consequence, the LBA joined the following two initiatives in 2021, each of which is a leader in its field: firstly, it has become an offcial supporter of the UN Principles for Responsible Banking and the Net-Zero Banking Alliance and secondly, it has become an affiliate member of the Canada-based Blockchain Research Institute (BRI), an independent, global think-tank dedicated to inspiring and preparing private- and public-sector leaders to be the catalysts of the blockchain transformation.

About LBA’s Roadmap 2025, the strategy for the entire Liechtenstein banking cente

The Roadmap2025 is the multi-year strategy of the Liechtenstein banking centre. It is all about “growth through sustainability and innovation”. Ongoing climate change is one of the greatest global challenges. We are the first generation to sustainably destroy our planet and probably the last to prevent it. The financing needed to achieve the Paris climate goals as well as the broader Sustainable Development Goals (SDGs) of the United Nations is enormous. According to PWC, the annual global investment required to achieve the SDGs amounts to 7 trillion US dollars. Currently, only one seventh of this is financed by the public sector. A substantial part must therefore come from the private sector. The financial sector, and banks in particular, can and must therefore play a central role in mobilising and channelling these financial resources. This means a great responsibility, but also brings with it a great opportunity. If we successfully accompany this transformation, we will create the necessary growth to continue to create prosperity. Increasing digitalisation has a huge potential to accelerate the needed transformation for the benefit of our future generations.


Accelerating into the Virtual World

Metaverse is far from being an unfamiliar word in the technology world. It has proved be a game-changer not only in the gaming world but also as a business opportunity. The overlapping of the physical and digital worlds has opened ways for businesses to reach communities, engage with customers expand their operations across the globe. It has brought the world closer true sense by eliminating geographical and logistical barriers.

A Sustainable Future in the Metaverse all know how the lines of global borders can be blurred in the metaverse. But does it contribute to a more sustainable model of business? In simple words, the sustainability scale is moving upwards with the virtual world technology. The virtual platform discard the challenges companies in running sustainable activities. Digital goods are substituting physical goods, and digital twins are driving the optimization of the physical world. The is slowly leading to the better of planet.

With people opting to lead a cleaner and greener lifestyle, brands are encouraged to initiate energy-efficient environmental-friendly operations. According to a survey by Wunderman Thompson, when it comes to global challenges like climate change, 86% of respondents believe businesses have influential role to play in solving them; 88% of respondents also believe sustainability should be a permanent business practice. Brands can be seen doing their part and maintaining eco-friendly practices.

Looking at the Big Picture of futuristic enterprise, giving customers access to a virtual address, entrepreneurs can minimize their product wastage while saving on substantial operational costs. Similarly, the logistical inconvenience customers traveling for an event ultimately be erased when businesses start hosting virtual events with immersive engagement opportunities. Simultaneously, opting digital virtual operation will contribute to the cost-effectiveness →


→ of services and decrease the wastage of resources like paper and energy and most importantly human effort.

This fast-moving metaverse technology can immediately launch an idea with just a click. Virtual technology can contribute to faster product launches, advertisement pilot testing, real-estate developments, faster reach to the public, and, most importantly, accelerated customer feedback and service.

Business in the virtual world is only growing

As the concept of a virtual world is evolving, the metaverse is unleashing a new door for complete digital disruption. The development of metaverse technology and infrastructure has already seen an investment of about $120 billion. Thanks to Blockchain and NFTs, business offerings’ virtual and augmented realities have become much more accessible and popular among users. In 2022, the global metaverse market was estimated to be $100.27 billion at a CAGR of 47.6%. This is further expected to increase to $1527.55 billion by 2029.

D2C is one such market that does not fail to envision the metaverse’s benefits. D2C brands have established the metaverse as the perfect platform to expand the reach of their offerings. Brands of beauty products, electronics, home décor, real estate, etc., have jumped into the virtual world business.

Business in the metaverse means personalized customer experiences, touching newer markets, and upgradation of products and operational services. Brands like Nike and Louis Vuitton have opened their virtual store for customers to explore. With these stores, such brands can design their store without space, design, or color restrictions. The space is ticking to unlock new opportunities with a new customer base. The world has begun adopting some of the few elements of the metaverse virtual world. Some of them include VR headsets, ultra-fast broadbands, and online digital worlds, which are already functioning, and ready to be accessed by all soon.

Kestone is powering through with Vosmos

Kestone, the leading global awardwinning data-driven integrated sales and marketing services company founded in 1997, has been on an upward trajectory. They have taken a leap of imagination coupled with technology and designed a new world, creating a virtual cosmos – VOSMOS. The vision of this brand is to make worlds that are simplified, connected, and immersive. These worlds will be self-sufficient, unified, and constantly evolving to suit the mindset of the occupants of Vosmos. Replicating every element of the physical world, Vosmos has emerged as a one-stop solution for businesses to communicate and grow across continents, making Kestone one of the leading MarTech organizations today.

Vosmos offers its clients customized technology solutions, a world to propagate Meta-commerce and virtual events which offer the best of the physical and digital experiences. Their core is – Digital Transformation in the Consumer Space. Their products are based on their advocacy of sustainability. Whether it is saving time by creating a virtual walkthrough of a real-estate project or the human effort of traveling to buy a product or logistical arrangements for an exchange or saving money to gain a skill – they have it all covered. The Metacommerce world of Vosmos will give brands the opportunity to be present in a virtual environment that allows viewing, engagement, and transaction. They have opened stores for brands, educational centers for scalability

of knowledge, office spaces to enrich the work-from-home experience as well and more.

Vosmos has been built on understanding and analyzing customer behavior. Businesses can deliver never -seen-before experiences in education, tourism, shopping, banking, government services, and more. The differentiating factors of Vosmos include:

• Making online interactions real

• Customizing the metaverse virtual space 100%

• Promoting your products 24/7

• Subscribing to a pay-and-use model of the Metaverse virtual world

• Integrating payment gateways for D2C brands in Vosmos

• Virsa, the AI-driven bot, is there for assistance in the metaverse virtual reality

With the D2C business model, brands have eliminated the barriers in the physical world that stand between them and their customers. Now is the time to make brands accessible, experiential, and scalable more than ever before. Their DIY model of creating one’s own store gives business owners the flexibility, ease, and choice of how they want their store to look in Vosmos. This method is not only cost-effective but also can be personalized to suit products and the marketplace.

Brands can now give customers a complete buying experience without being physically present. Virtual stores will have expansive virtual real estate while effortlessly launching new products.

Users can create customer-centric, experiential, and immersive solutions explicitly customized for the brand. Tailor-made DIY art galleries, retail outlets, real estate projects, tours, and events – the Vosmos tech team can bring to life all that one can dream of.

As economies shift and strategies are reinvented, Vosmos is a fast-emerging one-stop shop for customer-centric, experiential, and immersive solutions.

In the words of the team Vosmos“From wherever you are, on a couch or a canoe, you can do almost everything in Vosmos. There is a part of you that can ‘live’ in Vosmos.” ■

With people opting to lead a cleaner and greener lifestyle, brands are encouraged to initiate energy-efficient and environmental-friendly operations.

For 75 Years, the Destination for Middle East Learning and Culture in the Nation’s Capital

Join a community of experts and leaders working to build understanding between the people of the Middle East and the United States through non-partisan analysis, research & education in the region’s languages and history, and promotion of Middle Eastern arts and culture.

Become an MEI member today for as little as $50 to receive a subscription to The Middle East Journal, the oldest peerreviewed publication in the US dedicated to the study of the modern Middle East.

Inspiring dialogue. Empowering change.

At AkzoNobel, we’ve made it our business to deliver the sustainable and innovative solutions that our customers, communities – and the planet – are increasingly relying on. We’re fully focused on ensuring that the pioneering paints and coatings we supply today can help safeguard our world far beyond tomorrow.

Passion for Paint and Commitment to Carbon Reduction

to more than 100,000 people in local communities. Beyond 2030, we aim to be carbon neutral by 2050.

Our commitment to sciencebased sustainability targets

Our sustainability targets are aligned with the Paris Agreement and were validated by the Science Based Targets initiative (SBTi). We are the

Sustainable Solutions – how we are helping our customers

We’re always looking for new ways to drive sustainable innovation that brings tangible benefits, delivers a positive social and environmental impact, and enables our customers to reach their own sustainability goals. That is why we focus on developing


(WBCSD). A sustainable solution is a product or service that meets at least one of the following criteria:

Reduced carbon and energy

How we’re tackling climate change and help our customers to do the same. We have developed low embodied carbon products, solutions that require less energy in their application and


solutions that help the user of the coated object use less energy. Our Cool Chemistry coatings technology helps building owners use less energy for air conditioning in heat intensive regions and our reflective coating for light fixtures can help give up to 30% more output. We have developed innovative coatings allowing for reduced energy usage in the application and curing of coatings including our Low-E powder coatings. Coatings that can dry at ambient temperatures or using UV curing technology allow for reduced energy or faster production thus bringing als economical savings.

Dulux and Sikkens products that contain renewable raw materials. We have rolled out our Dulux Evolve product platform containing 35% of recycled post-consumer paint waste in multiple countries. We are able to help our customers to reduce material use for instance with our Interpon XTR platform allowing for reduced film thickness.

Less waste


reused and renewed material use

How we’re combating resource scarcity such as using less materials.

As part of our ongoing efforts to deal with resource scarcity, we are using less materials and finding various ways to reuse and recycle our waste. These are reflected in certain

How we are striving to reduce waste in our value chain. We are aiming to achieve 100% reusable waste by 2030. We are developing solutions to help our customers reduce waste in their own processes. We set new standards in sustainability through leveraging technology for automated spraying to reduce overspray and for powder coatings application processes to produce virtually no waste at all. Our high solid products allow us to use less packaging and thus reduce the packaging waste of our customers. →


Longer lasting performance

How our durable products help customers protect surfaces for longer and thus lower costs and save resources. We develop innovative and durable products that protect surfaces for longer, prolonging maintenance cycles, and keeping things more colorful. In the built environment and transportation sectors coated substrates need to resist to weather impacts and our longer lasting solutions help our customers reduce their cope 3 carbon footprint.

Health and well-being

How we aim to reduce the use of harmful substances and to reduce

health risks for users and end-users of our products. A great example is our chrome free primer Aerodur HS 2121 we developed for our aerospace customers providing numerous performance, appearance and application benefits. Secondly, we develop solutions that bring particular health and well-being advantages to our customers. As a member of the World Green Building Council we are driving the development of more healthy buildings where people live and work. We have solutions for healthy buildings that significantly improve indoor air quality, help keep surfaces hygienically clean and help contribute through the use of color to more comfort. Examples include our

new Dulux Airsure 99,9% VOC free wall emulsion paints and our Dulux Better Living Air Clean capable of cleaning indoor air from certain harmful substances.

The SPPA gives a holistic view of the sustainability characteristics of our product portfolio and services. Together with our customer-focused product stewardship process, it enables valueselling strategies tailored to specific customer needs. So, we can take a harmonized approach in our portfolio management, creating a unique baseline for future portfolio ambitions.

Product stewardship

Product stewardship is our approach to ensuring product safety and its sustainability aspects are considered throughout the value chain – from raw material extraction, R&D, manufacturing, transport, marketing and application, through to end-of-life. Our Product Stewardship Continuous Improvement Tool (PSCIT) helps monitor and drive continuous improvement. And our Priority Substance Program continues to help us identify and control the use of hazardous substances. It’s embedded in our processes and ensures we’re ahead of any changes to regulations. The governance of the program is



assured by the Raw Material Sustainability Group (RMSG).

Making buildings greener

Buildings are responsible for 38% of global carbon emissions, which makes construction one of the largest contributing sectors to climate change. Most of us also spend a large part of our daily lives inside buildings, so they have an impact on our health and well-being as well. We supply a wide range of sustainable solutions that can help to reduce the environmental footprint –and bring health & well-being benefits to the users – of the built environment. As an industry leader committed to creating more green buildings, our product innovations can play a vital role in making cities and communities

more sustainable. Whether it’s in their design, construction or operation, “green” buildings reduce or eliminate negative impacts and can have a positive impact on our climate and natural environment. Green buildings have both commercial and sustainability benefits. They aim to reduce carbon emissions from the built environment, preserve precious natural resources and improve the quality of life for people who live and work in them. Our solutions for green buildings include solutions that are low emitting products improving indoor air quality; heat reflective paints and coatings helping to reduce the heat island effect in urban areas and environmental product declarations (EPDs) creating material transparency of our sustainable solutions. ■

About the Author

Pamela Phua has been General Director of AkzoNobel Decorative Paints Vietnam since 2017. At the beginning of 2021, she was appointed to be Product Management Director, Decorative Paints - SESA, being instrumental in developing and maintaining a product portfolio that satisfies market demands and maximizes margins at competitive costs.

Before moving to head Vietnam Paints business, Pamela was the BU R&D Director & Global Director, Exterior Walls. In her 18 years stint in R&D, she has driven the business with new technology development and product implementation across the region, especially in Vietnam market and has successfully launched many innovative products including Dulux Weathershield / Powerflexx, Dulux Pentalite, Dulux Wash & Wear / EasyClean, Dulux Inspire/ Catylac by Dulux and Aquatech.

In her global capacity, Pamela implements the functional and production innovation strategy for exterior wall paint. She spearheads the RD&I functional excellence, standards and capability, and the efficient delivery of processes as the approved standards and processes across the globe.

Together with a special passion for sustainable development, she has led her teams to innovate paintings products and solutions through increasingly sustainable benefits for AkzoNobel customers and the environment. She also actively gets involved in sustainable activities in projects to create inspiring living spaces for local communities and to promote green architecture trends.

Pamela’s expertise and experience has been instrumental in the setting up of industry standards in Singapore. She is the President and Technical Chairperson for the Singapore Paint Industry Association and a management member in the Chemical Standards Council of Singapore. She contributed to the development of various Singapore Standards such as SS 345 (Specification for emulsion paints for decorative paints), SS500 (Specification for elastomeric wall coatings), SS150 (Specification for Emulsion Paints for Decorative purposes), SS 579 (Specification for water- based sealer for interior and exterior uses) and many others. Pamela currently leads Working Group for Fine Ceramics (for photocatalysis) and Waterbased Standards and participates in the Working Group for Energy Efficient Coatings. She is also an A*Star certified auditor for accredited laboratories in Singapore.

About Akzonobel

We supply the sustainable and innovative paints and coatings that our customers, communities –and the environment – are increasingly relying on. That’s why everything we do starts with People. Planet. Paint. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We are active in more than 150 countries and have set our sights on becoming the global industry leader. It’s what you’d expect from a pioneering paints company that’s committed to science-based targets and is taking genuine action to address globally relevant challenges and protect future generations.

For more information, please visit

With a special passion for sustainable development, Pamela is actively involved in projects to create inspiring living spaces for local communities and to promote green architecture trends. She is an author for the G7&G20 summit publication advocating green developments. She is also a keynote speaker in United Nation climate Change Conferences.


Mobile: +65 90279663

Address: AkzoNobel House, 3 Changi Business Park Vista, #05-01 SDingapore 486051



The G20 Joint Finance and Agriculture Ministers’ Meeting Washington DC, USA, 11 October 2022


The G20 Finance Ministers and Agriculture Ministers met for the first time in Washington D.C. on 11 October 2022. The meeting was convened by the Indonesian G20 Presidency in collaboration with the Kingdom of Saudi Arabia, and was attended by G20 members, invited countries, and international and regional organizations.

1. The Presidency noted that immediate actions are needed to address global food insecurity. The Presidency highlighted that the world is waiting for the G20 to deliver concrete action on this critical issue, and it is G20 members’ responsibility to demonstrate that the G20 can respond effectively to the current crisis through coordinated multilateral action.

2. Members noted that since 2020, risks to food security and nutrition around the world have increased due to numerous factors, such as the unprecedented COVID-19 pandemic and extreme weather events. Many members expressed the view that Russia’s war against Ukraine is exacerbating global food insecurity and called for an end to the war. One member expressed the view that unilateral sanctions are negatively impacting global food insecurity, while some members noted that sanctions related to the war in Ukraine are not targeted at agricultural goods or fertilizers.

3. Many members noted with alarm the increasing food insecurity of vulnerable groups across the world, which has eroded progress in reducing poverty, achieving the Sustainable Development Goals, and is putting vulnerable communities and households at greater risk of poverty and malnourishment.

4. Many members noted that medium- to long-term challenges remain, and more efforts are needed to improve agricultural productivity and capacity, increase sustainable farming practices and respond to climate change, maintain open and transparent trade, and improve the availability of fertilizers.

5. Some members reaffirmed their commitment to use all available policy tools to address the risk of food insecurity. Many members supported the need for increased cooperation to ensure a coordinated global response to tackling food insecurity, and noted

the need to work with other multilateral initiatives in this endeavor, while avoiding duplication.

6. Members welcomed several ongoing initiatives so far to address food insecurity which have been initiated by regional and international forums and organizations. International organizations in the meeting detailed some of their initiatives, including the World Bank Group’s (WBG)’s USD 30 billion food security response and USD 6 billion global platform for private sector intervention; International Monetary Fund’s (IMF)’s Food Shock Window; Asian Development Bank’s (ADB)’s USD 14 billion ambition for addressing food insecurity and the Islamic Development Bank’s USD 10.5 billion food security response program. Some expressed their support for potential debt service standstills if appropriate, under the existing G20 Common Framework for Debt Treatment, however, others emphasized the need to consider country circumstances when assessing debt relief initiatives. At the individual country level, several initiatives were reported by many members in the meeting.

7. Members agreed to ask the Food and Agriculture Organization (FAO) and the WBG to share with us the results of their mapping exercises on food insecurity, which will be consolidated in the future with inputs from technical experts and other relevant international organizations, and will provide a systemic analysis of responses to address food security. This will identify any major gaps in global responses; examine food and nutrition variables and funding; examine the supply and demand of fertilizers; build on the G20 Agricultural Market Information System (AMIS); and identify any medium-term issues that require further technical and systemic analysis. FAO and WBG will report back to us by the 2023 Spring Meetings.

8. Members reiterated their support for open, transparent, inclusive, predictable, and non-discriminatory rules-based multilateral trading systems.

9. The Indonesian G20 Presidency will continue to lead the G20 in closely monitoring the state of global food security in our future meetings and into the Indian G20 Presidency. ■

Members agreed to ask the Food and Agriculture Organization (FAO) and the WBG to share with us the results of their mapping exercises on food insecurity, which will be consolidated in the future with inputs from technical experts and other relevant international organizations, and will provide a systemic analysis of responses to address food security.


Planning for success for a Leaders’ Summit

Leaders’ Summits are complex events for any country to organize. Whenever the world’s most powerful leaders are brought together for a G7, G20 or UNFCC Council of the Parties (COP) you will find a sharp and focused network of individuals operating behind the scenes to ensure a smooth process for all attendees.

The logistics for any leaders’ summit is vast and require a specific set of skills to safeguard privacy, satisfy protocol requirements and ensure the utmost level of security.

Months, if not years, of effort precedes any meeting of world leaders to shape the agenda and organize the logistics. Experience has shown that the real challenge for event organizers is create a comfortable environment where leaders and their delegations are not distracted by technical problems or poor logistics. That way leaders can focus on shaping global policies and have robust discussions on topics like climate change and pandemic recovery.

The bottom line is that success for a leaders’ summit requires meticulous planning. A successful meeting of world leaders requires military-level precision and a strategic savvy of the political and cultural landscape. Events that bring together world leaders are also characterized by a higher level of scheduling, protocol, security, and contingency planning than other major events. For summits involving world leaders, you often only get one chance to get it right.

But despite best efforts, things do go wrong. Longer than expected meetings, failing to reach consensus, greater interest in how domestic audiences will interpret the meeting outcomes, pandemics, natural disasters, inclement weather and of course logistics or technical problems during the meeting are just some of the scenarios organizers will face.

The current crisis with Russia and Ukraine is a case in point, which will undoubtedly add to the demands on policy and logistics organizers of the G7, EU, G20

and APEC. Programs and agendas will need to be adjusted to provide time for leaders to debate the crisis, delegations will be asking for numerous bilateral and side meetings and a sizeable media presence will also be seeking access to leaders and their delegations. It is a safe assumption that any country organizing a leaders’ summit will need to deal with planning knowns and unknowns from the outset. Experience has shown that the following points will help deliver a successful summit.

• Start the planning as early as possible For any gathering of leaders planning should commence at least three years prior to start. This allows adequate time to undertake detailed logistics planning, develop the events schedule, select venues, recruit and develop a dedicated workforce, select commercial vendors and develop contingency plans. Once the presidency year starts, you have little capacity and time to undertake the level of planning expected for an international event.


Select the city and venue early

One of the most important early decisions for organizers is the location of the summit. The decision is often balanced between the desire to show case a city or region, the capacity of a city to accommodate thousands of additional guests, the security environment and practicalities of travelling to the city or region. There is no right or wrong answer to selecting a venue. Mapping out every step of the journey from arriving at an airport to travelling to hotels then to the venue will generally help in making the best decision on location.

• Simplify governance arrangements

The planning and execution of multilateral forums is a complex undertaking for any country involving many governments, non-government, international and commercial stakeholders. Minimize the number of committees and working groups and establish clear roles and decision-making arrangements.

• Recognize the dependency between policy and logistics

The reason that leaders come together for summits is to consider and progress global policies. The logistics is the enabler. Policy is the content. Planning between the policy and logistics teams must be a unified effort. Almost every policy planning consideration will have a logistics implication.

• Invest in quality and proven technology

The key technologies needed to support a successful presidency are a capable registration and accreditation system, a proven virtual platform and simultaneous interpretation. Credible and cost-effective solutions exist. Take the time to evaluate what is available and lock in the necessary technical support as early as possible. It is worth remembering that these systems will be the ‘front face’ of events during the year.

• Build and retain the workforce

Select key senior staff with established event management experience who can plan and deliver in a highly demanding and changing environment. These events are more challenging and complex than run-of-the mill projects, so your planning team isn’t just a project management

office. Consider incentives to keep the workforce for the entire presidency. Losing staff equates to a loss of corporate knowledge that cannot be quickly replaced.

• Be agile

Events are different than normal government or project work. Decision making needs to be more agile for processes including procurement, issues resolution and media management. Implement processes to change logistics arrangements based on feedback and lessons learnt from other similar events throughout the year.

• Capture lessons learnt

As with any events there will be lessons for future hosts. Commit resources to capturing what worked well and what needs to be improved. Leaders’ summits are unique activities and any insights for future hosts will be well received.

A last point: leaders’ summit are usually short events – less than thirty hours in most cases. To maximize the time that leaders are together always design the presidency year starting with leaders’ summit and working backwards. For example, a desire for a more intimate and less formal leaders’ summit will help officials and ministers shape their work throughout the year. The timing of the summit will also help officials schedule their work accordingly. ■

Peter Docwra has held executive planning roles at numerous leaders’ meetings including the G20 in 2014, 2020 and 2021, CHOGM and APEC. Peter is based in the United Arab Emirates. He consults regularly to governments and corporations on best practice for planning and executing success events.
Months, if not years, of effort precedes any meeting of world leaders to shape the agenda and organize the logistics.


priorities to unlock private investment in sustainable infrastructure

When the G20 Leaders gathered in Indonesia in November 2022, they faced unparalleled multidimensional crises. The world is experiencing the after-effects of the pandemic, escalating climate change, war in Ukraine, and other issues. Combined, these issues are creating a challenging economic environment that is slowing global recovery and stalling the achievement of the UN’s Sustainable Development Goals (SDGs).

The current situation calls for us to remember that infrastructure is a backbone solution to a healthy climate, safe and resilient societies, and equitable economic recovery. Indeed, infrastructure investment has a strong impact on economic growth, being more effective than other types of public spending. A 2020 Global Infrastructure Hub (GI Hub) study found that the economic multiplier for public investment (including infrastructure) is 1.5 times greater than the initial investment in two to five years.

However, simply investing in any infrastructure is not enough to achieve the positive effect of the investment. The investment needs to be in sustainable infrastructure to achieve global climate targets and the SDGs.

The G20 is improving the sustainability of infrastructure through multilateral action that supports sustainable infrastructure development in G20 countries and around the world. Increasingly, G20 governments have been placing sustainable infrastructure investment at the forefront of their policy initiatives and economic recovery plans, including the Inflation Reduction Act 2022 in the United States, the Long-term Strategy for Low Carbon and Climate Resilience 2050 in Indonesia, the Saudi Green Initiative, and the National Infrastructure Strategy in the United Kingdom.

This trend is also evident in the GI Hub’s analysis of infrastructure stimulus announced by G20 governments postpandemic: 30% of the stimulus is related to the low-carbon transition. However, this is

far from enough, and governments cannot fund the transition alone. Estimates show that roughly USD2.6 trillion is required annually through to 2030 to meet the SDGs and stay on a path to net zero by 2050. →

The current situation calls for us to remember that infrastructure is a backbone solution to a healthy climate, safe and resilient societies, and equitable economic recovery. Indeed, infrastructure investment has a strong impact on economic growth, being more effective than other types of public spending.

→ We need to reduce the shortfall of investment in sustainable infrastructurethe sustainable infrastructure investment gap. Closing this gap could require more than three times the current level of investment in clean energy, and 70% of the spending required is needed in emerging markets and developing economies (EMDEs). Unfortunately, our latest analyses show private investment in infrastructure is declining in middle-and low-income countries where it is needed most. Globally, private investment in infrastructure has been stagnant for eight years running.

Reversing these trends must be a priority for both the public and private sector: without scaling up private investment achieving climate targets will remain a challenge. The task now is to attract private investors to drive forward sustainable infrastructure investment.

This is one of the major infrastructure priorities for the G20 and we’ve been working closely with its Infrastructure Working Group to support the advancement of this work. The G20/GI Hub Framework

on How to Best Leverage Private Sector

Participation to Scale Up Sustainable Infrastructure Investment, recommends acting on four opportunity areas as a priority.

Priority 1: Infrastructure plans and pipelines

Private investors are aligning their infrastructure investments with the SDGs. They use long-term infrastructure plans to evaluate opportunities and government priorities and to better understand and manage risks, related to market uncertainty, political risks, and stranded assets.

As such, long-term infrastructure plans need to exist, and need to showcase how governments plan to meet the SDGs. But in 2019, we found that 38% of countries still do not publish national infrastructure plans and 28% do not publish pipelines of projects – what needs to change for these countries to seize the opportunities that infrastructure plans create? The framework recommends the following actions:

• International financial institutions and other networks to support governments in the development of long-term infrastructure plans that achieve SDGs and related targets.

• International organisations (IOs) and multilateral development banks (MDBs)

to gather and share data on infrastructure investment trends, performance, and gaps specific to countries and sectors.

• IOs to identify approaches and mechanisms that enable the inclusion of resilience, social, and governance (including just transitions) measurement into investment decisions.

CASE STUDY: Brazil’s Infrastructure Monitor

In May 2022, the Brazilian government published a digital platform which provides a summary of infrastructure investment projects, historical investment series, scenarios, and projections of investment indicators. This published pipeline supports the government’s plan to promote and highlight the importance of private investment and promotes a methodology to help infrastructure practitioners assess the sustainability of projects.

Priority 2: Definitions and data for sustainable infrastructure

There is no one-size-fits-all definition for sustainable infrastructure and there are a multitude of data disclosure standards. Investors are telling us that the proliferation of sustainable infrastructure definitions and data disclosure standards is leading to more complex project preparation and reporting, which in turn makes it harder to finance infrastructure projects – particularly in EMDEs. Better comparability and interoperability of these definitions and standards would improve transparency and better ensure the achievement of ESE objectives while minimising greenwashing. On the flip side, data disclosure standards are needed to provide clarity on physical and transition risks and avoid the greater negative impact of potentially stranding assets. Rather than suggesting new definitions or standards, we believe the solution is better comparability and interoperability between existing definitions for sustainable infrastructure and data disclosure standards. To help drive this forward, the framework recommends the following actions:

• Collaboration between MDBs, national development banks (NDBs), G20 governments, infrastructure asset rating providers, IOs, networks, initiatives, and investors to create better comparability

Governments have key roles to play in reducing legal, regulatory and policy barriers, and implementing incentives and policies to create enabling environments for more and different infrastructure financing. However, despite numerous efforts to achieve this, significant and longstanding gaps in the enabling environment for private investment in infrastructure still exist.

and interoperability with other global standards.

• Infrastructure data platforms to allow the interoperability of sustainable infrastructure data for the benefit of investors.

Priority 3: Financial and technological innovation

The last decade has seen significant innovation in finance and technology. New financing solutions can attract private investment in sustainable infrastructure, especially in EMDEs where there is uncertainty of initial returns. For example, blended finance can encourage private participation by taking the first loss or guaranteeing revenues in the early phase of infrastructure operation. Meanwhile infrastructure technology (InfraTech) underpins the sector’s ability to reach net zero - almost 50% of the emissions reductions needed by 2050 depend on InfraTech solutions that are at the prototype or demonstration stage.

The challenge is, these types of innovations are not being adopted at the pace required to make a meaningful difference to investment in sustainable infrastructure. In its 2021 report, The State of Blended Finance, Convergence found that


blended finance flows decreased by 50% in 2020 and that the past five years saw only steady growth rather than the exponential growth needed. To scale up financial and InfraTech innovations and their adoption the framework suggests these key actions:

• MDBs, donors, and investors to build capacity, especially in EMDEs, to replicate successful financial innovation models that will unlock private investment into sustainable infrastructure.

• The G20 to collaborate with partners and develop guidelines to scale up de-risking, blended finance instruments, and effective partnership models involving the private sector.

• Establish and grow a global InfraTech ecosystem to share knowledge, test innovative approaches, and catalyse opportunities.

CASE STUDY: The Urban Resilience Fund (TURF)

One example of financing innovation in action is the TURF initiative which aims to facilitate large-scale private sector investment into infrastructure. Launched by Meridiam, in partnership with The Rockefeller Foundation and the United Nations Capital Development Fund, TURF is a global blended finance impact fund.

The fund supports cities to deliver critical resilient infrastructure projects in Europe and Africa and intends to mobilise EU10 billion in private investment.

Priority 4: Enabling environment for implementation

Governments have key roles to play in reducing legal, regulatory, and policy barriers, and implementing incentives and policies to create enabling environments for more and different infrastructure financing. However, despite numerous efforts to achieve this, significant and long-standing gaps in the enabling environment for private investment in infrastructure still exist.

It’s time to be serious about creating a systematic de-risking mechanism to give private investors the confidence to invest in sustainable infrastructure projects closer to investment grade. How can we finally improve regulatory frameworks, transparency, and project preparation facilities to achieve this? The framework suggests these actions:

• Establish a collaborative forum of regulators, global standard-setters, and the banking and insurance sectors to discuss the supervisory and regulatory treatment of infrastructure as an asset class and its climate-related risks.

• IOs, MDBs, NDBs, development finance institutions, domestic financial institutions, and sub-national entities (cities and innovation sandboxes) to share effective policy approaches that mobilise private capital.

• G20 members and the donor community to provide additional funding, resources, and support for infrastructure project preparation.

What we do next is critical

Looking ahead, we strongly believe that stimulating these actions will scale up private sector participation in sustainable infrastructure investment. And we consider this investment to be the central, urgent problem and opportunity in infrastructure today.

Sustainable infrastructure is an enabler of the transition to net zero and the foundation of a resilient, healthy economy. By helping enable investment to flow, we are creating a world where people can thrive in safe, equitable, and healthy communities.

Collaboration between the public and private sector, which the GI Hub supports as an independent voice at the G20, is vital to advance these actions. Work is already underway on a number of initiatives, and we welcome opportunities to collaborate and engage with partners to realise a sustainable future for all. ■


Infrastructure development can transform societies and empower future generations.

The Global Infrastructure Hub is a not-for-profit organisation and a knowledge hub for advancing the delivery of sustainable, resilient, and inclusive infrastructure.

Formed by the G20, we collaborate across the public and private sectors to produce data insights, practical tools, and programs that help our stakeholders create positive impacts through infrastructure.

Learn more at



Bali, Indonesia, 15-16 November 2022


1. Fourteen years ago, the Leaders of the G20 met for the first time, facing the most severe financial crisis in our generation. We recognized, as large global economies, that collectively we carry responsibilities and that our cooperation was necessary to global economic recovery, to tackle global challenges, and lay a foundation for strong, sustainable, balanced, and inclusive growth. We designated the G20 the premier forum for global economic cooperation, and today we reaffirm our commitment to cooperate as we, once again, addressserious global economic challenges.

2. We met in Bali on 15-16 November 2022, at a time of unparalleled multidimensional crises. We have experienced the devastation brought by the Covid-19 pandemic, and other challenges including climate change, which has caused economic downturn, increased poverty, slowed global recovery, and hindered the achievement of the Sustainable Development Goals.

3. This year, we have also witnessed the war in Ukraine further adversely impact the global economy. There was a discussion on the issue. We reiterated our national positions as expressed in other fora, including the UN Security Council and the UN General Assembly, which, in Resolution No. ES-11/1 dated 2 March 2022, as adopted by majority vote (141 votes for, 5 against, 35 abstentions, 12 absent) deplores in the strongest terms the aggression by the Russian Federation against Ukraine and demands its complete and unconditional withdrawal from the territory of Ukraine. Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economyconstraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks. There were other views and different assessments of the situation and sanctions. Recognizing that the G20 is not the forum to resolve security issues, we acknowledge that security issues can have significant consequences for the global economy.

4. It is essential to uphold international law and the multilateral system that safeguards peace and stability. This includes defending

all the Purposes and Principles enshrined in the Charter of the United Nations and adhering to international humanitarian law, including the protection of civilians and infrastructure in armed conflicts. The use or threat of use of nuclear weapons is inadmissible. The peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue, are vital. Today’s era must not be of war.

5. At today’s critical moment for the global economy, it is essential that the G20 undertakes tangible, precise, swift and necessary actions, using all available policy tools, to address common challenges, including through international macro policy cooperation and concrete collaborations. In doing so, we remain committed to support developing countries, particularly the least developed and small island developing states, in responding to these global challenges and achieving the SDGs. In line with the Indonesian G20 Presidency theme - Recover Together, Recover Stronger - we will take coordinated actions to advance an agenda for a strong, inclusive and resilient global recovery and sustainable development that delivers jobs and growth. With the above in mind, we will:

• Stay agile and flexible in our macroeconomic policy responses and cooperation. We will make public investments and structural reforms, promote private investments, and strengthen multilateral trade and resilience of global supply chains, to support long-term growth, sustainable and inclusive, green and just transitions. We will ensure long-term fiscal sustainability, with our central banks committed to achieving price stability.

• Protect macroeconomic and financial stability and remain committed to using all available tools to mitigate downside risks, noting the steps taken since the Global Financial Crisis to strengthen financial resilience and promote sustainable finance and capital flows.

• Take action to promote food and energy security and support stability of markets, providing temporary and targeted support to cushion the impact of price increases, strengthening dialogue between producers and consumers, →


→ and increasing trade and investments for long-term food and energy security needs, resilient and sustainable food, fertilizer and energy systems.

• Unlock further investments for lowand middle-income and other developing countries, through a greater variety of innovative financing sources and instruments, including to catalyze private investment, to support the achievement of the SDGs. We ask the Multilateral Development Banks to bring forward actions to mobilize and provide additional financing within their mandates, to support achievement of the SDGs including through sustainable development and infrastructure investments, and responding to global challenges.

• Recommit to accelerate achievement of the SDGs, achieving prosperity for all through sustainable development.

6. We are deeply concerned by the challenges to global food security exacerbated by current conflicts and tensions. We therefore commit to taking urgent actions to save lives, prevent hunger and malnutrition, particularly to address the vulnerabilities of developing countries, and call for an accelerated

We will take further coordinated actions to address food security challenges including price surges and shortage of foodcommodities and fertilizers globally.

and IMF’s food security responses. We emphasize the importance of building on the G20 Matera Declaration, working together to sustainably produce and distribute food, ensure that food systems better contribute to adaptation and mitigation to climate change, and halting and reversing biodiversity loss, diversify food sources, promote nutritious food for all, strengthen global, regional, and local food value chains, and accelerate efforts to reduce food loss and waste. We will also implement the One Health approach, intensify research on food science and technology, and improve stakeholders’ capacity along the food supply chains, particularly women, youth, smallholder, and marginal farmers as well as fishers.

transformation towards sustainable and resilient agriculture and food systems and supply chains. We commit to protect the most vulnerable from hunger by using all available tools to address the global food crisis. We will take further coordinated actions to address food security challenges including price surges and shortage of food commodities and fertilizers globally. Recalling the G20 efforts such as the Global Agriculture and Food Security Program, we welcome global, regional, and national initiatives in support of food security, and in particular note the progress made by the UN Secretary General’s Global Crisis Response Group on Food, Energy and Finance, as well as the World Bank Group’s

7. We support the international efforts to keep food supply chains functioning under challenging circumstances. We are committed to addressing food insecurity by ensuring accessibility, affordability, and sustainability of food and food products for those in needs, particularly in developing countries and least developed countries. We reiterate our support for open, transparent, inclusive, predictable, and non-discriminatory, rules-based agricultural trade based on WTO rules. We highlight the importance of enhancing market predictability, minimizing distortions, increasing business confidence, and allowing agriculture and food trade to flow smoothly. We reaffirm the need to update global agricultural food trade rules and to facilitate trade in agricultural and food products, as well as the importance of not imposing export prohibitions or restrictions on food and fertilizers in a manner inconsistent with relevant WTO provisions. We are committed to sustained supply, in part based on local food sources, as well as diversified production of food and fertilizers to support the most vulnerable from the disruptions in food trade supply chain. We will avoid adversely impacting food security deliberately. We commit to facilitate humanitarian supplies for ensuring access to food in emergency situations and call on UN Member States and all relevant stakeholders with available resources to provide in-kind donations and resources to support countries most affected by the food crisis, as required and based on assessed needs by governments of affected countries. →


→ We continue to support the carve out of humanitarian activities from sanctions and call on all nations to support this aim, including through current efforts at the UN. We will continue to closely monitor the state of global food security and nutrition.

8. We welcome the Türkiye and UNbrokered two Istanbul Agreements signed on 22 July 2022 and consisting of the Initiative on the Safe Transportation of Grain and Foodstuffs from Ukrainian Ports (Black Sea Grain Initiative) and the Memorandum of Understanding between the Russian Federation and the Secretariat of the United Nations on Promoting Russian Food Products and Fertilizers to the World Markets, on the unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from Ukraine and the Russian Federation, to ease tension and prevent global food insecurity and hunger in developing countries. We emphasize the importance of their full, timely and continued implementation by all relevant stakeholders, as well as the UN Secretary-General’s calls for continuation of these efforts by the Parties. In this context we highlight other efforts that ensure the flow of agri-food goods such as the EU Solidarity Lanes and the Russian donations of fertilizers facilitated by the World Food Programme. Moreover, we take note of various initiatives addressing food insecurity such as the Arab Coordination Group initiative.

9. We are committed to supporting the adoption of innovative practices and technologies, including digital innovation in agriculture and food systems to enhance productivity and sustainability in harmony with nature and promote farmers and fishers’ livelihoods and increase income, in particular smallholders by increasing efficiency, and equal access to food supply chains. We will promote responsible investments in agricultural research and science and evidence-based approaches. We will continue to strengthen the Agricultural Market Information System (AMIS) as an early warning tool, to enhance food and fertilizer/inputs market transparency, reduce market uncertainties, and support coordinated policy responses for food security and nutrition, through the sharing of reliable and timely data and information.

10. We ask the Food and Agriculture Organization (FAO) and the World Bank Group (WBG) to share with us the results of their mapping exercises on food insecurity, which will be consolidated in the future with inputs from technical experts and other relevant international organizations, and will provide a systemic analysis of responses to address food security. This will identify any major gaps in global responses; examine food and nutrition variables and funding; examine the supply and demand of fertilizers; build on the G20 Agricultural Market Information System (AMIS); and identify any medium-term issues that require further technical and systemic analysis. The FAO and WBG will report back by the 2023 Spring Meetings.

11. We meet at a time of climate and energy crises, compounded by geopolitical challenges. We are experiencing volatility in energy prices and markets and shortage/ disruptions to energy supply. We underline the urgency to rapidly transform and diversify energy systems, advance energy security and resilience and markets stability,

by accelerating and ensuring clean, sustainable, just, affordable, and inclusive energy transitions and flow of sustainable investments. We stress the importance of ensuring that global energy demand is matched by affordable energy supplies. We reiterate our commitment to achieve global net zero greenhouse gas emissions/carbon neutrality by or around mid-century, while taking into account the latest scientific developments and different national circumstances. We call for continued support for developing countries, especially in the most vulnerable countries, in terms of providing access to affordable, reliable, sustainable, and modern energy, capacity building, affordable latest technology within the public domain, mutually beneficial technology cooperation and financing mitigation actions in the energy sector.

12. We reaffirm our commitment to achieve SDG 7 targets and strive to close the gaps in energy access and to eradicate energy poverty. Recognising our leadership role, and guided by the Bali Compact and the Bali Energy Transition Roadmap, we are


committed to finding solutions to achieve energy markets stability, transparency, and affordability. We will accelerate transitions and achieve our climate objectives by strengthening energy supply chain and energy security, and diversifying energy mixes and systems. We will rapidly scale up the deployment of zero and low emission power generation, including renewable energy resources, and measures to enhance energy efficiency, abatement technologies as well as removal technologies, taking into account national circumstances. We recognise the importance to accelerate the development, deployment and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems, including by rapidly scaling up the deployment of clean power generation, including renewable energy, as well as energy efficiency measures, including accelerating efforts towards the phasedown of unabated coal power, in line with national circumstances and recognising the need for support towards just transitions. We will increase our efforts to implement the commitment made in 2009 in Pittsburgh to phase-out and rationalize, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support for the poorest and the most vulnerable. We will strengthen international cooperation as well as relevant producer-consumer dialogues on securing energy affordability and accessibility by limiting volatility in energy prices and scaling up clean, safe, inclusive, and sustainable technologies, including developing regional energy interconnectivity. We are committed to promote investment in sustainable infrastructure and industry, as well as innovative technologies and a wide range of fiscal, market and regulatory mechanisms to support clean energy transitions, including, as appropriate, the use of carbon pricing and non-pricing mechanisms and incentives, while providing targeted support for the poorest and the most vulnerable.

13. Mindful of our leadership role, we reaffirm our steadfast commitments, in pursuit of the objective of UNFCCC, to tackle climate change by strengthening the full and effective implementation of the Paris Agreement and its temperature goal,

reflecting equity and the principle of common but differentiated responsibilities and respective capabilities in light of different national circumstances. We will play our part fully in implementing the Glasgow Climate Pact and the relevant outcomes of previous COPs and CMAs, in particular COP 26, including the call to revisit and strengthen the 2030 targets in our NDCs, as necessary to align with the Paris Agreement. In this regard, we welcome enhanced climate actions resulting from the new or updated NDCs and invite parties to urgently scale up mitigation and adaptation ambition and means of implementation as well as make progress on loss and damage at COP 27 which is being held in Africa. Noting the IPCC assessments that the impact of climate change will be much lower at a temperature increase of 1.5°C compared with 2°C, we resolve to pursue efforts to limit the temperature increase to 1.5°C. This will require meaningful and effective actions and commitment by all countries, taking into account different approaches, through the development of clear national pathways that align longterm

ambition with short and medium-term goals, and with international cooperation and support, including finance and technology, and sustainable and responsible consumption and production as critical enablers, in the context of sustainable development.

14. We welcome the progress to date towards achieving a Post 2020 Global Biodiversity Framework (GBF). We urge all parties and countries to finalize and adopt the GBF with the view of realizing of 2050 Vision of “Living in harmony with Nature” at the second part of COP15 CBD as a strong framework of action and accountability for halting and reversing biodiversity loss by 2030 and, as appropriate, to update National Biodiversity Strategies and Action Plans accordingly. We emphasize the importance of achieving and synergizing the objectives of the three Rio Conventions. We stress the need for clear and measurable goals and targets for biodiversity and means of implementation and accountability. We commit to strengthen actions to halt and reverse biodiversity loss by 2030 and call on CBD Parties to adopt an ambitious, balanced, practical, effective, robust and transformative post-2020 Global Biodiversity Framework at COP-15 in Montreal. We urge for increased resource mobilization from all sources, including from countries and entities, to provide new and additional financial resources for the implementation of the GBF, once it is negotiated, including to help enable and support developing country parties, and for aligning private and public financial flows with biodiversity objectives. We will scale up efforts to combat biodiversity loss, deforestation, desertification, land degradation and drought, as well as restoring degraded land to achieve land degradation neutrality by 2030, and in support of the G20’s ambition to reduce land degradation by 50% by 2040 on a voluntary basis. We recognize the effort made by a number of countries to ensure that at least 30% of global land and at least 30% of the global ocean and seas are conserved or protected by 2030 and we will help to make progress towards this objective in accordance with national circumstances. We commit to reduce environmental impacts by changing unsustainable consumption and production patterns →

We will increase our efforts to implement the commitmentmade in 2009 in Pittsburgh to phase-out and rationalize, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support for the poorest and the most vulnerable.

→ as well as to enhance environmentally sound waste management including by preventing illegal cross- border traffic of waste.

15. We will step up efforts to halt and reverse biodiversity loss, including through Nature-based Solutions and Ecosystembased Approaches, support climate mitigation and adaptation, enhance environmental conservation and protection, sustainable use and restoration, responding to natural disasters, reduce ecosystem degradation, enhance ecosystem services and to address issues affecting the marine and coastal environment. We will further promote sustainable development and lifestyles, resource efficiency and circular economy to increase sustainability and work together on scientific knowledge-sharing, raising awareness, and capacity building, particularly to advance on the ocean-based climate action. We are committed to ending illegal, unreported and unregulated fishing. We welcome the WTO multilateral Agreement on Fisheries Subsidies and encourage its rapid entry into force. In line with the UNEA Resolution 5/14, we are committed to develop an international legally binding instrument on plastic pollution, including in the marine environment, with the ambition of completing the work by the end of 2024. We highlight the progress made and call on participating delegations to achieve an ambitious and balanced agreement without delay on an international legally binding instrument under UNCLOS on the conservation and sustainable use of marine biological diversity of areas beyond national jurisdiction, as called for in the UNGA Resolution 69/292. We also acknowledge that ecosystems, including forests, seagrasses, coral reefs, wetland ecosystems in all their diversity, including peatlands and mangrove, support climate change mitigation and adaptation efforts.

16. We acknowledge the urgent need to strengthen policies and mobilize financing, from all sources in a predictable, adequate and timely manner to address climate change, biodiversity loss, and environmental degradation including significantly increasing support for developing countries. We recall and further urge developed countries to fulfil their commitments to

deliver on the goal of jointly mobilizing USD 100 billion per year urgently by 2020 and through to 2025 in the context of meaningful mitigation action and transparency on implementation.

We also support continued deliberations on an ambitious new collective quantified goal of climate finance from a floor of USD 100 billion per year to support developing countries, that helps in fulfilling the objective of the UNFCCC and implementation of the Paris Agreement. We emphasize the importance of transparency in the implementation of the pledges. We also recall the Glasgow Climate Pact urging developed countries to at least double their collective provision of climate finance for adaptation to developing countries, from 2019 levels, by 2025, in the context of achieving a balance between mitigation and adaptation in the provision of scaled up financial resource, recalling Article 9 of the Paris Agreement.

17. In the context of strengthening global efforts to reach the objective of the United Nations Framework Convention on Climate Change (UNFCCC) and the goals of the Paris Agreement, as well as implementing the COP26 commitments, we reiterate that our policy mix toward carbon neutrality and net zero should include a full range of fiscal, market and regulatory mechanisms including, as appropriate, the use of carbon pricing and non-pricing mechanisms and incentives, and phase out and rationalize, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support to the poorest and most vulnerable, and in line with national circumstances. We acknowledge the macro-economic risks stemming from climate change and will continue discussions on the costs and benefits of different transitions.

18. We are committed to take actions in support of orderly, just and affordable transitions to achieve the objectives of the 2030 Agenda for Sustainable Development in line with the UNFCCC and the Paris Agreement as well as with the convention on Biological Diversity. We welcome the progress made across the G20, international organizations, other international networks and initiatives, and the private sector in

We are committed to take actions in support of orderly, just and affordable transitions to achieve the objectives of the 2030 Agenda for Sustainable Development in line with the UNFCCC and the Paris Agreement as well as with the convention on Biological Diversity.

addressing the priorities of the G20 Sustainable Finance Roadmap, which is voluntary and flexible in nature, and call for further efforts to advance the Roadmap’s recommended actions that will scale up sustainability financing. We welcome the establishment of the Sustainable Finance Working Group’s online dashboard and repository of relevant work, to illustrate ongoing and future progress made on the Roadmap, and encourage members to contribute on a voluntary basis, taking country circumstances into consideration. We endorse the 2022 G20 Sustainable Finance Report which articulates practical and voluntary recommendations for jurisdictions and relevant stakeholders in developing transition finance frameworks, improving the credibility of financial institutions’ net zero commitments and scaling up sustainable finance instruments, with a focus on improving accessibility and affordability. We also welcome the valuable discussion during the Presidency’s Forum on policy levers that incentivize financing and investment to support the transition.

19. We remain committed to promoting a healthy and sustainable recovery which builds towards achieving and sustaining Universal Health Coverage under the SDGs. While the COVID-19 pandemic is not over, the World Health Organization (WHO) has recently declared monkeypox as another Public Health Emergency International Concern (PHEIC), reinforcing that international health threats are ever present


and that the G20 and broader global community must come together to improve our collective prevention, preparedness and response capabilities. We reaffirm the importance of strengthening of national health systems by putting people at the center of preparedness and equip them to respond effectively. We emphasize the need for equitable access to pandemic medical countermeasures, and welcome the efforts of ACT-A, and note that the results of the ACT-A external evaluations can be useful lessons for future discussions. We reaffirm our commitment to strengthen global health governance, with the leading and coordination role of WHO and support from other international organizations. We support the work of the Intergovernmental Negotiating Body (INB) that will draft and negotiate a legally binding instrument that should contain both legally binding and non-legally binding elements to strengthen pandemic PPR and the working group on the International Health Regulations that will consider amendments to the International Health Regulations (IHR) (2005) mindful that the decision will be made by World Health Assembly.

20. The G20 High Level Independent Panel, as well as the WHO and World Bank

have estimated there is an annual pandemic PPR financing gap of approximately USD 10 billion. As initiated by the Saudi Arabian G20 Presidency, the Italian G20 Presidency and continued by the Indonesian G20 Presidency, we welcome the provision of additional financial resources, to assist in financing critical gaps in implementing IHR (2005) and increase PPR capacities. In this regard, we welcome the establishment of a new Financial Intermediary Fund for Pandemic PPR (the ‘Pandemic Fund’) hosted by the World Bank. It aims to address critical pandemic PPR gaps and build capacity at national, regional and global levels, bring additionality in financial resources for pandemic PPR, catalyze complementary investments, and facilitate a coordinated and coherent approach to pandemic PPR strengthening. We welcome the Pandemic Fund’s inclusive membership and representation from low- and middleincome countries, civil society organizations and donors, and acknowledge the WHO’s technical expertise and central coordination role in this endeavor, which reflects its leadership role in the global health architecture. We appreciate the work of the Secretariat hosted by the World Bank, with the WHO as technical lead and as chair of the Technical Advisory Panel. We look

forward to the launch of the Pandemic Fund’s first call for proposals as soon as possible.We commit to increase the capacity of developing countries for pandemic PPR through the Pandemic Fund, and look forward to the stocktaking review of the Pandemic Fund at the end of its first year to draw on lessons learned and incorporate any changes needed to ensure it is operating in accordance with its governing documents and effective at filling critical PPR gaps, and that it continues to have a central coordination role for the WHO, maintains strong connection to the G20, and is inclusive of the perspectives of low- and middle-income countries and additional non-G20 partners in its decision making. We commend the pledges by current donors, amounting to over USD 1.4 billion, and encourage additional voluntary pledges. We call on new donors to join the Pandemic Fund, as they are able to.

21. It is essential to continue collaboration between Finance and Health Ministries for pandemic PPR. We extend the mandate of the Task Force, and ask the Secretariat of the Task Force to work with the Task Force co-chairs, the incoming Indian G20 Presidency, the G20 Troika, and G20 members to agree on a Task Force →


→ workplan for 2023, taking into account a multi-year planning horizon. We thank the WHO for continuing to host the Secretariat, with support from the World Bank. In 2023 the Task Force will continue to be cochaired by Indonesia and Italy, representing advanced and emerging economy perspectives, and will continue to draw on expertise of the WHO, International Financial Institutions and other relevant organizations, with the support of the 2023 Indian G20 Presidency. To expand the voice of lower income countries we invite key regional organizations to join the Task Force meetings, as appropriate. We will work closely with the WHO to ensure the Task Force continues to complement the global pandemic PPR architecture and there is no further duplication and fragmentation of the global health governance system. Delivering on the mandate from the G20 Rome Leaders’ Declaration, in 2023 the Task Force will continue developing coordination arrangements between Finance and Health Ministries, and share best practices and experiences from past finance-health coordination in order to develop joint responses to pandemics, as appropriate. The Task Force will undertake work to better understand economic risks and vulnerabilities from pandemics, and how to mitigate them, with a focus on finance and health coordination in response to new pandemics, considering countryspecific circumstances and recognizing the importance of further work on resource mobilization. We ask the Task Force to report back to Finance and Health Ministers in 2023 on its progress.

22. We recognize that the extensive COVID-19 immunization is a global public good and we will advance our effort to ensure timely, equitable and universal access to safe, affordable, quality and effective vaccines, therapeutics and diagnostics (VTDs). Acknowledging the adoption of the Ministerial Declaration on the WTO Response to the COVID-19 Pandemic and Preparedness for Future Pandemics and the Ministerial Decision on the TRIPS Agreement at the WTO’s 12th Ministerial Conference (MC12), we note that, no later than six months from the date of the Ministerial Decision on the TRIPS Agreement, WTO members will decide on its extension to cover the production and

We are committed to take actions in support of orderly, just and affordable transitions to achieve the objectives of the 2030 Agenda for Sustainable Development in line with the UNFCCC and the Paris Agreement as well as with the convention on Biological Diversity.

importance of shared technical standards and verification methods, under the framework of the IHR (2005), to facilitate seamless international travel, interoperability, and recognizing digital solutions and non-digital solutions, including proof of vaccinations. We support continued international dialogue and collaboration on the establishment of trusted global digital health networks as part of the efforts to strengthen prevention and response to future pandemics, that should capitalize and build on the success of the existing standards and digital COVID-19 certificates.

supply of COVID-19 diagnostics and therapeutics. We remain committed to embedding a multisectoral One Health approach and enhancing global surveillance, including genomic surveillance, in order to detect pathogens and antimicrobial resistance (AMR) that may threaten human health. To enable global pathogen surveillance as part of our commitment to implement the IHR (2005), we encourage sharing of pathogen data in a timely manner on shared and trusted platforms in collaboration with WHO. We encourage sharing of benefits arising from the utilization of pathogens consistent with applicable national laws.

23. We recognize the need for strengthening local and regional health product manufacturing capacities and cooperation as well as sustainable global and regional research and development networks to facilitate better access to VTDs globally, especially in developing countries, and underscore the importance of public-private partnership, and technology transfer and knowledge sharing on voluntary and mutually agreed terms. We support theWHO mRNA Vaccine Technology Transfer hub as well as all as the spokes in all regions of the world with the objective of sharing technology and technical know-how on voluntary and mutually agreed terms. We welcome joint research and joint production of vaccines, including enhanced cooperation among developing countries. We acknowledge the

24. The COVID-19 pandemic has accelerated the transformation of the digital ecosystem and digital economy. We recognize the importance of digital transformation in reaching the SDGs. We acknowledge that affordable and high-quality digital connectivity is essential for digital inclusion and digital transformation, while a resilient, safe and secure online environment is necessary to enhance confidence and trust in the digital economy. We recognize the importance of policies to create an enabling, inclusive, open, fair and non-discriminatory digital economy that fosters the application of new technologies, allows businesses and entrepreneurs to thrive, and protects and empowers consumers, while addressing the challenges, related to digital divides, privacy, data protection, intellectual property rights, and online safety. We acknowledge the importance to counter disinformation campaigns, cyber threats, online abuse, and ensuring security in connectivity infrastructure. We remain committed to further enable data free flow with trust and promote cross-border data flows. We will advance a more inclusive, human-centric, empowering, and sustainable digital transformation. We also reaffirm the role of data for development, economic growth and social well-being.

25. We encourage international collaboration to further develop digital skills and digital literacyto harness the positive impacts of digital transformation, especially for women, girls, and people in vulnerable situations, and further support efforts to develop reliable skills and literacy. We note the increasing demands for a workforce adept at utilizing emerging technologies, education and training, reskilling and →


Helping businesses navigate climate change

Chartered Professional Accountants (CPAs) can help your organization make more informed decisions — and increase resilience — in the face of climate change.

How? By identifying climate-related risks and opportunities. By estimating financial impacts and performing scenario analyses. By advising on long-term business performance. Need a strategic response to climate change? Enlist a CPA.


→ upskilling to meet such demands. We also seek to increase connectivity by accelerating high capacity and secure infrastructure and provide more accessible and affordable resources and tools, while also improve the digital literacy skills of learners, teachers, school leaders, and other educational professional to ensure universal access to education, accelerate learning recovery and promote lifelong learning.

26. We found digital technology becomes the key for recovery and empowerment across various sectors, including in building a resilient and sustainable food system and agriculture, creating sustainable and decent jobs and human capacity development, supporting inclusive trade, industrialization and investment, increasing productivity, as well as opening up the potential of the future economy, especially for Micro, Small and Medium Enterprises (MSMEs) and start-ups. It is essential to ensure that no one is left behind in our effort to digitally transform our society, by involving all stakeholders, including the youth, women, business sector, audit institution, parliaments, scientists, and labours.

27. We support continued implementation of the G20 Roadmap for Enhancing Cross-Border Payments, including the future delivery of the initial estimates for key performance indicators and 2022 Progress Report that sets out priorities for the next stage of work. We encourage central banks, other public authorities and the payments industry to continue to work collaboratively on these important initiatives to enhance cross-border payments. We welcome the report by the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) on interlinking payment systems and the role of Application Programming Interfaces (APIs) that was presented in a joint workshop by the Indonesian G20 Presidency in coordination with the BIS CPMI and the BIS Innovation Hub (BISIH) on crossborder payments and interoperability at the Festival Ekonomi Keuangan Digital Indonesia (FEKDI) 2022. We also welcome the joint report by the BIS CPMI, BISIH, IMF, and World Bank on options for access to and interoperability of Central Bank Digital Currencies (CBDCs) for crossborder payments.

We support continued implementation of the G20 Roadmap for Enhancing Cross-Border Payments, including the future delivery of the initial estimates for key performance indicators and 2022 Progress Report that sets out priorities for the next stage of work.

Plan. To address digitalization and sustainable finance developments, and support financial inclusion and well-being, we endorse the updated G20/OECD High-Level Principles on Financial Consumer Protection and welcome the updated G20/OECD High-Level Principles on SME Financing.

28. We endorse the G20 Financial Inclusion Framework on Harnessing Digitalization to Increase Productivity and Foster a Sustainable and Inclusive Economy for Women, Youth and MSMEs or Yogyakarta Financial Inclusion Framework guided by the G20 2020 Financial Inclusion Action

29. To support our collective ambition to recover together, recover stronger, we commit to wellcalibrated, well-planned, and well-communicated policies to support sustainable recovery, with due consideration to country-specific circumstances. We commit to mitigate scarring effects to support strong, sustainable, balanced and inclusive growth. We will stay agile and flexible in our fiscal policy response, standing ready to adjust to the changing circumstances as needed. Temporary and targeted measures to help sustain the purchasing power of the most vulnerable and cushion the impact of commodity price increases, including energy and food prices, should be well designed to avoid adding to high


inflationary pressures. We will continue to enhance macro policy cooperation, preserve financial stability and long-term fiscal sustainability, and safeguard against downside risks and negative spillovers. Macroprudential policies need to remain vigilant to guard against rising systemic risks as financial conditions tighten. Recognizing that many currencies have moved significantly this year with increased volatility, we reaffirm the commitments made on exchange rates by our Finance Ministers and Central Bank Governors in April 2021. We also reiterate the importance of global cooperation and express our appreciation to the Indonesian G20 Presidency for its efforts to maintain an effective system of multilateralism through the G20.

30. G20 central banks are strongly committed to achieving price stability, in line with their respective mandates. To that end, they are closely monitoring the impact of price pressures on inflation expectations and will continue to appropriately calibrate the pace of monetary policy tightening in a data-dependent and clearly communicated manner, ensuring that inflation expectations remain well anchored, while being mindful to safeguard the recovery and limit cross-country spillovers. Central bank independence is crucial to achieving these goals and buttressing monetary policy credibility.

31. We are committed to the swift implementation of the OECD/G20 two-pillar international tax package. We welcome the progress on Pillar One. We also welcome progress on Pillar Two Global Anti-Base Erosion (GloBE) Model Rules, which pave the way for consistent implementation at a global level as a common approach, and we look forward to the completion of the GloBE Implementation Framework. We call on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) to finalize Pillar One, including remaining issues and by signing the Multilateral Convention in the first half of 2023, and tocomplete the negotiations of the Subject to Tax Rule (STTR) under Pillar Two that would allow the development of a Multilateral Instrument for its implementation. We will work to strengthen the tax and

development agenda in light of the July 2022 G20 Ministerial Symposium on Tax and Development, and we note the G20/ OECD Roadmap on Developing Countries and International Tax. We support the progress made on implementing internationally agreed tax transparency standards, including regional efforts and welcome the signing of the Asia Initiative Bali Declaration in July 2022. We also welcome the Crypto-Asset Reporting Framework and the amendments to the Common Reporting Standard, both of which we consider to be integral additions to the global standards for automatic exchange of information. We call on the OECD to conclude the work on implementation packages, including possible timelines, and invite the Global Forum on Transparency and Exchange of Information for Tax Purposes to build on its commitment and monitoring processes to ensure widespread implementation of both packages by relevant jurisdictions.

32. We reaffirm our commitment to strengthening the long-term financial resilience of the international financial architecture, including by promoting sustainable capital flows, and developing local currency capital markets. We welcome the IMF’s revised Institutional View on Liberalization and Management of Capital Flows and look forward to continued discussions with international organizations on the coherent implementation of international frameworks for the use of capital flow management measures, while being mindful of their original purpose. We look forward to further progress by the IMF in operationalizing the Integrated Policy Framework and welcome the report by the Bank for International Settlements (BIS) on Macro-financial stability frameworks. We welcome continued exploration of how CBDCs could potentially be designed to facilitate crossborder payments, while preserving the stability and integrity of the international monetary and financial system. We welcome the successful completion of the G20 TechSprint 2022, a joint initiative with the BISIH, which has contributed to the debate on the most practical and feasible solutions to implement CBDCs. We reiterate our commitment to maintaining a strong and effective Global Financial Safety Net

with a strong, quota-based and adequately resourced IMF at its center. We remain committed to revisiting the adequacy of quotas and will continue the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, by 15 December 2023. We take note on the continuation of discussion of the IMF surcharge policy.

33. 1We are committed to support all vulnerable countries to recover together, recover stronger. We welcome pledges amounting to USD 81.6 billion through the voluntary channelling of Special Drawing Rights (SDRs) or equivalent contributions, and call for further pledges from all willing and able countries to meet the total global ambition of USD 100 billion of voluntary contributions for countries most in need. We welcome the operationalization of the Resilience and Sustainability Trust (RST) to help eligible low-income countries, small states and vulnerable middle-income countries address longer-term structural challenges that pose macroeconomic risks, including those stemming from pandemics and climate change. We welcome the voluntary contributions to the RST and call for additional pledges and timely contributions to it and to the Poverty Reduction and Growth Trust (PRGT), especially for subsidy resources, to ensure a broad pool of contributors to meet funding needs. We are open to explore viable options for countries to voluntarily channel SDRs through Multilateral Development Banks (MDBs), while respecting national legal frameworks and the need to preserve the reserve assets status of SDRs. We will explore ways, including through balance sheet optimization measures, and other potential avenues, to maximize MDBs’ development impact. We welcome early deliberations and urge MDBs to continue to discuss options for implementing the recommendations of the G20 Independent Review of MDBs’ Capital Adequacy Frameworks within their own governance frameworks, and to deliver an update in Spring 2023. This will inform the ongoing development of a roadmap for the implementation of the recommendations, while safeguarding MDBs’ long-term financial sustainability, robust credit ratings and preferred creditor status. We acknowledge the concluding report on →


→ the 2020 Shareholding Review of the International Bank for Reconstruction and Development (IBRD) and look forward to the 2025 Shareholding Review. At this challenging juncture, we reiterate our commitment to step up our efforts to implement the Common Framework for Debt Treatment beyond the Debt Service Suspension Initiative (DSSI) in a predictable, timely, orderly and coordinated manner. We welcome progress in this regard, including the provision of financing assurances for Zambia. We welcome the conclusion of the debt treatment to Chad and encourage the timely conclusion of the debt treatment for Zambia by early 2023. We also encourage the conclusion of the debt treatment for Ethiopia under an IMF-supported program. We are concerned about the deteriorating debt situation in some vulnerable middleincome countries. This could be addressed by multilateral

In the face of a more challenging global economic and financial outlook, we underline the need to reinforce global financial system resilience and ask the Financial Stability Board (FSB) and IMF to continue their monitoring efforts.

coordination that involves all official and private bilateral creditors to take swift action to respond to their requests for debt treatments. We stress the importance for private creditors and other official bilateral creditors to commit to providing debt treatments on terms at least as favourable to ensure fair burden sharing in line with the comparability of treatment principle. We reaffirm the importance of joint efforts by all actors, including private creditors, to continue working toward enhancing debt transparency. We welcome the efforts of private sector lenders who have already contributed data to the joint Institute of International Finance (IIF)/OECD Data Repository Portal, and continue to encourage others to also contribute on a voluntary basis.

34. In the face of a more challenging global economic and financial outlook, we underline the need to reinforce global financial system resilience and ask the Financial Stability Board (FSB) and IMF to continue their monitoring efforts. We commit to sustaining global financial stability, including through continued coordination of policy measures and implementation of international standards. We welcome the FSB’s final report on financial sector exit strategies and scarring effects of COVID-19 and its conclusions regarding financial stability issues by the end of 2022. We strongly support global policy actions to increase resilience, in particular against crossborder spillovers, including by addressing

the identified structural vulnerabilities in non-bank financial intermediation (NBFI) from a systemic perspective. To this end, we welcome the FSB’s NBFI progress report with policy proposals to address systemic risk in NBFI, including in open-ended funds. We welcome the report by the Basel Committee on Banking Supervision (BCBS), the BIS Committee on Payments and Market Infrastructures (CPMI), and the International Organization of Securities Commissions (IOSCO) on the review of margining practices. We support taking forward the implementation of the FSB updated Roadmap for addressing climaterelated financial risks which complements the G20 Sustainable Finance Roadmap. Globally consistent data are needed in order to effectively address climate-related financial risks. We look forward to the finalization of standards by the International Sustainability Standards Board (ISSB) in support of globally consistent, comparable and reliable climate-related financial disclosures, and its work beyond climate, and we welcome the efforts to achieve interoperability across disclosure frameworks. We welcome the FSB progress report on achieving consistent and comparable climate-related financial disclosures and the final report on supervisory and regulatory approaches to climate-related risks. We welcome the report by the FSB and the Network for Greening the Financial System (NGFS) on climatescenario analysis by jurisdictions.

35. We welcome ongoing work by the FSB and international standard setters to ensure that the crypto-assets ecosystem, including so-called stablecoins, is closely monitored and subject to robust regulation, supervision, and oversight to mitigate potential risks to financial stability. We welcome the FSB’s proposed approach for establishing a comprehensive international framework for the regulation of crypto-asset activities based on the principle of ‘same activity, same risk, same regulation’. We welcome the FSB consultative report on the review of its highlevel recommendations for the regulation, supervision and oversight of “global stablecoin” arrangements. We also welcome the FSB consultation report on promoting international consistency of regulatory and supervisory approaches to crypto-assets activities and markets. It is


critical to build public awareness of risks, to strengthen regulatory outcomes and to support a level playing field, while harnessing the benefits of innovation. We welcome the final guidance by the BIS CPMI and IOSCO which confirms that the Principles for Financial Market Infrastructures apply to systematically important stablecoin arrangements. We welcome the FSB consultative report on achieving greater convergence in cyber incidents reporting, and look forward to the final report. We welcome the results of the second phase of the Data Gaps Initiative (DGI-2) and will continue to work with partners in addressing the identified remaining challenges. We welcome the workplan on the new Data Gaps Initiative (DGI) prepared by the IMF, FSB and the Inter-Agency Group on Economic and Financial Statistics (IAG) in collaboration with participating members. We ask the IMF, the FSB and the IAG to begin work on filling these data gaps and report back on progress in the second half of 2023, noting that the targets are ambitious and delivery will need to take into account national statistical capacities, priorities, and country circumstances as well as avoiding overlap and duplication at international level. We welcome the progress of work on the review of the G20/OECD Principles of Corporate Governance, including the second report and the ongoing public consultation, and look forward to further updates on the review.

36. We reaffirm that the rules-based, non-discriminatory, free, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system (MTS), with the WTO at its core, is indispensable to advancing our shared objectives of inclusive growth, innovation, job creation and sustainable development in an open and interconnected world as well as to supporting the resilience and recovery of a global economy under strain due to COVID-19 and global supply chain disruption. We agree that reforming the WTO is key in strengthening trust in the MTS. We will continue to ensure a level playing field and fair competition to foster a favourable trade and investment environment for all. We note the importance of the contribution of the MTS to promote the UN 2030 Agenda and its SDGs.

Commending the successful conclusion of the 12th WTO Ministerial Conference (MC12), we commit to seize and advance the positive momentum by engaging in active, constructive, pragmatic, and focused discussions on WTO reform to improve all its functions, including reform of the dispute settlement mechanism, on the path leading to the MC13.

37. We are committed to reinforce international trade and investment cooperation to address supply chain issues and avoid trade disruptions. We believe that trade and climate/environmental policies should be mutually supportive and WTO consistent and contribute to the objectives of sustainable development. We also recognise the importance of inclusive international cooperation on digital trade. We recognize the need to promote value addition through sustainable and inclusive investment in

highly productive sectors such as downstream manufacturing, digital trade, and services, and to foster linkages between foreign investors and local enterprises particularly MSMEs. We note the initiative from the Indonesian Presidency to hold discussions on policy coherence between trade, investment and industry, and to continue addressing industry-related issues in the broader G20 process, as appropriate.

38. We recognize the importance of revitalizing infrastructure investment in a sustainable, inclusive, accessible, and affordable way. We endorse the voluntary and non-binding G20/GI

Hub Framework on How to Best Leverage

Private Sector Participation to Scale Up Sustainable Infrastructure Investment which will consider country circumstances, and which will complement investment from other sources, including public →


→ investment and finance provided by MDBs. We note the Outcome Document from the 2022 G20 Infrastructure Investors Dialogue. To enhance social inclusion and address subnational disparities, we endorse the G20-OECD Policy Toolkit on Mobilizing Funding and Financing for Inclusive and Quality Infrastructure Investment in Regions and Cities, prepared with the support of the Asian Development Bank (ADB). We note the Preliminary Findings Report on Gender Inclusive Approaches in Private Participation in Infrastructure in promoting gender considerations during the infrastructure lifecycle and look forward to the final report. We endorse the InfraTracker 2.0 which will enable both the public and private sectors towards transformative infrastructure investment post-COVID-19, by providing insights into long-term infrastructure strategies and plans. To narrow the digital divide, we endorse the G20 Compendium of Case Studies on Digital Infrastructure Finance: Issues, Practices and Innovations.

We endorse the Quality Infrastructure Investment (QII) Indicators and associated guidance note, developed for the G20, which are voluntary and non-binding and consider country circumstances, and we

look forward to further discussions on how the QII indicators can be applied. We welcomeprogress made towards developing a possible new governance model for the GlobalInfrastructure Hub (GI Hub) and ask that principles to guide the process be finalized as soon as possible.

39. The rise of automation and digital technologies are reshaping the world of work, presenting both opportunities and challenges. Adding to the situation, the COVID-19 pandemic has exacerbated pre-existing inequalities in many countries and continues to disproportionately affect women, youth, older workers, persons with disabilities and migrant workers. We underline that it remains our utmost priority to mitigate the adverse impact of the current trends on the labour market, reduce inequalities while responding effectively to the opportunities that automation and digital technologies present and promote gender equality. We remain committed to the promotion of decent work and the elimination of child and forced labour.

40. We reaffirm our commitment to support the full inclusion of migrants, including migrant workers, refugees, in our recovery efforts, in the spirit of international

cooperation and in line with national policies, legislation, and circumstances, ensuring full respect for their human rights and fundamental freedoms regardless of their migration status. We also recognize the importance of preventing irregular migration flows and the smuggling of migrants, as part of a comprehensive approach for safe, orderly and regular migration, while responding to humanitarian needs and the root causes of displacement. We support strengthening cooperation between countries of origin, transit, and destination. We will continue the dialogue on migration and forced displacement in future Presidencies.

41. We remain committed to a humancentred, inclusive, fair, sustainable approach that leads to greater social justice, decent work, and social protection for all. We will continue our work to integrate persons with disabilities, women, and youth across sectors and levels in pursuit of an inclusive labour market. We are resolved to promote sustainable development of human capacity, labour markets, and productivity, including through community-based vocational education and training, to advance job creation through entrepreneurship, to empower MSMEs, and to accelerate our efforts to foster and adapt labour protection for all workers, including those in the informal sector. We will maximize our approach to skills development to respond effectively to the needs of the labour market, with the involvement of social partners. We will accelerate progress towards the Antalya Youth Goal, as well as universal social protection for all by 2030.

42. We are deeply concerned that multidimensional crises, including the COVID-19 pandemic, as well as lack of fiscal space and unequal access to finance and technology, are posing significant challenges towards realizing the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda in a timely manner. We will demonstrate leadership and take collective actions to implement the 2030 Agenda for Sustainable Development and accelerate the achievement of the SDGs by 2030 and address developmental challenges by reinvigorating a more inclusive multilateralism and reform aimed at implementing the 2030 Agenda.


43. In this regard, we will strengthen inclusive and sustainable recovery and build resilience in all developing countries, including SIDS in the Pacific and Caribbean and LDCs, through ambitious and concrete actions. We also reiterate our continued support to Africa, including through the G20 Compact with Africa and the G20 Initiative on Supporting Industrialization in Africa and LDCs. We will focus on MSMEs, adaptive social protection, green economy and blue economy. We recognise the need for partnership to promote mutually beneficial technology cooperation and share good practice, as well as the need for inclusive and quality infrastructure investment for stronger recovery and resilience. We underscore the need to address the financing gap towards implementation of the 2030 Agenda, through enhancing innovative financing mechanisms, including blended finance, while noting the importance of transparency and mutual accountability. We take note of initiatives such as the Coalition for Disaster Resilience Infrastructure and the Global Blended Finance Alliance, and welcome the Global Platform for Disaster Risk Reduction. We look forward to the success of the SDGs Summit in 2023.

44. Access to education is a human right and a pivotal tool for inclusive and sustainable economic recovery. We welcome the outcome of the Transforming Education Summit. We will act in solidarity in particular with developing countries to rebuild more resilient, techenabled, accessible, and effective education systems. We will empower relevant actors within and beyond G20 to remove barriers to education, improve teaching and learning environments, and support transitions within and across all stages of education, with emphasis on women and girls. We also underscore the importance of learners’ well-being in their preparation for work and meaningful participation and contribution to more equitable, inclusive and sustainable society. We reaffirm the importance of Education for Sustainable Development (ESD) and our commitment to SDG4 to ensure inclusive and equitable quality education and training. We are committed to promoting lifelong learning at all levels amidst the changing nature of work and encourage partnership in this regard.

We are resolved to promote sustainable development of humancapacity, labour markets, and productivity, including through communitybased vocationaleducation and training, to advance job creation through entrepreneurship, to empower MSMEs, and to accelerate our efforts to foster and adapt labour protection for all workers,including those in the informal sector

will continue to advance women’s and girls’ equal access to inclusive and quality education, including participations in STEM education, women entrepreneurship through MSMEs, and women’s and girls’ access in leadership positions. We will promote quality of life for women in rural areas and women with disabilities. We welcome the work that has been done by the EMPOWER Alliance and its engagement with the G20, and support the future convening of G20 Ministerial Conference on Women’s Empowerment.

45. We acknowledge the importance of research and innovation in sustainable resource utilization in various sectors, especially in the midst of health, climate, food and energy crises. We welcome research and innovation collaboration for the conservation of biodiversity andits use to support the sustainable development including green and blue economy. We also promote inclusive collaborations to further research and innovation, as well as promoting researchers’ international mobility.

46. As women and girls continue to be disproportionately affected by the COVID-19 pandemic and other crises, we reaffirm our commitment to put gender equality and women’s empowerment at the core of our efforts for an inclusive recovery and sustainable development. We commit to implement the G20 Roadmap Towards and Beyond the Brisbane Goal foster financial inclusion and access to digital technologies, including to address the unequal distribution in paid and unpaid care and domestic work, with a focus on closing the gender pay gap. We commit to the elimination of genderbased violence, the enhancement of social, health, care and educational services, and the overcoming of gender stereotypes. We

47. We reaffirm the important role of tourism for global recovery, and the community-based approach for rebuilding a more human-centred, inclusive, sustainable, and resilient tourism sector. We acknowledge the vital importance of strengthening safe international mobility and connectivity and seamless post-Covid travel to enable tourism recovery. We further recognize that creative economy, which involve knowledge-based economy, human creativity, and intellectual property rights, contributes to improving the resiliency of tourism local communities and MSMEs through human capital development, digital transformation, innovation, public-private partnerships, sustainable preservation of natural and cultural heritage, and innovative financing while retaining their significant commercial and cultural values.

48. We reaffirm the role of culture as an enabler and driver for sustainable development with intrinsic value beyond its social and economic benefits. We are committed to develop policies that draw on cultural diversity as a resource for sustainable living and promote an inclusive and equitable ecosystem at all levels that values the contribution of those working in the culture, arts and heritage sectors. We will respect, protect and preserve the cultural heritage of our peoples, including local communities and indigenous peoples, as applicable. We support public incentives and sustainable investments from the private sector to strengthen the cultural economy. We will safeguard cultural heritage as well as fighting illicit trafficking of cultural property and promoting restitution to its rightful owner/countries of origin, in accordance with the relevant UNESCO Conventions and national laws. →


in particular the “travel rule”, and transparency of beneficial ownership, and acknowledge their role in the fight against systemic corruption and environmental crimes, which gravely impact economies and societies. We support the ongoing work of the FATF to enhance global efforts to seize criminal proceeds and return funds to victims and states inline with domestic frameworks. We encourage all G20 members to strengthen collaboration to adopt and effectively implement the FATF standards.

51. We welcome the Indonesian Presidency’s efforts to compile a wide array of national submissions and international coordinated collaborations from G20 members, invited countries, and regional and international organizations. These have been presented in the “G20 Action for Strong and Inclusive Recovery”, as annexed. We call for further concrete actions to impart greater momentum and impact to the efforts of international community to recover together and recover stronger.

49. We will continue to lead by example through strengthening and implementing our obligations and commitments to anti-corruption efforts including through legally binding instruments, while renewing our commitment to zero tolerance for corruption. We emphasize the importance of transparency and accountability for both public and private sector as a crucial part of a collective recovery effort. We underscore the important role of auditing as well as public participation and anticorruption education in preventing and tackling any form of corruption. We recall our commitments and call on all countries to criminalise bribery, including bribery of foreign public officials, and effectively prevent, combat, detect, investigate, prosecute and sanction bribery. We will further work to strengthen international cooperation and legal frameworks to combat economic crimes including corruption related to organized crime and money laundering, including, on a voluntary basis, through existing networks and initiatives such as GlobE and the G20 Denial of Entry Experts Network. We will share information on our actions towards

criminalising foreign bribery and enforcing foreign bribery legislation in line with Article 16 of UNCAC, and look forward to enlarging participation to the OECD Anti-Bribery Convention, as appropriate. We reaffirm our commitment to deny safe haven to corruption offenders and their assets, in accordance to domestic laws. We also recognize the importance of mitigating corruption risk in all sectors. We will further strengthen our engagement with and promote active participation by stakeholders such as academia, civil society, media and the private sector, including to advance a culture of integrity.

50. We recognize the need for the international community to step up their efforts to effectively combat money laundering, terrorism financing, and proliferation financing. We reaffirm our commitment to delivering the strategic priorities of the Financial Action Task Force (FATF) and its FATF Style Regional Bodies (FSRBs) to lead global action to respond to these threats. We welcome the initiative by the FATF to promote implementation of international standards on virtual assets,

52. We welcome the outcomes of various G20 working groups and Ministerial meetings. We appreciate and thank Indonesia for its Presidency and for successfully hosting the Bali G20 Leaders’ Summit and for its contribution to the G20 process. We look forward to meeting again in India in 2023, in Brazil in 2024 and in South Africa in 2025. ■

We thank international organizations, including the UN and its Specialised Agencies, World Bank Group, IMF, OECD, Asian Development Bank, ERIA, CEPI, European Investment Bank, GGGI, ICAO, IEA, IEF, IFAD, ILO, IRENA, FAO, FSB, Gavi, Global Fund, IAEA, Islamic Development Bank, ITU, Medicine Patent Pool, Sustainable Energy for All (SEforAll), OPEC, WEF, WFP, WHO, WTO, UNCCD, UNCTAD, UNDESA, UNDP, UNECE, UNESCAP, UNESCO, UNFCCC, UN Global Pulse, UN Habitat, UNICEF, UNIDO, UNOPS, UN Women, UNWTO and the G20 Engagement Groups (W20, L20, T20, S20, Y20, SAI20, P20, C20, B20, U20) for their valuable inputs and policy recommendations.

1. Noting that one member has divergent views on debt issues in paragraph 33, and emphasized the importance of debt treatment by multilateral creditors like MDBs.
create DESIGN ART DIRECTION Christian Gilliham Creative Director (+44) 7951 722265 Print/Digital CGCREATE DESIGNED THE PUBLICATION THAT YOU ARE READING NOW! THE AGENCY OF CHOICE BY THE CAT COMPANY INC FOR MULTI DISCIPLINED CRAFTED SOLUTIONS DO CONTACT US The G7 Magazine for VIP’s, Delegates, Diplomats and World Leaders G › The Future of Work › GCEL: In Today’s Digital Era Can New Technology Deliver Inclusive Economic Growth? › INTA: Brands and Innovation Not So Strange Bedfellows INSIDE G7 BUILDING THE FOUNDATIONS OF RENEWED TRUST G7 Executive Talk Series The Exclusively Authorised G7 Magazine for VIP’s, Delegates, Diplomats and World Leaders G › CHARLEVOIX TOURISM Nature, Culture, Flavours Blockchain Technology Combating Illicit Finance › Artificial Intelligence INSIDE G7 Women in Finance Embracing a Female Future The Executive Talk Series Global Briefing Report Celebrating 21 years of Publishing the Renowned G7 Global Briefing Report LEAD FEATURE_Page 50 GLOBAL BRIEFING REPORT G20G7 COM B BUSINESS SUMMIT GLOBALIZATION 4.0 SOCIETY THE NEW PECKING ORDER IN THE WORLD 14 WORK FOR ALL The Urban 20 On City Diplomacy and its effect The Youth 20 and its standing G LEADERS SUMMIT GLOBAL POLICY LAB HEADIN TO GO HERE 00 G20G7 COM HOW BIARRITZ IS G7 FOCUSES ON G Biarritz France August 24-26th 2019 LEADERS GLOBAL BRIEFING REPORT G20G7 COM THE WAR ON DEMOCRACY: FAIR JOURNALISM SOLUTIONS 12 GLOBAL BRIEFING REPORT THE GERMAN PRESIDENCY Olaf Scholz A SIGNAL OF CLARITY & STRENGTH groupofnations COM POLICY AND PRIORITIES FOR G7 2022 G7 LEADERS COMMUNIQUE FOR 2022

G20 Communiqué

G20 Finance Ministers and Central Bank Governors Meeting

17-18 February 2022, Jakarta, Indonesia

1. The global economic recovery is continuing. However, new waves of COVID-19 infections and the emergence of new variants are impacting the pace of recovery. Recovery is expected to be asynchronous, partly due to uneven access, delivery and uptake of vaccines, therapeutics, and diagnostics, with an increased likelihood of narrower and uneven macroeconomic policy space. Supply disruptions, supply-demand mismatches, and increased commodity prices, including energy prices, have also contributed to rising inflationary pressures in a number of countries and pose potential risks to the global economic outlook. We will continue to strengthen the resilience of global supply chains. We remain vigilant of the impacts of these challenges on our economies. We will also continue to monitor major global risks, including from geopolitical tensions that are arising, and macroeconomic and financial vulnerabilities. We will undertake a more systematic analysis of macroeconomic risks stemming from climate change and of the costs and benefits of different transitions. We reaffirm the importance of open and fair rules-based trade in restoring growth and job creation, reiterate our commitment to fight protectionism, and encourage concerted efforts to reform the World Trade Organization. We confirm our April 2021 exchange rate commitments.

2. We will continue to use all available policy tools to address the impacts of the pandemic, in particular on those most impacted, such as women, youth and informal and low-skilled workers, and on inequalities. We reaffirm our commitment to advancing the forward-looking agenda set in the G20 Action Plan and progressing the 2030 Agenda for Sustainable Development

to achieve stronger, greener and more balanced global development. While being cautious with the withdrawal, we will adjust and target policy support as appropriate, as our economic recoveries continue. We will preserve financial stability and long-term fiscal sustainability, and safeguard against downside risks and negative spillovers. To support our collective ambition to recover together, recover stronger, we confirm our commitment for well-calibrated, wellplanned, and well-communicated exit strategies to support recovery, with due consideration to country-specific circumstances. Inflation rates are currently elevated in many countries. Central banks will act where necessary to ensure price stability in line with their respective mandates, while remaining committed to clear communication of their policy stances. Central bank independence is crucial to achieving these goals and buttressing monetary policy credibility.

3. We emphasize the priority for collective and coordinated action to get the pandemic under control across the world. We remain committed to ensuring safe, timely, equitable and affordable access to vaccines, therapeutics, diagnostics, and personal protective equipment (PPE), particularly for low- and middle-income countries, and reiterate our support for ACT-A and the need to address the financing gaps of all ACT-A pillars. We ask the World Health Organization (WHO), World Bank (WB) and implementing partners to work further with countries to report on obstacles to, and accelerate, vaccine deployment strategies to get more vaccine shots in arms. We welcome the update on the G20 Joint Finance-Health Task Force’s agreed work program aimed at enhancing dialogue and global →


→ cooperation on issues relating to pandemic prevention, preparedness and response (PPR), and promoting collective action to respond to the pandemic and contributing towards a strengthened global health architecture, while maintaining the crucial leadership role of the WHO in the international health work. The G20 Joint Finance-Health Task Force will aim to develop coordination arrangements between Finance and Health Ministries. We note the initial assessment of the financing gaps for PPR presented by the WHO and the WB, and look forward to the finalreport, including further detailing of the assessment of existing international financing mechanisms, for pandemic PPR. Informed by this analysis, we will work with G20 Health Ministers to further step up our efforts to respond to the current pandemic, and will review a report from the Task Force in April on modalities to establish a financial facility to ensure adequate and sustained financing for pandemic PPR.

4. To ensure the swift global implementation of the historic OECD/G20 two-pillar international tax package agreed in 2021, we commit to develop the model rules and multilateral instruments according to the

timetable provided in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level in 2023. We welcome the technical design of the Global anti-base erosion Model Rules for Pillar 2 adopted by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), and call for their finalization and consistent implementation at a global level as a common approach. We also welcome the ongoing development of the Multilateral Convention for Pillar 1. Bespoke technical assistance will be available to developing countries to support all aspects of implementation. We support the global and regional efforts, including in the Asia-Pacific region, to improve domestic resource mobilization in developing countries through technical assistance and capacity building and welcome the G20 Ministerial Symposium to discuss these issues. We support the progress made on implementing internationally agreed tax transparency standards. We ask the OECD to swiftly complete the work on the framework for the automatic exchange of information on crypto-assets. We acknowledge the OECD/G20 Inclusive Framework on BEPS report on Tax Policy and Gender Equality.

5. We reiterate our commitment to strengthening long-term financial resilience of the international financial architecture, including promoting sustainable capital flows and developing local currency capital markets. We will continue our discussion on Central Bank Digital Currencies, to further understand their macro-financial implications for the international monetary and financial system, including for spillovers and capital flows. We look forward to the review of the IMF’s Institutional View on the liberalization and management of capital flows, informed by, among others, the IMF work on Integrated Policy Framework. We reiterate our commitment to maintaining a strong and effective Global Financial Safety Net with a strong, quotabased, and adequately resourced IMF at its center. We remain committed to revisiting the adequacy of IMF quotas and will continue the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, by 15 December 2023.

6. We will continue to support vulnerable countries affected by the COVID-19 pandemic to ensure we all recover together. We welcome pledges amounting to USD 60 billion through the voluntary channelling of Special Drawing Rights (SDRs) or equivalent contributions and encourage further pledges as a step towards the total global ambition of USD 100 billion of voluntary contributions for countries most in need. We call on the IMF to establish the Resilience and Sustainability Trust (RST) by the 2022 Spring Meetings, and to work with its members to ensure it is operational by the 2022 Annual Meetings, and for it to implement RST support in close collaboration with the WB. We call for further voluntary loan and subsidy contributions to the Poverty Reduction and Growth Trust (PRGT). We remain open to consider viable options to voluntarily channel SDRs through Multilateral Development Banks (MDBs). The reserve assets status of channelled SDRs should be preserved with due consideration to national legal frameworks. We welcome the historic USD 93 billion agreement on the 20th replenishment of the International Development Association (IDA20) reached in December 2021. We welcome members’ achievements under the G20 Debt Service


Suspension Initiative (DSSI), also agreed by the Paris Club, which ended in December 2021, while noting the lack of private sector participation. The total estimated debt service deferred under the DSSI, between May 2020 and December 2021, is USD 12.9 billion. We welcome the IMF disbursements of USD 26 billion (USD 21.4 billion in net disbursements) to DSSI-eligible countries from April 2020 through December 2021 through its various facilities. We look forward to the Independent Review of MDBs’ Capital Adequacy Frameworks. We welcome MDBs’ approved commitments to DSSI-eligible countries over the period between April 2020 and December 2021, which totalled USD 100.1 billion. Of these, USD 66.0 billion have been disbursed, equivalent to USD 48.2 billion in net transfers. These efforts are part of our commitments made to support emerging market economies and low-income countries during the pandemic, which have increased to USD 276.4 billion, in excess of the original commitments of USD 230 billion.

7. We welcome efforts to progress the Common Framework for Debt Treatment beyond the DSSI, and reiterate our commitment to step up our efforts to implement it in a timely, orderly and coordinated manner. These enhancements would give more certainty to debtor countries and facilitate the IMF’s and MDBs’ quick provision of financial support. We note that Creditor Committees may discuss and find appropriate solutions on a case-by-case basis, for those countries who have requested debt treatment. We note that Chad, Ethiopia and Zambia have requested debt treatment under the Common Framework. We continue to support early engagement of borrower countries with official bilateral and private creditors. We look forward to relevant Creditor Committees’ efforts to conclude the Chad and Ethiopia debt treatment, and encourage G20 and Paris club creditors to work on the requested debt treatment from Zambia in a timely manner. We stress the importance for private creditors and other official bilateral creditors to commit to providing debt treatments on terms at least as favorable, to ensure fair burden sharing in line with the comparability of treatment principle. We recall the forthcoming work of the MDBs, as stated in the Common

Framework, in light of debt vulnerabilities. We affirm the importance of joint efforts by all actors, including private creditors, to continue working toward enhancing debt transparency. We welcome the launch of the joint Institute of International Finance (IIF)/OECD Data Repository Portal and encourage all private sector lenders to contribute data to this initiative.

8. The COVID-19 pandemic has disrupted government and private sector investment into infrastructure. To ensure we recover stronger, we commit to revitalizing infrastructure investment in a sustainable, inclusive, accessible and affordable way, in line with the G20 Roadmap to Infrastructure as an Asset Class, the Collaboration with Institutional Investors and Asset Managers on Infrastructure and considering the outcomes of the 2021 G20 Infrastructure Investors Dialogue. We will develop actions to leverage private sector participation to scale up sustainable infrastructure development, which will complement investment from other sources, including public investment and finance provided by MDBs. We will develop policies to mobilize inclusive infrastructure investment to enhance social inclusion and address subnational disparities in regions

and cities. We reaffirm our commitment to increase digital infrastructure and InfraTech investments to narrow the digital divide. To assist both the public and private sector towards transformative investment post-COVID-19, we will advance the InfraTracker 2.0 tool to provide insights into long-term infrastructure strategies and plans. We will advance the work on the G20 Principles for Quality Infrastructure Investment (QII), and make progress on the work on QII indicators, which will be voluntary and non-binding and consider country circumstances, prepared by the International Finance Corporation, with the aim of early conclusion by October 2022. We look forward to considering the future of the Global Infrastructure Hub.

9. We reiterate our commitment to tackle global challenges such as climate change and environmental protection, including biodiversity loss. In the context of strengthening global efforts to reach the goals of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, as well as implementing our COP26 commitments, our policy mix toward carbon neutrality and net zero should include a full range of fiscal, market and regulatory mechanisms →


→ including, if appropriate, the use of carbon pricing mechanisms and incentives, and phase out and rationalize, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support to the poorest and most vulnerable, and in line with national circumstances. We recognize that our G20 Finance Track policy dialogue on the macroeconomic and fiscal impact of climate change policies could benefit from further technical work. We also recall and reaffirm the commitment made by developed countries, to the goal of mobilizing jointly USD 100 billion climate finance per year by 2020 and annually through 2025 to address the needs of developing countries, in the context of meaningful mitigation actions and transparency on implementation and stress the importance of meeting that goal fully as soon as possible.

10. Sustainable finance is critical to a green, resilient and inclusive global economic recovery, and the achievement of the 2030 Agenda for Sustainable Development in line with the UNFCCC and the Paris Agreement. We are taking forward actions of the G20 Sustainable Finance Roadmap, that is voluntary and flexible in nature, including by reporting and assessing on its progress in addressing

the Roadmap priorities in the 2022 G20 Sustainable Finance Report. We will take actions to enable transition finance to support orderly, just and affordable transitions towards a low-greenhouse gas emissions and climate-resilient economy. We will scale up sustainable finance markets and improve access for countries and firms, including for developing economies and SMEs, in an affordable way. We welcome private sectors’ growing role in accelerating sustainable recovery alongside public and MDB finance and reaffirm the crucial role of IFIs and public policy levers in addressing market externalities, reducing the cost of low emissions technologies and incentivizing the participation of private capital in sustainable investments that promote green transitions, while considering country specific circumstances.

11. We commit to reinforcing global financial sector resilience to ensure an equitable

We will take actions to enable transition finance to support orderly, just and affordable transitions towards a lowgreenhouse gas emissions and climate-resilient economy.

economic recovery and to avoid any potential scarring impacts from the pandemic to preserve financial stability. We look forward to the Financial Stability Board (FSB)’s work on exit strategies and addressing scarring effects in the financial sector. We commit to strengthening he resilience of non-bank financial intermediation with a systemic perspective and consider the need for further policy actions, including on open ended funds, and interactions between USD funding and emerging market economy vulnerabilities. We are supporting the continued implementation of the G20 Roadmap for Enhancing Cross-Border Payments, including monitoring progress towards the roadmap’s quantitative targets, and look forward to further progress in taking forward the actions of the FSB Roadmap for Addressing Climate-Related Financial Risks.

12. We will continue to assess and address in a comprehensive manner the potential benefits and risks to global financial stability, arising from the rapid development of technological innovations in the financial sector, including cyber risks and the potential for regulatory gaps and arbitrage posed by crypto-asset markets. We welcome the FSB’s updated assessment of financial stability risks from fast-evolving crypto-asset markets and note that in the absence of effective regulation and supervision, they could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system. We encourage the FSB, in close coordination with other standardsetting bodies, to accelerate and deepen its work to monitor and share information on regulatory and supervisory approaches to unbacked crypto-assets, stablecoins, decentralized finance, and other forms of crypto-assets and to address any gaps and arbitrage, including by recommending coordinated and timely policy actions to preserve global financial stability, thus creating the necessary conditions for safe innovation. We also welcome the FSB’s efforts to promote effective regulatory practices and cooperation on operational resilience in the global financial system in light of evolving risks. We welcome the update report on the progress of the review of the G20/OECD Principles of Corporate Governance.

13. The COVID-19 pandemic has widened inequality for the most financially vulnerable and underserved groups especially women, youth, and Micro, Small, and Medium Enterprises (MSMEs). We reaffirm our commitment to bring forward the financial inclusion agenda and we look forward to the Global Partnership for Financial Inclusion (GPFI) developing a financial inclusion framework on harnessing the benefit of digitalization, with the objective of boosting productivity, and fostering a sustainable and inclusive economy for women, youth, and MSMEs, building on the G20 2020 Financial Inclusion Action Plan.

14. We reaffirm our full support for the Financial Action Task Force (FATF) as the global standard setting body for preventing and combating money laundering (ML), terrorist financing (TF) and proliferation financing (PF). We recognize that effective implementation of the FATF Standards is

crucial for building stability and confidence in financial markets, curbing corruption and ensuring a sustainable and inclusive recovery. We welcome the FATF’s Updated Guidance for a Risk-Based Approach on virtual assets and virtual assets service providers published in October 2021 and reaffirm our commitment to implement the FATF standards on virtual assets and virtual assets service providers, in particular the implementation of the “travel rule”. We commit to effectively implement the FATF standards on beneficial ownership. We reaffirm our commitment to sustaining and strengthening the FATF Global Network by supporting the FATF-style Regional Bodies to complete their evaluation programs to schedule. We welcome FATF’s continued focus on the risks and opportunities of the digital transformation for fighting financial crime. We commend FATF’s continued assessment of emerging threats and vulnerabilities to the integrity of the international financial system. ■


G20 Finance Ministers and Central Bank Governors Meeting

Annex 1

Issues for further action

Framework/global economy

• We ask the Framework Working Group (FWG) to advance the forward-looking agenda set in the G20 Action Plan to sustain the recovery and steer the global economy toward strong, sustainable, balanced and inclusive growth through developing a voluntary and non-binding note on exit and recovery strategies and addressing scarring effects.

• We ask the FWG to conduct a systematic analysis of macroeconomic risks stemming from climate change and discuss the costs and benefits of different transitions, including by drawing on well-established methodologies, and recognizing heterogeneities across G20 economies.

• We ask the FWG to continue work on enhancing global risk monitoring to assess the key risks faced by the global economy and look forward to integrating it more systematically into future policy discussions where appropriate.

• We ask the FWG to undertake further analysis on macroeconomic and distributional impacts of climate risk prevention strategies and climate mitigation and adaptation policies.

Finance & Health

• We ask that the G20 Joint Finance-Health Task Force present their report to Finance and Health ministers on modalities to establish a financial facility for pandemic preparedness and response at our next meeting in April, with further follow-up in July and, jointly with G20 Health Ministers, in October.

• We ask that the G20 Joint Finance-Health Task Force present an update on its work to G20 Finance and Health Ministers at their respective meetings in June and July.

• We ask that the G20 Joint FinanceHealth Task Force present their report on how health and finance collaboration can strengthen efforts to prevent, detect, and respond to future health emergencies with cross-border potential at the G20 Joint

Finance and Health Ministers’ meeting in October.

International Taxation

• We ask the OECD as a top priority to explore further the recommendations of the report on developing countries and the OECD/G20 Inclusive Framework on BEPS to identify possible areas where domestic resource mobilization efforts could be further supported, including in the AsiaPacific region and in collaboration with the Asian Development Bank’s AsiaPacific Tax Hub.

• We ask the OECD to complete the work on a reporting framework for automatic exchange of information on crypto-assets, with a view to improve tax compliance.

• We look forward to the OECD work on the tax policy implications of gender equality.

International financial architecture

• We will discuss the drivers of currency usage in trade and finance, in a balanced manner, considering the costs and benefits.

• We acknowledge the IMF’s update on surcharge policy and note opportunities for the Board to discuss related issues, including in the context of the upcoming review of the Fund’s income position.

• We look forward to the review of the IMF’s Institutional View on the liberalization and management of capital flows, informed by, among others, the IMF work on Integrated Policy Framework.

• We look forward to the BIS work on Macro Financial Stability Policy Framework.

• We look forward to the IMF’s forthcoming semi-annual report to the Board of Governors on the progress of the 16th General Review of Quotas, with the next report to be issued in April.

• We will monitor the progress made towards the global ambition of USD 100 billion of voluntary channelling of SDRs, or equivalent contributions, throughout 2022.

• We look forward to the IMF’s work on bringing in more transparency on the use


of SDRs and functioning of the Voluntary Trading Arrangements (VTAs) following the SDR allocation.

• We welcome the recent expansion in VTAs and call for additional members to participate.

• We look forward to the MDBs presentations on potential SDR channelling options beyond the PRGT and RST in June.

• We ask the International Financial Architecture Working Group (IFAWG) to explore ways to maximize MDBs’ development impact, including through balance sheet optimization measures and other options for increasing MDBs’ development financing.

• We ask the IFAWG to note the next Shareholding Review of the International Bank for Reconstruction and Development (IBRD), which will take place in 2025.

• We ask the IMF and the WB to continue reporting on their work to strengthen the quality and consistency of debt data and improve debt disclosure.

• We ask MDBs to contribute to future discussions in the IFAWG on countryowned country platforms.

• We look forward to the OECD’s reporting on progress on the data submitted to the OECD/IIF Data Repository Portal, in line with the IIF Voluntary Principles for Debt Transparency, and to report on sovereign marketable debt trends in low-income countries.


• We ask the Infrastructure Working Group (IWG) to develop a framework to best leverage sustainable infrastructure financing, particularly through mobilizing private sector resources, to complement investment from other sources including public investment and finance provided by MDBs.

• We ask the IWG to develop a policy toolkit to mobilize financing mechanisms to enhance infrastructure investment in regions and cities.

• We ask the IWG to explore ways to facilitate financing and development of more cost-efficient, and better-quality InfraTech and digital infrastructure.

• We ask the IWG to discuss ways to advance the work related to the Principles for Quality Infrastructure Investment (QII), including by progressing the possible QII indicators.

Climate change

• Mindful of the spirit of cooperation required to address climate change, we will continue our efforts at dialogue informed by, and where appropriate, relevant expert international technical work, without prejudice to our own domestic and existing international processes.

Sustainable Finance

• We ask the Sustainable Finance Working Group (SFWG) to coordinate the actions of the G20 Sustainable Finance Roadmap including by developing a publicly accessible repository to capture the work being done by G20 working groups (across Finance and Sherpa tracks), international organizations (IOs), and other international networks and initiatives, and to assess and summarize progress of the aforementioned work, in the SFWG’s 2022 G20 Sustainable Finance Report, including on progress on the work IFRS International Sustainability Standards Board to develop a baseline standard for

global sustainability reporting. We also welcome SFWG member voluntary inputs to the repository on relevant country or jurisdictional-level progress.

• We ask the Financial Stability Board (FSB) to report to the G20 in July on progress on its Roadmap for Addressing Climate-Related Financial Risks, and in October on climaterelated scenario analysis, regulatory and supervisory approaches, and achieving consistent climate-related disclosures.

• We ask the SFWG to develop a voluntary and non-binding high-level framework for transitions finance, and to work together with international initiatives, as appropriate, on improving the credibility of financial institution commitments.

• We ask the SFWG to develop a voluntary, non-binding policy toolbox highlighting ways to scale up sustainable finance instruments, in cooperation with other relevant G20 working groups, with a focus on improving accessibility and affordability.

• We ask the SFWG to work with other G20 working groups, relevant IOs, networks and initiatives as appropriate, to analyze the implications of public policy levers on market signals that could influence sustainable investment decisions with due consideration for national circumstances. →


• With the assistance of relevant international organizations, the Indonesian Presidency will convene a seminar to discuss how best to help developing countries mobilize and improve access to sustainable private finance alongside other sources.

Financial regulation

• We ask the FSB to deliver its work on exit strategies and addressing scarring effects in the financial sector as an interim report in July and a final report in October.

• We ask the FSB to provide a consultative report on the review of FSB high-level recommendations on the regulation, supervision and oversight of “global stablecoins” arrangements in October.

• We ask the FSB to provide its progress report on non-bank financial intermediation in October and its analysis of the interactions between USD cross-border funding and vulnerabilities in emerging market economies’ external financing in April.

• We ask the FSB to report in October on progress in the implementation of the G20

Roadmap for Enhancing Cross-Border

Payments against the milestones set for 2022 and on baseline estimates against which future progress towards the quantitative targets can be monitored.

• We ask the FSB to report in October on best practices for cyber incident reporting.

• We call on the FSB, working with the International Organization of Securities

Commissions (IOSCO), to conduct, by the end of 2023, a stocktake of progress made by member jurisdictions in adopting reforms to enhance money market fund resilience, followed up, by 2026, with an assessment of the effectiveness of the measures adopted by jurisdictions in addressing financial stability risks.

• We look forward to the OECD reporting on the draft revised G20/OECD Principles of Corporate Governance at July 2022 meeting.

Financial inclusion

• We look forward to the review of the G20/OECD High-Level Principles for Financial Consumer Protection.

• We look forward to the revision of G20-OECD high level principles on SME financing, to be deliberated by the OECD Committee.

Financial Action Task Force

• We look forward to the conclusion of the Financial Action Task Force’s (FATF) priority work on Digital transformation of Combatting Money Laundering and the Financing of Terrorism and Proliferation.

• We ask the FATF to provide an update on the outcomes of its strategic review and how it will further emphasize the effectiveness of countries’ measures to combat ML, TF and PF in the FATF’s 5th round of mutual evaluations.

• We ask the FATF to provide an update of their ongoing efforts to enhance beneficial ownership transparency, including the adoption of the revision of the FATF standard on transparency and beneficial ownership of legal persons.

• We look forward to the results of the FATF’s strategic prioritization process currently being undertaken by the FATF on its work program for a more effective and fine-tuned global implementation of the relevant FATF Standards.

New Data Gap Initiative (DGI)

• We look forward to the draft workplan of the new DGI being prepared by the IMF in close cooperation with the Inter-Agency Group on Economic and Financial Statistics members and the FSB.



Reports and Documents Received

Framework/global economy

• IMF G20 Surveillance Note.

• The WB and WHO assessment of the gaps of global financing for pandemic prevention, preparedness and response (PPR).

• The G20/OECD Inclusive Framework on BEPS report on Tax Policy and Gender Equality.

• The FSB’s Chair letter to the G20 Finance Ministers and Central Bank Governors, February 2022.

• The FSB’s updated assessment of risks to financial stability from crypto-assets.

• The OECD Secretary-General’s Report on the Review of the G20/OECD Principles of Corporate Governance.

17-18 February 2022, Jakarta, Indonesia


Heartfelt hospitality Extraordinary experiences

Whether you’re seeking quality time with loved ones, or simply craving that feeling of the sand beneath your feet, our team are waiting to welcome you to our island homes. With five luxury resorts in Maldives and a beautiful beach retreat on the east coast of Sri Lanka, we’ll make sure that your dream vacation is well worth the wait.

Sun Siyam Iru Fushi Maldives

Sun Siyam Olhuveli Maldives

Sun Siyam Vilu Reef Maldives

Sun Siyam Iru Veli Maldives

Sun Siyam Pasikudah Sri Lanka

Siyam World, Maldives







President Joko Widodo launched the New Era Bali Kerthi Economic Roadmap in the kick off of the G20 Preparations. Bali invites the world in transitioning to a green and blue economy, health and wellness, sustainable and blended finance, and digital inclusion

“Today is a day to remember for the course of Indonesian history, because for the first time, Indonesia, a developing country, is trusted to assume the G20 Presidency. This is also an opportunity for Indonesia to show the world that Indonesia can give a greater contribution to the world economic recovery and healthier and equitable governance development founded upon freedom, eternal peace, and social justice,” said President Joko Widodo.

Under the theme ‘Recover Together, Recover Stronger’, Indonesia raised three priority issues, namely inclusive healthcare, digital transformation, and sustainable energy transition.

President Joko Widodo launched the New Era Bali Kerthi Economic Roadmap in the kick off of the G20 Preparations. Bali invites the world in transitioning to a green and blue economy, health and wellness, sustainable and blended finance, and digital inclusion. Indonesia is

committed that the Presidency will produce a series of real actions along with the other member states, not just a ceremonial event.

“Through concrete initiatives, the world will soon recover and rise stronger. Recover Together, Recover Stronger,” said the President.

Indonesia’s G20 Presidency will promote the aspirations and interests of developing countries. Indonesia seeks to build a healthier and equitable world governance and ensure the impact can be felt by the entire community.

Inclusiveness and togetherness are the key words of Indonesia’s G20 Presidency. By raising the commitment of developed countries to assist developing countries, Indonesia seeks to strengthen solidarity in the effort to address climate change to realize sustainable development.

Adapted from President Joko Widodo’s message at Indonesia’s G20 Presidency Opening Ceremony, 1st December, 2021.


Indonesia G20 Presidency concluded the two-day Summit 15-16 November in Bali with a resounding success. It releases a unanimous G20 Bali Leader’s Declaration that strongly supports global climate action, strengthening policies, mobilising financing, technology transfer and capacity building to foster collaboration between developed and developing countries for climate action and the SDGs.

The in-person meeting between the world’s two largest economies, US President Joe Biden and China President Xi Jin Ping at the margin of the G20 ended positively with both sides pledging to overcome differences, and work together on global challenges such as climate change and food security.

Indonesia announces the historic $20 billion ‘Just Energy Transition Partnership (JETP)’ Joint Statement with the USA and Japan as joint leads, the UK, Germany, France, the EU, Canada, Italy, Norway, and Denmark to support its ambitious just energy transition to keep global warming to below 1.5 °C. The

Partnership is expected to retire Indonesia’s coal power plants and shift significantly to renewable energy, delivering strong emissions reductions, drive sustainable development and economic growth, while protecting the livelihoods of communities in affected sectors.

Indonesia also launches several firsts. Initiated by the Government of Indonesia, the G20 members acknowledged and included the Global Blended Finance Alliance (GBFA) in the G20 Bali Leaders’ Declaration as a global community of support to accelerate investment in climate action and sustainable development. The GBFA could promote the scaling and replicating of blended finance instruments to incentivise private sector investment in Developing Countries, including Least Developed Countries and the Archipelagic Island States. Indonesia launches the inaugural Ocean 20 which will become a permanent G20 engagement group to advance public-private cooperations to spur investment for the sustainable growth of the ocean economy as well as protecting and restoring marine ecosystems. It was also the

first time Music 20 was held with the aim of promoting climate action within the industry and reducing its carbon footprint.

Under the auspices of President Joko Widodo, the 2022 Tri Hita Karana Forum “Future Knowledge and Better Business Better World”

- the pre-eminent sustainability side event of the G20 - has catalysed over $30 billion worth of pledges, projects and initiatives in clean energy, avoided deforestation, ecosystem restoration, marine protection, circular waste management and human health. Key launches under the New Era Bali Roadmap include Tri Hita Karana Center of Future Knowledge, Knowledge Innovation and Technology Alliance (KITA), Future Knowledge (Prize) Alliance, Data Governance for children, Digital Talent Capacity Building Program with the Ministry of Communication and Informatics, Tsinghua Southeast Asia Center, UN SDSN and Rocky Mountain Institute Southeast Asia hubs, and E-Liability dynamic carbon accounting led by Harvard and Oxford Universities.

Catalysed over $30 Bil Worth of Investment

THK Dialogue Climate Road to G20

In launching the New Era Bali Kerthi Roadmap, President Joko Widodo said the pandemic has opened door to a new development path. The New Era Bali Kerthi Economic Roadmap reflects the Balinese Tri Hita Karana philosophy of balance between people, nature and spiritual peace. The series of Tri Hita Karana Dialogues Road to the G20 and the 2022 Tri Hita Karana Forum on Blended Finance held around the G20 Bali Leaders’ Summit encapsulated this spirit and spelt out critical next steps. It declared that now is the time for action; an opportunity offering massive payoff to communities and business. Blended finance is one of the pathways to generate the needed investment. At the G20 Summit, Indonesia launched the Global Blended Finance Alliance (GBFA) and successfully produced the joint G20 Bali Leaders’ Declaration supporting the GBFA in bridging the SDG Funding Gap through diverse stakeholders and alignment through G20 Blended Finance Principles.

H.E. Retno Marsudi Minister for Foreign Affairs of the Republic of Indonesia G20 Foreign Affairs Ministers

Meetings Nusa Dua Bali, 6 July 2022

As for the energy…we need to accelerate progress in energy transitions. Our collaboration must focus on affordable transfer of technology and investments in particular for developing countries. Government funding alone is not sufficient for energy transitions… We need to look into blended finance as an innovative solution. We invite G20 countries and beyond to support the Global Blended Finance Alliance to be launched at the G20 Leaders’ Summit in November.

H.E. Suharso

Minister of National Development Planning, Republic of Indonesia at Launch of New Era Bali Kerthi Economic Roadmap, 3 December 2021 Through Bali’s economic transformation, the Kerthi Bali economic roadmap towards New Era Bali, work force productivity is expected to increase 4 fold and local economy grows at 7.4% on average. Gross Regional Domestic Products per capita increases 8 fold. Poverty level shall be reduced to 0.18%. And unemployment drops to 0.5%.

The plan ushers in an era of sustainability, through the increase of green products and green jobs.It is our greatest hope that this roadmap prototype success can be replicated

in other provinces to redesign long-term post-pandemic development plans as we collectively work towards Golden Indonesia 2045 vision.

We thank all who have shown real support in the preparation of this Kerthi Bali economic roadmap towards the New Era Bali and Master Plan 8.

I wish also to acknowledge Kura Kura Bali is committed to support the Government in the effort to revive this Paradise Island from its pandemic situation and enter the New Era Bali.

I earnestly hope that all stakeholders align with the Government’s plan to serve as areas of development, innovation of the green sector, health, sports, creative, and digital technology. Kura Kura Bali, particularly, has the potential for technological transformation and sustainable development in line with the Kerthi Bali economic roadmap towards New Era Bali — Bali that’s green, resilient, and prosperous. Peace. May God bless us all.

I truly commend Indonesia for its leadership on the G20 agenda, especially putting sustainable finance at the heart of recovery,

security and sustainable growth. The G20 priorities go to the heart of people and planet. This is an agenda that requires bold and transparent leadership, most importantly, fit for purpose capital. These are also priorities for COP 27, as we are hosting it in Sharm El-Sheikh in November. We are committed to working together to accelerate climate action, especially delivering just energy transition, as well as unlocking adaptation finance. This COP is truly about adaptation and resilience and trying to move from pledges to implementation. Indonesia has an example of both. You’ve launched the world’s first sustainable land use bond to tackle deforestation. You’ve also prioritized the restoration of carbon-rich peatland, mangroves and coral reefs. And you have deployed nearly a billion dollars to the SDG

one platform for sustainable infrastructure, including clean energy and circular waste management projects. We know that these initiatives in addition to trying to address the climate challenge also create jobs, strengthen GDP, reduce energy bills, and build physical and financial resilience for communities and companies. These experiences need to be built on in different forums and platforms. This also encourages South-South cooperation. There is simply no time to reinvent wheels, but to scale projects that have worked. This is why launching the Blended Finance Alliance is extremely important at this moment. It will help accelerate knowledge sharing, prove new sustainable business models, unlock investments and reduce transaction costs to access catalytic capital for similar projects.

Rania Al Mashat Monoarfa

H.E. Airlangga Hartarto Coordinating Minister of Economic Affairs, Republic of Indonesia, THK

Forum Co-host, at THK Forum

Climate Road to G20 Dialogue

We plan to launch centres of excellence in technology and finance during our 2022 G20 tenure. We are looking to the private sector for tech innovation because through private sector entrepreneurship we can secure the massive change needed to meet the global goals. A Tri Hita Karana Centre for Future Knowledge is a platform for technological innovation and transfer with global collaboration. The Centre of Future

Knowledge’s green and clean renewable energy hub will support value creation for ‘Better Business Better World.’ The Centre will focus on the role of technology transfer, R&D by private investment with leading global academia and research in realizing a sustainable future in Indonesia. We have launched the THK Roadmap on Blended Finance that has been developed by the global community with the guidance from the OECD DAC and we will initiate a Global Blended Finance Alliance in Bali to align Blended Finance principles with the acknowledgement of G20 countries in the Development Working Group.

The Honorable John Kerry

U.S. Special Presidential Envoy for Climate, Co-Host THK Forum

Climate Road to G20

50% of the species on this planet are gone ... lost, record sea levels and instances of catastrophe on a monthly basis that put life at risk in every nation on the planet. It doesn’t have to stay that way. Doesn’t have to be that way. So we have a task which is to mobilize our communities, our business, our civil society, our government, and

bring people together to address this challenge. And my message to you is this. This is not something to fear. It’s something to be concerned about but also motivated by.

… it is an extraordinary moment of economic opportunity for everybody in the world. Why? Because we’re going to do what we fundamentally did in the Industrial Revolution. This is the largest market opportunity, bigger than the Industrial Revolution.


E. Luhut Binsar

Pandjaitan Coordinating Minister of Maritime Affairs and Investment, Republic of Indonesia, THK Forum Co-host, at THK Blended Finance Forum at G20 We have been talking about the importance of blended finance for a long time. Today is about the action. Indonesia’s commitment to climate change is there and very strong. Indonesia has committed to achieve net zero emission by 2060 or sooner. However, we are facing a financial gap to accelerate the achievement of SDGs. Thus, blended finance is so important to finance so many climate projects.

I’m proud of the action we have taken to finance and the transition to a cheap clean energy system. This requires international money to move faster. The Government of Indonesia is currently finalizing the Just Energy Transition Partnership (JETP), including collaboration for early retirement of coal power plants and move towards renewable energy. I’m also proud to see so many blended finance solutions for nature Indonesia. They include the word first sustainable landscape bond and new funds for biodiversity. We have also developed carbon finance regulation, because we have amazing rain forests, peatlands, mangroves, and coral reefs. They need protection and we need to find ways to pay for that.

A more sustainable world is the best way to drive growth and build resilience to economic shocks. Indonesia is proving that


we are one of the few emerging markets which has seen an increase in growth up to 5.72% year on year in the third quarter. And we are able also to reduce our inflation to 5.7%.

We don’t have time to lose. We are going to unlock trillions in investment each year for the planet. We need to do that or the next generation will be left with nothing. This is why we are launching the Global

H.E. Siti Nurbaya Bakar Minister of Environment and Forestry

The Republic of Indonesia at THK

Blended Finance Forum at G20 Bali Indonesia continues its efforts in leading by example. Two months ago, we have submitted enhanced nationally determined contribution enhance NDC, which contains increased target of Indonesia’s emission reduction from 29% to 31.89%, with the country’s own capacity, and from 41% to 43.2%, with international support and overseas cooperation, that is in line with Indonesia’s vision to achieve net zero emission by 2060, or sooner. Conservation

Luky Alfirman Director General of Budget Financing and Risk Management, Ministry of Finance, Republic of Indonesia, Co Chair THK Forum at Climate Road to G20 Dialogue

In addressing this climate change, that we all understand that it might be costly. So here, we need to be creative, we need to be innovative, how to find this key element, which is financing. Government cannot bear all the costs for sure. We have good experience when we started our blended finance journey

and restoration of Indonesia’s natural assets are also increasing, including the potential expansion of mangrove area to more than 600,000 hectares, capable for carbon absorption. Such increase is coherent with significant progress of our policies, including achieving FOLU Net Sink 2030 and green economy development. Green economic development is also providing opportunities for investment and job creation. To support the national economic recovery. We cannot just think of natural capital as a cost. The World Economic Forum estimates that nature repressing 10 trillion US dollars of economic opportunity by 2030 with a potential to create 395 million jobs around the world.

with the establishment of SDG Indonesia

One back in 2018. So it’s a breakthrough and we thank also the THK that is very instrumental in helping us in promoting, in selling, in convincing investors for SDG Indonesia One. So for this energy transition mechanism, we come up with an initiative called country platform. With global blended finance alliance, I think we can collaborate. This is what investors, what Philanthropies and Green Funds are waiting for, Ministers Pak Luhut and Sri Mulyani share similarly they look for something concrete.

Blended Finance Alliance at the G20 which will build capacity across governments, the private sector and philanthropy to do better blending. Tri Hita Karana Climate Road to G20 Dialog co-hosted by Indonesia with US government at UID Bali Campus Kura Kura Bali


The World Bank Group , Co-founder THK Forum at THK Blended Finance Forum at G20 Bali Without urgent action, climate change could push up to 132 million more people into poverty, drive 260 million people to migrate within their own countries.… But I believe that we have come to a point where enough blah, blah, blah, let’s close this circular discussion, and get to the business of how can we do more, and come together around these transformations, and bring all the sources of finance and enabling technology to have the impact on climate and development. …Let me just give you some numbers that have recently come out, including at the COP27. IPCC estimated that you need $1.7 to $3.4 trillion till 2030. And the most recent climate financing report that came out at the COP27 - emerging market economies other than China need to spend $1 trillion in 2025, or 4.2% of GDP, and around $2.2 trillion in 2030… It has to come from first, domestic resource mobilization from the countries themselves, strengthen domestic public finance and domestic capital markets. But there will be $1 trillion of external finance that will be required to meet the scale of transformative investment needs. And this is half, this has to come from a combination of concessional resources, which can mobilize private capital and this is the key role of blended finance.

Simon Hartford

CEO, Global Energy Alliance People Planet (GEAPP), at THK Forum Road to G20 Dialogue

We’re backed initially by Rockefeller Foundation and Bezos Earth Fund, but we work with all philanthropies to make the biggest difference we possibly can as philanthropy to a successful energy transition. We have also worked very closely in advance with all others with the same agenda, our friends at the ADB, the World Bank, and so many others in this conversation today. What do we stand for? We stand for action. We stand for experimentation. We stand for innovation, flexibility, and a relentless focus on outcomes, but also the just on this, which is what we’ve been talking about, has got to be front and center for young people, for the environment and for all aspects. Number one is that cooperation is going to also require coordination.

Climate Road to G20 Dialogue

If you look at climate related investments in emerging markets and developing economies, excluding China, on energy, adaptation, resilience, and food and land use the central climate issues, you see that by 2030, that flow of investment in these emerging markets or economies outside China will have to be around $2 trillion dollars extra per year, that’s perfectly feasible.

Lord Nicholas Stern Chair of the Grantham Research Institute on Climate Change and Environment, London School of Economics, NCCC International Advisory Council, THK Forum
“Let’s close this circular discussion, and get to the business of how can we do more, and come together around these transformations, and bring all the sources of finance and enabling technology to have the impact on climate and development”

Minister Budi G. Sadikin

H.E. Budi Sadikin, Minister of Health, Republic of Indonesia at THK Forum Road to G20 Dialogue “Global Health Architecture: Bali for the World on Health, Resilience, and Happiness” on 27 August, 2022

As global health leaders, today we are the determining actors in the course of human history. We can either let fate lead us through time, or we can shape the destiny of our future global health architecture. The COVID-19 pandemic has shown the tremendous power of unity in facing all kinds of challenges. We have strived in bending iron rules of geography to reach people across the globe. We are finding ways over, under, and through barriers to leave no one behind. And I believe that with such energy, we will survive any future health crisis.

Now more than ever, we need to recover; not individually, but together. Recover together, for a stronger & healthier global community.

H.E Arifin Tasrif

Minister for Energy and Mineral Resources, The Republic of Indonesia at THK Blended Finance Forum at G20 Bali Indonesia is blessed with a number of renewable energy sources - the potential of renewable energy for more than 400 gigawatt is spread almost all over the areas of Indonesia. But it is only utilized for only 10 Gigawatt or around approximately 2.5% ... I’m excited to hear from the panel today at the THK forum, especially PT SMI on the energy transition

Merit Janow

Chair of Board of Directors, MasterCard / Dean Emerita, Professor of Practice, International Economic Law & International Affairs, SIPA, Columbia University at THK Blended Finance Forum at G20 Bali

The THK Forum has done a remarkable job advancing the SDGs broadly and more recently, working extremely creatively with business policymakers and NGOs to advance the concept and also the reality of blended finance in support of projects and ideas to reduce climate effects.

mechanism, which will help finance the shift from coal to renewables, and from PLN and Amazon on their joint announcement. Of course, we await the JETP, these are outcomes which Indonesia has been championing with the strong role of US and Japan. These kinds of commitments are critical to rapidly transition to clean energy system to support the prosperity of the people, tackle air pollution, create jobs and fulfil our energy needs. We also welcome institutes like Rocky Mountain Institute to have a Southeast Asia base in Bali. It is a key driver to post Covid recovery as green investment and jobs underpin sustainable growth. We also congratulate on the E-liability with Harvard and Oxford faculty that will be launch at the THK Center of Future Knowledge in Bali that will drive accurate carbon measures for corporates. Distinguished participants, ladies and gentleman, developing renewable energy at scale in Indonesia is key to tomorrow sustainable future.

Darmawan Prasodjo

President Director, PT. Perusahaan

Listrik Negara (PLN) at THK Forum Road to G20 Dialogue

This climate crisis is global. The emission of CO2 in Bali here is the same effect as amount of CO2 emission in European countries or in Japan, in United States exactly the same. So it has to be a global effort. So this early retirement of coal fired power plants is using Blended Finance through the energy transition mechanisms. What do we need? Super low-cost finance and green finance. What else do we need? Policy Framework? What more? Our willingness to collaborate. We have all of those ingredients. We’ve been working with the Asian Development Bank, we’ve been working with the US and the world. And we’ve been working hard with so many foundations.


Dr German Velasquez

Director, Global Climate Fund

Mitigation and Adaptation Division, Green Climate Fund at THK Blended Finance Forum at G20 Bali

We talk to a lot of small island countries. And we discussed that 30 by 30 concept, which is the concept of conserving 30% of our ecosystem by 2030. And they all tell us, it’s a difficult challenge to achieve because protection alone is simply not sufficient for them. They said that they have other needs more important than just protection, like food security. Taking the words of Dr Enki Tan, you can actually do marine protection and food security at the same time. This project actually shows you how to do that. So I believe that the concept of Blue Halo S if it succeeds, will not only be useful for Indonesia, it will serve as a model to many countries, in particular, the small island developing states.

Ng Boon Heong

CEO, Temasek Foundation, THK Forum Partner

Temasek Foundation Singapore crowdsources ideas for disruptive technologies in the area of sustainability and livability solutions. The Foundation grants 1 million SGD to researchers, innovators, and investors. This year’s winner will operate in Jambi, where they will work in social forestry by aggregating smallholders together so that they could sell high-quality timber. A few years ago, the Foundation started the piloting of impact investing, setting aside about 300 million SGD index funds to deliver both impact and market returns. To further impact investing, Temasek Foundation launched the center of impact investing and practices that could be a good complement to the Global Blended Finance Alliance.

Ahmed Saeed

Vice President for East Asia, Asian Development Bank (ADB), at THK Forum Road to G20 Dialogue

It’s lovely to be in this beautiful venue, talking about such important things… When we talk about blending public and private capital. When we talk about mixing these things, we have to make sure we’re not mixing oil and water. And so we need to blend other things. For example. The private sector is nimble and fast and has a culture of risks. We will not succeed in blended finance if the public organisations don’t also learn that, not just the money. The private sector also is trying to solve all problems simultaneously. It’s solving problems as they arise. And then ultimately, those drives changes to solve those problems. There are lessons for us in the public sector from the private sector. There are lessons for the private sector in what we do. We need to blend a lot more than our money to be successful.

Partner, Arnold & Porter LLP at THK Blended Finance Forum at G20 Bali

Starting here in Indonesia, we have a commitment of all of the G20. Members and many other members interested in this Global Blended Finance Alliance.

Florian Sekinger

Head of Division Sustainable Economic Development, East and South East Asia, KfW Development Bank

KfW with its partner countries is actively setting up structured funds that promote MSMEs through individual legal entities that can also directly invite private investment. We also provide credit enhancement where private investors can invest in secure funds. KfW also has SME credit lines to provide specific credit lines which are tailored to the needs of SMEs. It’s also the aspect of policy-based ethics, which are not really directly investing in individual projects but entering policy dialogue of countries to transform their policies to be more investment friendly. Two ideas: 1) Deepening the capital market with the development of a green capital market (green bond, sustainable finance bonds, GSSP bonds) that can be new opportunities if the structure and viability provide the right incentives. It can also invite new investors looking for ESG investments; 2) Sustainable finances and funds.

Brune Poirson

Chief Sustainability Officer, Accor at THK Blended Finance Forum at G20 Bali

There is no more important place than being in the G20. In the G20, we need a platform for sustainability. And this is really the objective of this forum. It’s a place where we can safely and boldly talk about solutions that we can concretely implement to actually scale up and, and make sure that sustainability gets rolled up faster. We need new ways of collaborating. We need new ways of mobilizing finance with the new technological solutions. And all of that is not only being discussed, but actually implemented through this forum.

“There are lessons for us in the public sector from the private sector. There are lessons for the private sector in what we do. We need to blend a lot more than our money to be successful.”

Given the urgency of change, there is the need for us to really look at how public private partners can prototype and testbed. We really need all hands on deck to not look for the perfect solution, but to agree on a potential testbed and a prototype so that if it successful, we can scale it very quickly and proliferate, and if it is not because not all first steps and first experiments will work out well, it is how do the different groups actually come together to refine and enhance the way forward. There are two critical elements to this partnership model working very well. The first is the need for trust, the ability for us to forge a common understanding and to agree on what the common objectives and goals are is very critical for partnerships to work out smoothly because everyone brings their own experience and perspectives of issues. The second idea beyond trust is also that everyone has a hat that they're wearing, whether from the government, private and community sector to do right things based on the rules that we are in, but also with the human conscience.

Leong Wai Leng

Managing Director & Regional Head

APAC CDPQ Global at THK Blended Finance Forum at G20 Bali

I work for a Canadian pension funds CDPQ and I would say that they’ve got 400 billion Canadian dollars worth of assets, and of which, we already have 39 billion in low carbon as of 2021, and we’re going to hit 54 billion by 2025. And globally, when we look at every single asset class that we invest in every single transaction, whether it is public or private, we evaluate it based on its climate intensity.

Sanda Ojiambo

Executive Director and CEO United Nations Global Compact at THK

Blended Finance Forum at G20 Bali

It’s very clear that you know, to address all of the transitions that we need to do, the energy transition, the climate transition, food systems transition, we do need to creatively and innovatively bring together public financing, and private financing in ways that have never done been done before. And THK has come up with an incredible model around how this can work is convening stakeholders around this, but also, I think, more importantly, Indonesia itself is serving as a great case study in terms of what can be done with public and private financing.

So we do look at philanthropy, especially when we talk about blended finance to be catalytic…we need to look at is how do we increase the amount of philanthropic capital that flows to really play that role of risk taker, the role of first loss or even you know, in terms of providing guarantees, if you’re looking at at blending instruments, therefore in Asia, we have wealth growing faster, stronger than anywhere before, we can definitely look at increasing the philanthropic pie.

Uday Khemka

Vice Chairman of the SUN Group and Senior Climate Advisor to the LTIO (Long Term Investment Organisation) at THK Blended Finance Forum at G20 Bali

We’ve been working on climate finance for the last 17 years with pension funds and sovereign wealth funds to look at how the largest sovereign wealth funds and pension funds across the planet could invest huge amounts of money that they want to invest in green infrastructure…this conference is one of the most significant conferences that is taking place in the last 10 years that could move the needle to allow us to move up from the billions to the hundreds of billions of capital.

Managing Director, Centre for Nature and Climate at the World Economic Forum at the THK Blended Finance Forum at G20 Bali Naina Batra CEO, Asian Venture Philanthropy Network (AVPN) at THK Blended Finance Forum at G20 Bali

Blended finance key unlock for business & investment in people and planet

I applaud the Government of Indonesia and the Tri Hita Karana Forum for their visionary leadership in launching the Global Blended Finance Alliance here in Bali on the occasion of the G20. It comes not a moment too soon.

Governments today are besieged with multiple crises – conflict, inequality, climate change, health, rising energy and food costs, unsustainable debt levels and more. We know that to address these challenges, we must invest in real solutions, not just treat symptoms. The roadmap for this investment is the UN Sustainable Development Goals.

But to realise the promise of the SDGs will require an unprecedented investment of an additional $4 trillion per year, according to some estimates. An investment programme of this magnitude will not only tackle climate change. It can create jobs, build resilience to physical and economic shocks and drive sustainable growth.

To capture these benefits, we will need to crowd in trillions of private capital alongside the billions of official development assistance provided by donor governments. This is exactly what the Global Blended Finance Alliance intends to do by creating new private-public mechanisms to deploy capital at scale and by replicating solutions that already work. This is key if we want to move fast and mobilise the investment needed to

meet global climate targets, protect nature and tackle inequality. The Alliance will play a crucial role in reducing the time and transaction costs of launching and implementing blended finance solutions.

It will help pilot, standardise, streamline and scale successful structures, so that Alliance members don’t have to reinvent the wheel every time. This will create a set of practices to ensure blended finance mechanisms are fit-for-purpose for the countries and communities where they are used.

Building on Indonesia’s demonstrated track record in launching blended finance models like the $3bn “SDG Indonesia One” platform for sustainable infrastructure, the Alliance will work with public and policy partners like the OECD, the ADB and the World Bank as well as institutional investors, developers and thought leaders to unlock capital for people, planet and prosperity. There is enormous potential to tap into private finance to help build the world we want, and the Global Blended Finance Alliance can lead the way.

SDG Indonesia One under PT SMI was the world’s first blended finance national platform

As a special mission vehicle under The Ministry of Finance Republic of Indonesia, PT SMI has been successful in managing SDG Indonesia One, a blended finance platform for accelerating sustainable development projects through collaboration between strategic partners, since 2018. Further, at G20 3rd Finance Ministers and Central Bank Governors meeting which held in last July 2022, the Government

of Indonesia through the Ministry of Finance assigned PT SMI to act as the Energy Transition Mechanism (ETM) Country Platform Manager. Through this mandate, we are committed hand in hand to collaborate with our strategic partners such as donors, multilateral institutions, philanthropies, sovereign wealth fund and also governments in creating a unique and favourable blended finance scheme for the acceleration of the Country’s ETM agenda in a just and affordable way. We open for any collaboration to support the achievement of Sustainable Development Goals in Indonesia.

PAUL POLMAN Business leader, campaigner, co-author of “Net Positive” Tri Hita Karana Forum Steering Committee, Natural Capital Communities Carbon (NCCC) Intl Advisory Council

Highlight: Implementation of SDG Indonesia

It has implemented green infrastructure projects and co-shaped the path in the Global Blended Finance Alliance


Climate Actions & SDG Initiatives

Energy transition accelerates the transformation of fossil fuels into renewable energies by using different source of funds (Blended Finance)

GBFA mobilises the resources of member partners bringing together specific capabilities for delivery of the platform.

Unleashing the Blended Finance Revolution

The next 5 years need to see a dramatic acceleration in the flow of capital to developing countries to invest in building socially just, net zero and nature positive economies. Some estimates suggest annual investment requirements of well over $2.5 trillion per year in developing countries (and over $3 trillion including China), much of which will need to be provided by the private sector. The most critical sectors in which this capital needs to be invested include power, transportation, housing, industry, health, education, agriculture and nature.

The challenge of mobilising and deploying this capital well is not new. But the magnitude of the investment requirements and the speed with which capital needs to be deployed is a step-change from previous periods. This is where blended finance can make a huge difference. At its core, blended finance has two over-arching principles. The first is that it targets a combination of public and private returns – what is also called a combination of impact and value creation. The second is that blended finance investment models aim to share risks and returns across public and private sectors in a way that play to the respective strengths of government and commercial actors. This makes blended finance a brilliant way of opening up new innovative areas of investment – from clean energy to regenerative agriculture to primary healthcare systems to sustainable tourism projects to better waste management systems – where public

capital is scarce and private capital is still learning how to evaluate the opportunities and risks.

The last few years have laid the foundations of the blended finance revolution, with an acceleration of learning, standards and deal pipelines across the world. Top private financial institutions are all setting up their blended finance and impact investing teams. Governments are building their specialised vehicles to develop critical projects around environmental and social goals which can attract both public and private capital. Multilateral development banks, together with bilateral development finance institutions, are scaling up their efforts in a space where they have long had a presence. And philanthropic capital is looking for the opportunity to shift resources from purely grant-making activities to much more creative, highly leveraged investment models that have impact at their heart.

Indonesia has been one of the pioneer countries in unlocking this revolution with creative, ambitious vehicles such as PTSMI’s SDG One, which has deployed almost $1 billion in key projects across the economy. More than that, Indonesia has been providing the intellectual capital for this new investment era through the work of the THK Forum and the resulting multi-stakeholder commitment to a Global Blended Finance Alliance. This new Alliance has the potential to scale and transform the flows of capital needed for better growth in the Global South. On the one hand, it will accelerate the learning needed to put the right financial structures and risk-sharing systems in place, helping with the scale-up. On the other, it will build and share the practical experience needed to analyse and monitor the impact of the capital flows, helping to improve the quality of its deployment. The Alliance is the right coalition at the right time. On behalf of the Blended Finance Taskforce and Systemiq, it has been an enormous privilege to work with the THK Forum and the Government of Indonesia to bring the Alliance to life. We look forward to partnering closely with the Alliance going forward and helping it to become a flywheel for net positive growth in developing economies across the world.

BNDES Blended Finance will support the creation of financial structures to foster urban development, bioeconomy and circular economy

G20 Blended Finance Principles for scale and impact by OECD

In times of mounting global challenges, the SDG financing gap in developing countries has widened further to USD 3.9 trillion (forthcoming Global Outlook on Financing for Sustainable Development 2022). To bridge this gap, more policy action is needed to mobilize resources. However, private finance mobilization remains modest and behind expectations. The latest OECD data shows that private finance mobilized by official development finance interventions reached USD 51.3 billion in 2020, mainly for projects strengthening economic infrastructure and services (e.g. banking, business services and energy) in middleincome countries. In 2018-20, only 18% and 1% of total mobilized private finance targeted LDCs and SIDS respectively.

There is hence a need to devise policies that lead to systemic and transformational approaches and to more mobilization and alignment of resources, that reach those most in need. This means targeting blended finance to local contexts and harnessing blended finance to catalyze finance in the last mile. It means supporting domestic financial systems and market development and for developing countries to ensure that a pipeline of projects stands ready to attract blended finance.

The G20 Principles to Scale up Blended Finance in Developing Countries, including in Least Developed Countries and Small Island Developing States (‘G20 Principles’) are therefore very timely. They reflect a common strategic direction and aspiration for scaling up blended finance implementation in developing countries. The principles are embedded in and complementary to existing policy frameworks – such as the Tri Hita Karana Roadmap for Blended Finance, the OECD DAC Blended Finance Principles, and evidence, including the OECD stocktake report on ‘Scaling up Blended Finance in Developing Countries, Least Developed Countries and Small Island Developing States. Additionally, to make the G20 Principles more actionable for developing countries, the OECD has started to prepare, at the request of Indonesia, a Blended Finance Guidance for developing countries.

We need to move from innovative but piecemeal transactions to true scale. As the OECD stock take report highlights, a three-fold approach is needed: (i) developing

stable pipelines of bankable projects, (ii) increasing the use of so-called “portfolio approaches and (iii) ensuring efficient and continuous coordination across different blending partners to match demand and supply. Similarly, a lot of work remains ahead in terms of ensuring rigorous and transparent account of the impact of

blended finance transactions, through strengthened impact measurement and management, as laid out by the OECD -UNDP Impact Standards for Financing Sustainable Development. Building up knowledge through targeted capacity building and technical assistance will be crucial.

Indonesia has also shown leadership in developing The Global Blended Finance Alliance (GBF), which will support the implementation of the G20 Blended Finance Principles. The GBF promises to advance policies on blended finance, could offer to be a marketplace for innovative projects, and can help to advance knowledge sharing, capacity building and training for developing countries. The alliance could ensure that recommendations developed by G20 policy-makers are put into practice by governments, municipalities and the private sector across developing countries. The OECD stands ready to support the implementation of the G20 Principles, to continue to enable an exchange among policy makers, practitioners and partner countries, as well to support the Global Blended Finance Alliance.

1. See more at Mobilised_Private_Finance_TOSSD.pdf and in a forthcoming report to be posted at financing-sustainable-development/development-financestandards/mobilisation.htm

Senior Counsellor and Head of the Financing for Sustainable Development Division of the OECD Development Co-operation Directorate
We commend the Indonesian G20 Presidency for its leadership in Blended Finance, and as the OECD were glad to support the development of the G20 Blended Finance principles. Indonesia played a critical role in establishing a common understanding of the ambition needed to deliver blended finance as well as the challenges faced.

> OECD: Plugging the SDG Financing Gap

Even before the arrival of COVID-19, the SDG financing gap was significant. The private sector is an important contributor to SDG delivery and has increasingly been mobilised with the support of blended finance approaches. Blended finance has been defined as the strategic use of development finance for the mobilisation of additional finance towards sustainable development in developing countries. In 2018-19, official development finance mobilised nearly $50bn of private sector finance for development. However, this amount is not enough. In particular, in countries where development finance flows, especially ODA, become a critical source to finance social services, the current share falls short from commitments. The impacts of the COVID-19 pandemic on developing countries are increasing financing needs while reducing available resources.

Without swift global action, years of progress made towards SDG targets could be undone. Blended finance has an important role in unlocking and channelling commercial finance towards sustainable development. Commercial capital is key as there is a lot available and channelling just one percent of total global financial assets (estimated at $382tn), could bridge the existing SDG financing gap, at $2.5tn annually. Essentially, blended finance allows for financial returns to investors while addressing investment barriers by improving the risk-return profile of investments. Blended finance operates as a market-building instrument that provides a bridge from reliance on development financing towards commercial finance, critical to ensuring SDG compliant sectors and markets get adequate financing for them to develop.


Despite the volumes mobilised the direction of the financing has been skewed towards middle-income countries and commercial sectors (like banking, finance, and energy).

While Less Developed Countries (LDCs) are disproportionately affected by the COVID-19 crisis, they continue to receive the lowest share (despite a modest increase in overall volume) of private finance mobilised by official development finance interventions.


A Joint Discussion Paper from Meggin Thwing Eastman, Paul Horrocks, December 2018

Source: OECD (2021).

Note: The percentage of private finance mobilised for the LDCs is calculated as share of countryallocable private mobilisation.

From a very low base, the mobilisation trends are positive with private finance mobilised for LDCs and other LICs increasing from $3.8bn in 2018 to $4.6bn in 2019. The share of LDCs and other LICs private finance mobilised increased from 7.5 percent to 12 percent as shown in Figure 1. However, the financing remains far below what is needed, as the SDGs are often the widest in the LDCs. This is despite the fact that the LDCs are home to over one billion people, about 14% of the world population across

46 countries. Furthermore, the vast majority of financial resources mobilised, $16.3bn, targeted the banking and business services with only $1.5bn mobilised in the water and sanitation sector.

Building back better from the pandemic requires a multilateral and multifaceted response that advances a transformational and systemic approach. It needs to include innovative financial

Felicia Rodriguez, Wiwien Apriliani (Indonesian G20 DWG Team), Rolf Schwarz, Tomas Hos and Paul Horrocks
Figure 1:
mobilised from the private sector: main trends USD billion Historical trend 5.5 7.8 By financial instrument, 2018-19 average Top sectors, 2018-19 average By income group, 2018-19 average By region, 2018-19 average
Ensuring Blended Finance can mobilise private finance, particularly in the Least Developed Countries and towards Social Sectors, will require a systemic and transformational approach.
15.3 19.4 22.7 27.7 35.4 40.1 49.0 46.4 2012 2013 2014 2015 2016 2017 2018 2019 14.0 29% 6.5 13% 4.0 8% 17.1 35% 4.8 10% 2.0 4% 1.5 1.9 3.6 8.3 11.2 16.3 Water and sanitation Agriculture, forestry and fishing Transport and storage Industry, mining and construction Energy Banking and business services 4.6 (12%) 0.1 16.1 18.6 LDCs LMICs Other LICs UMICs Africa USD 13.8 billion (28%) Asia and Oceania USD 15.0 billion 31% Latin America and the Caribbean USD 9.2 billion (19%) Europe USD 7.6 billion (16%) Unallocated or unspecified USD 3.1 billion (6%) Guarantees Syndicated loans Shares in CIVs Direct investment in companies and SPVs Credit lines Simple co-financing Figure 1: Amounts mobilised from the private sector - main trends (USD billion). Note:Thepercentageofprivatefinancemobilisedfor theLDCsiscalculatedasshareofcountry-allocableprivatemobilisation.Source:OECD(2021).



in the LDCs: main sectors and recipients, 2018-19 average

Sustainable Finance Working Group has worked on reporting and regulations for private finance mobilised towards climate finance and could look at GSS bonds in the future. Greater synergies could be found between these two areas of work, as blended finance mechanisms are used in the issuance of green and other thematic bonds, and lead to the mobilisation of new private finance.

tools and risk-mitigation instruments, that link that to policy actions, like coordinated engagement between the private sector, local governments, and multilateral development banks (MDBs) and development finance institutions (DFIs). Appropriate coordination and the effective use of blended finance mechanisms could ensure that funds are directed towards projects that are aligned with the SDGs, particularly those in the social sector that are often excluded by private investors or cast aside in favour of opportunities that are more commercial. As the recent OECD–UNCDF Report highlighted, Blended Finance has the potential, among other purposes, to leverage digital technologies; finance small and mediumsized enterprises in the “missing middle” (gap); and address market failures that prevent the LDCs from financing their development needs and reaching the most vulnerable.

In response to the economic and financial reverberations, the short-term approach has been shoring up development finance portfolios. The general risk aversion of DFIs makes it particularly challenging for them to attract even more riskaverse commercial investors into LDCs and exploring new investable opportunities in the near term as long as the pandemic is ongoing.

In the medium- to long-term, blended finance can play a critical role in the COVID-19 recovery by stimulating economic recovery and increasing resilience to future shocks, both financial and social.

Meeting the significant sustainable investment needs in the LDCs post-COVID-19 will require a strategic assessment of how blended finance can be deployed at scale. Overall, this could mean moving away from a focus on individual transactions towards the greater use of blended finance funds and facilities. A portfolio approach could also help to create larger deals, to increase diversification (in turn, reducing risks), and make assessment and approval processes more costeffective. DFIs and MDBs may need to revise their risk–return threshold in order that greater risks and, ultimately, volumes of blended finance can be directed to the LDCs and social sectors.

In order for funds to reach where they are needed most, there must be coordination between

governments and other relevant stakeholders, in particular DFIs, in the LDCs who can help direct funds to the sectors most in need. Especially in social sectors, where investors tend to be risk-averse, the role of DFIs can help to build investors’ confidence and mitigate or reduce the risk. Understanding local capacity for deployment and ensuring a local perspective is crucial to the success of the investment and project’s impact. Therefore, developing countries themselves must be empowered to have a stronger role in diverting blended finance to social sectors and the LDCs. Social projects are likely to be closer to government actors, require more consultation and greater understanding of social needs on the ground. Moreover, for projects to receive local currency financing, local ownership will be critical. Local pension funds and other local sources of finance should invest in these social sectors, which are often critical for delivering the SDGs particularly in the context of the LDCs. Local DFIs and other financial actors in the LDCs can help in developing the blended financing structures necessary to deliver social projects.

To ensure the transition towards the more effective use of Blended Finance, a systemic and transformational approach is needed. Without significant change, the required volumes of Blended Finance will not be achieved, and the private finance mobilised will not be directed to the LDCs and social sectors.


The G20 is well positioned to advance global efforts towards a more equitable and sustainable recovery from the economic shocks of the pandemic. The group has committed, under the Financing for Sustainable Development Framework endorsed in 2020 under the Saudi Arabian Presidency, to mobilising all sources of finance, including blended and private sector financing towards the alignment and impact of the SDGs. As part of the G20 Development Working Group (DWG) work under the Italian G20 Presidency in 2021, G20 members have further advanced awareness about innovative finance instruments. The Presidency produced a stock take report on how to scale up green, social and sustainability bonds to finance climate related activities and SDG-related projects in developing countries. In parallel, the G20

Importantly, blended finance can play a key role in supporting the LDCs to mobilise resources for the medium to long-term recovery. For blended finance to be an effective instrument for the COVID-19 recovery, the wide range of actors involved (donors, DFIs, multilateral development banks, impact and commercial investors, local financial institutions, national and local governments, etc.) should focus on supporting the institutional capacity of countries and building pipeline projects that linked to national development priorities. This includes job creation, SME-development, an emphasis on gender equality, support health systems, and target sectors that are critical for inclusive, resilient and sustainable development.

In summary, four key areas for further work are:

1. Use blended finance strategically to develop sustainable domestic market systems and build the capacity of local capital market actors.

2. Design innovative structures that target the hardest to reach and most underserved areas

3. Improve impact management and measurement, and promote transparency

4. Bring blended finance to (large) scale through systemic and transformational approaches

Indonesia assumed the G20 Presidency on 1 December 2021, and will hold the G20 presidency throughout 2022. Indonesia has already confirmed its plans to develop G20 Principles on Scaling-up Private and Blended Finance in the G20 DWG. The OECD will support Indonesia in producing practical and actionable guidance for developing countries on how to scale up the use of private and blended finance, building on existing work. This has the potential to address some of the coordination barriers and lack of transparency around deals that have marred blended finance mechanisms in the past. The OECD and Indonesia will work in tandem to identify gaps and challenges faced by developing countries and the LDCs, and identify what capacity would be needed to allow blended finance to support the local economy and local capital markets. i Referencesavailableonline.


Haje Schütte is Senior Counsellor & Head of Financing for Sustainable Development Division of the OECD Development Co-operation Directorate. His work focuses on how to address the dual challenges at the core of the 2030 Agenda, i.e. mobilising unprecedented volumes of resources, and leaving no-one behind.

Ibu Raden Siliwanti is the Director for Multilateral Funding (Cooperation Bappenas/Indonesian, G20 DWG Team, Ministry of National Development Planning/Bappenas).

GROUPOFNATIONS.COM 81 STRATEGIC TALK SERIES INDONESIA’S G20 PRESIDENCY Winter 2021-2022 Issue | Capital Finance International 51
By sector Top
Figure Private mobilised
Other sectors 10% Communications 4% Agriculture, forestry and fishing 6% Transport and storage 7% Water supply and & sanitation 10% Banking and financial services 15% Agriculture, forestry and construction 21% Energy 27% USD 4.6 bn 592 493 479 389 380 358 232 178 145 132 Uganda Guinea Angola Bangladesh Mauritania Myanmar Benin Mozambique Senegal Cambodia Guarantees Syndicated loans Shares in CIVs Direct investment (…) Credit lines Simple co-financing
Source: OECD (2021)
Figure 2: Private finance mobilised in the LDCs - main sectors and recipients, 2018-19 average $billions. Source: OECD (2021).

Shaping our Future

Kura Kura Bali on the New ERA BALI Kerthi Road Map

In December 2021, President Joko Widodo graced the Three Mountains in Kura Kura Bali to kick off preparations for Indonesia’s G20 presidency and the official launch of the New Era Bali Kerthi Economic Roadmap. This was done together with Indonesia’s Ministry of National Development Planning and the Bali Government.

Bali will no longer be known as just a tourist destination. This “New Era Bali” concept is based on a green low carbon economy. The focus will be on increasing human welfare and social equality while reducing environmental risks significantly. Among the low-carbon economic programs are clean energy solutions, development of low-carbon transportation, bio-agriculture, sustainable management of water resources, zero waste. Also in the pipeline is the development of a Low-carbon Asian Business Centre as well as a Vocational

Low-Carbon Training Centre. Bali will pivot from tourism to attracting and nurturing global and local enterprises in Health and Knowledge, Digital, Green and Blue sectors, Sustainable and Blended Finance, Integrative Infrastructure and Quality Tourism Sectors.

Private sector solutions to deliver Bali Kerti Industries and business associations have a chance to come together and offer their support to build a better future, establishing the right priorities and helping the communities by providing jobs and economic opportunities while respecting rights and responsibilities. This business engagement is seen as critical to help achieve the Bali transformation.

Kura Kura Bali, an island project development, aims to be the prototype for this “New Era Bali for Better Indonesia and

the World” on the road to the G20 Bali Leaders Summit 2022. We aim to partner with others, including competitors, critics, civil society and governments, to tackle big systemic problems which we cannot solve alone.


A 500-hectare canvas nurtured and developed to boldly paint the future island for happiness and welcome collaboration in leveraging Bali’s global branding in the New Era Roadmap.

Our world is at a turning point. Knowledge, learning and education need to be reimagined in a world of growing complexity, uncertainty, and deterioration. At Kura Kura Bali, we know that learning and knowledge are the basis for renewal and transformation. This is why we have built a Campus before any other developments take place because we are convinced that education promotes social progress and

Made from bamboo, the Cove Pavilion serves as an ecolodge and multifunctional space.

transforms the world. Laying the foundation with creativity and care, we have built a Creative Campus that looks beyond the traditional purpose of education, a Campus that demonstrates how education relates to citizenship, providing growing opportunities for social mobility, economic development and equity. This is our vision of a campus that sparks solutions to global challenges and addresses the United Nations Sustainable Development Goals.

A forward-looking vision of what learning and education might yet become, the UID Creative Campus will host events and use the convening power of Bali to attract talents as we co-create programs with talented people from all over the world. In addition, a TechPark will surround the Campus with an entire

ecosystem of entrepreneurship and industry. It will also build on the culture of Bali, including its artistic and spiritual traditions. Connecting young people with mentorship, meaningful work experiences, and training benefits our communities and the world. That is why this work is so important.

Doing bold things, together

This November, we will be joining entrepreneurs, experts and leaders from around the world to explore various issues ranging from digital transformation to promoting inclusive social, environmental and economic justice that will shape future generations. We will showcase the innovation needed to shape sustainable futures in action, and we will honour the many contributions of the Balinese.

At some level, we are all connected. We share a common humanity. We are driven by the core idea that we can improve this generation’s and future generations’ lives together. The capacity to learn about each other and engage with different views doesn’t just open our minds and broaden our perspectives. We are proud to join leading innovation companies in announcing exciting partnerships which support technology innovation and Green Economy during these G20 side events at Kura Kura Bali. Along with all our partners, we all believe in a fairer and more inclusive world and are ready to work together to help address critical challenges. We hope that every step we take, we will gather other like-minded people to journey with us toward a sustainable future.

Participants taking a break at the SDGs Steps in the main entrance of the UID Bali Campus, Kura Kura Bali Bali Abode, a museum at the UID Bali Campus, displays the splendour of Balinese history, culture and traditional handicrafts. The Three Mountains, a 1200 sqm bamboo structure supported by three 15 meter towers with skylight, is the first tallest bamboo building in the world.

New Era Bali Kerthi Economic Roadmap A Transformative Green, Resilient and Prosperous Path

Bali was at the epicenter of the global fallout from the pandemic. Tourism and related activity accounted for 60% - 80% of Bali’s economic activity. This tourism activity fell to almost zero overnight with the onset of Covid 19. Bali’s economy experienced the deepest contraction and recovered the slowest compared to elsewhere in Indonesia. Bali’s less resilient economic structure called for a new strategy for Bali’s economy through economic transformation.

The pandemic has, however, opened the door to a new development path. On December 3rd 2021, Kura Kura Bali hosted at its Three Mountains bamboo pavilion, President Joko Widodo who announced the launch of the New Era Bali Kerthi Economic Roadmap and the 2022 G20. Kura Kura Bali – Island of Happiness is a 500-hectare property development located 15 minutes away from Bali’s Airport. Kura Kura Bali has worked closely with the Government to build a project aligned with Indonesia’s long term development goals. Collaborating on a regular basis with governmental agencies, Kura Kura Bali has been recognized as having the potential of becoming the prototype for technological transformation and sustainable development towards the New Era Bali.

Under its new strategy, Bali will pivot from primarily tourism to attracting and nurturing global and local enterprises in health, knowledge, digital, green and blue sectors, sustainable and blended finance, integrative infrastructure and quality tourism under a National Plan Roadmap. The Ministry of National Development Planning in collaboration with the Provincial Government of Bali prepared the Roadmap of Bali “Kerthi” Economy for A New Bali Era: Green, Resilient, and Prosperous. This roadmap reflects local traditions and especially the local wisdom and the spirit of the Hindu teachings of the Balinese Tri Hita Karana philosophy of balance between people, nature and spiritual peace.

Bali Economic Transformation is a process of economic development that includes six strategies.

Kura Kura Bali has worked closely with the Government to build a project aligned with Indonesia’s long term development goals. Collaborating on a regular basis with governmental agencies, Kura Kura Bali has been recognized as having the potential of becoming the prototype for technological transformation and sustainable development towards the New Era Bali.

2. Productive Bali, through a strategy of increasing workers’ productivity towards middle class workers, modernizing agriculture, modernizing marine and fisheries, increasing industrialization, strengthening the tourism sector, developing the creative economy and strengthening MSMEs and the tourism sector, Bali’s workforce productivity will increase by three times of the average productivity for 2015-2019.

3. Green Bali, through the scenario of implementing ambitious climate change mitigation and adaptation policies, so as to achieve a reduction in Green House Gases at the Net Zero Emission level by 2060 or faster, and employment growth in the green economy sector is predicted between 50,000 to 100,000 new jobs.

4. Integrated Bali, will focus on improving connectivity facilities and infrastructure, developing Bali as an air logistics hub, strengthening Bali-Nusra cooperation and developing innovative infrastructure financing schemes.

5. Bali Smart Island, will focus on strengthening digital infrastructure, increasing digitally skilled human resources, developing various digital public and private services and digitizing Bali’s economy, including digitizing MSME start-ups and the creative economy, and developing digital tourism services.

1. Smart and Healthy Bali, through the transformation of development of health and education that aims to increase the productivity of Bali’s human resources. Improving the quality of human resources through the strategy of realizing healthy and nutritious human resources, competitive human resources with strong character and creative as well as innovative human resources.

6. Conducive Bali, through strengthening enablers or long-term economic growth levers, i.e.: regional financial aspects, business financing aspects, from the ease of doing business, and aspects of bureaucratic reform, as well as improving governance and institutions.

Bali has always been a global destination of choice. It will now lead the world in a new direction; a direction that offers hope for our children and grandchildren.


Responding to the climate crisis, organisations around the world are making ambitious pledges to reduce carbon emissions in the coming decades. Massive amounts of financial capital are also being promised to fund decarbonisation. But, for a climate catastrophe to be averted, capital must be correctly allocated to truly green projects and organisations must actually deliver on their pledges. This requires rigorous, auditable, and dynamic corporate carbon accounting. The current global protocol for carbon reporting is focused on static, qualitative disclosures, not fluid, quantitative accounting. The E-liability Institute has been created to work with companies, regulators, and governments to advance easier, real-time carbon accounting and auditing.


The current global carbon standard, the GHG Protocol, was designed in the early 2000s to inspire organisations to action, but not to hold them to account. For instance, the standard allows companies to use industry-average metrics in reporting on their own climate performance, obviating any incentive to compete and deliver on climate excellence. The standard also permits multiple-counting of emissions and offsets, potentially misleading users and misallocating green capital to underproductive investments.


To address these shortcomings, we, two professors from Harvard and Oxford universities, developed a rigorous accounting approach, the E-liability method, for corporate climate reporting. The method uses a decentralized, recursive algorithm to calculate a product’s carbon footprints as it travels down a supply chain, from “cradle to gate.” The process is analogous to how the monetary cost of a purchased product reflects the prices of all the resources used in its production and distribution. The decentralized algorithm requires only local knowledge at each node of a value chain, in contrast to the top-down approach implicit in the current the GHG Protocol standards. Transparent assurance can be provided at each decentralized node through recent advances in IT, especially blockchain technology. The publication of the E-liability method in a 2021 Harvard Business Review article won the 2022 McKinsey Prize for “groundbreaking management thinking.”

The E-liability approach allows every purchaser – whether a company acquiring a batch of cement, a consumer buying a movie on their tablet, or a green investor looking for their next project – to see the total carbon emitted into the atmosphere in creating that specific product. For a product, that would include the emissions from

mining all its raw materials, plus all further processing and transportation emissions, down to emissions from last-mile delivery.

An ASEAN-based company, Giti Tires, was the first to pilot the E-liability approach. It calculated the total emissions to produce a standard passenger-car tire, a product that is both crucial to the global economy and, given its high carbon-footprint, one where emissions-reduction excellence will be essential to fighting climate change. Going forward, as India assumes the G20 presidency, the Mumbai-based Tata Steel company has also initiated an E-liability pilot for both its domestic and European operations.

Unlike a standard and static product life-cycle emissions report, which some companies currently produce about every three years, the E-liability approach produces dynamic, real-time reports on all of a company’s products, based on its current processes, sourcing, and designs. The E-liability approach provides strong incentives for innovations in real-time carbon reduction. For instance, as part of its pilot, Giti Tires will now collaborate with its steel suppliers to learn how to source low-emission, high-durability steel cord that reduces fossil-fuel usage over a car’s lifetime operations.

The urgent upgrade needed in carbon accounting to drive the green-finance revolution: The E-liability approach

Beyond Giti and Tata, other leading organisations in cement, energy, healthcare, and IT are also piloting the E-liability approach. To rapidly ramp up adoption of this method and to communicate learnings with corporations, universities, and the public sector, we have created the global, not-for-profit E-liability Institute. The institute will create an ecosystem for rigorous carbon accounting worldwide, which will enable the creation of well-functioning green-finance and carbon-sequestration markets. The institute will work with organisations that voluntarily embrace the method and with rule-makers, such as the GHG Protocol, the International Sustainability Standard Board, and the US Securities and Exchange Commission. The E-liability Institute was announced at the THK Forum Future Knowledge Summit as a G20 official side event with a partnership signing to collaborate with UID Bali Campus in the Southeast Asia Region.


The E-liability approach is the only known method that can encourage bold innovation in climate-friendly processes whilst also producing fully auditable carbon accounting reports, a necessary condition for holding organisations accountable for their NetZero pledges. Accurate and timely carbon


accounting will motivate commercial companies, not-for-profits such as educational and healthcare systems, and government agencies to decarbonise their own operations and those of all their suppliers.

We ask each G20 member-state to designate one official as your principal liaison to the E-liability Institute, to ensure that leading organisations in your country receive this urgent



Professor Robert S. Kaplan Harvard Business School
OF C02 OPENING E-LIABILITIES 3,600 Add E-Liabilities aquired from suppliers 39,800 • Electricity 5,600 • Sheetsteel 10,600 • Glass 5,400 • Fabric & plastic 1,200 • Other supplies/components 4,800 • Capital equipment 12,200 Add E-Liabilities directly produced through operations 2,600 Subtract E-Liabilities offset through purchases & operations (4,000) Subtract E-Liabilities transferred to customers (32,600) CLOSING E-LIABILITIES 9,400 Change in E-Liabilities during period 5,800
Professor Karthik Ramanna University of Oxford Blavatnik School of Government
Includes E-Liability of equipment depreciation and energy use C02 E-Liability of 20 tons CH4 E-Liability of 25 tons RM1 (7 UNITS) C02 E-Liability of 4.4 tons/ unit CH4 E-Liability of 1.8 tons/ unit C02 E-Liability of 1.2 tons/ unit CH4 E-Liability of 3.5tons/ unit RM2 (6 UNITS) E-LIABILITY “GHG-COST” ACCOUNTING FGA (7 UNITS) FGA (4 UNITS) C02 E-Liability of 4.9 tons/ unit CH4 E-Liability of 5.2 tons/ unit C02 E-Liability of 5.9 tons/ unit CH4 E-Liability of 5.6 tons/ unit CO2:: (4.4 x 4 + 0.6 x 20 + 1.2 x 4) /7 = 4.9 CH4:: (1.8 x 4 + 0.6 x 25 + 3.5 x 4)/7 = 5.2 CO2:: (4.4 x 3 + 0.4 x 20 + 1.2 x 2) /7 = 5.9 CH4:: (1.8 x 3 + 0.4 x 25 + 3.5 x 2)/7 = 5.6 upgrade to carbon accounting technology. Email us at: info@E-liability.Institute



In 2018 President Joko Widodo shared that the “… Indonesian government and Tri Hita Karana Forum envisage a *Global Blended Finance and Innovation Institute for Better Business Better World in Bali to scale up capacity building, policy research, and action labs for real solutions.” Blended finance provides the ability for the realization of transformative climate results through a combination of public, philanthropic and private actors, the available capital makes impact investment opportunities promising financially for investors and addresses real local and regional challenges at a level of meaningful scale.

Tri Hita Karana Center of Future Knowledge offers the technology collaboration platform to attract local and global talents, corporates and innovators to solve climate and sustainable development challenges under the New Era Bali Kerthi Economic Roadmap.

The process of standardization is contingent on and promotes collaboration. It lowers barriers and costs to innovation, allows for greater market penetration and better returns on investment. In particular, the IEEE Standards Association enables technical and socio-technical consensus outcomes through its well governed, market-driven, globally open process. These outcomes result in local, regional, and global economic benefits through adoption and implementation of the standards, while offering scalability opportunities across geographies and markets.

sustainable manner. Moreover, this approach, when coupled with access to neutral technical expertise and appropriate technical roadmaps, blueprints, architecture diagrams, bills of materials, would create a kind of Climatech Knowledge Commons. This specific blend of innovation and proper financing would

Note: (*) now referred to as the Global Blended Finance Alliance

eventually make reality the vision to “unite in diversity for our better world”. These necessary capacity building initiatives will be enabled through investments in systems and processes facilitating access to knowledge. The Future Knowledge framework identifies the interoperable gaps that could create a dynamic shift toward an “ecosystem mode”. For example, a climatech or public health knowledge commons would create strategic ecosystem options, capable of scaling both knowledge and its proper application in order to meet SDG goals. There is evidently an urgent need for a science of governance approach, including the opportunity for standardized and interoperable implementations and sharing of practices. This would also enable the development of policies that support and incentivize private sector and markets toward a better business, better world behavior. The combination of all these tools creates an environment that can truly move the needle towards a Tri Hita Karana world, inspired by the Bali Kerthi philosophy and practice.

Kominfo is exploring a partnership with McKinsey to develop a Roadmap document for Bali Digital Hub. The Roadmap is expected to complete by end of September 2022.

Kominfo is exploring a partnership with McKinsey to develop a Roadmap document for Bali Digital Hub. The Roadmap is expected to complete by end of September 2022.

Building on OECD DAC Tri Hita Karana Roadmap on Blended Finance, G20 countries can strengthen these principles through data traceability standards and – more generally - through an open and inclusive approach to data governance. This would support the Tri Hita Karana human-centric principles, which could be applied more generally to address the situation of developing, least developed countries and archipelagic island states. In particular, standardization of data and associated technology platforms will increase the probability of helping advance critical infrastructure projects with the help of Blended Finance in a scalable and

Engagement with the Key Stakeholders

Collision Workshops: Prioritize focus topics (2-3 workshops)

Taking the insights from deep structured interviews into Collision workshop to empathize with stakeholders and prioritize the core needs and value to them, resulting in 10-15 focus needs to be addressed.

Prof. Dr. Ing. Konstantinos Karachalios Managing Director, IEEE SA
Engagement with the Key Stakeholders Understanding stakeholder needs to identify current pain points that a hub can alleviate International Benchmarking to understand best practices, lessons of success/ failure and seek inspiration for the vision for the talent hub Pre-Visioning Deep Structured Interviews Conducting qualitative and quantitative analysis to understand stakeholders through: • Stakeholder interviews (~10 customers interviews) ; Talent surveys (~2.000 respondents) Insights will be built and prioritized through: 4 weeks Visioning and Planning to build the vision & strategic pillars for the Digital Talent Hub as well as prioritize key initiatives that will be needed to enable this 12 weeks 4 weeks Execution Planning Strategic initiative design – build initiatives across the key strategic pillars to deliver on the talent hub Identity key partnership enablers to ensure successful delivery of the Hub
Workshops: Prioritize focus topics (2-3 workshops) Taking the insights from deep structured interviews into Collision workshop to empathize with stakeholders and prioritize the core needs and value to them, resulting in 10-15 focus needs to be addressed. Using Design Blueprint to capture Infrastructure, Technology and Operational Enablers. Weekly Team Review Sessions Execution set up & Launch Build and Scale Ideation Vision & Planning Hub Vision Launch by President Jokowi during THK Forum G20 Digital Talent Hub Talent Community Tech Companies KEMENTERIAN KOMUNIKASI DAN INFORMATIKA REPUBLIK INDONESIA
weeks 6
Understanding stakeholder needs to identify current pain points that a hub can alleviate International Benchmarking to understand best practices, lessons of success/ failure and seek inspiration for the vision for the talent hub
qualitative and quantitative analysis to understand stakeholders through: • Stakeholder interviews (~10 customers interviews) ; Talent surveys (~2.000 respondents) Insights will be built and prioritized through: 4 weeks Visioning and Planning to build the vision & strategic pillars for the Digital Talent Hub as well as prioritize key initiatives that will be needed to enable this 12 weeks 4 weeks Execution Planning Strategic initiative design – build initiatives across the key strategic pillars to deliver on the talent hub Identity key partnership enablers to ensure successful delivery of the Hub
Pre-Visioning Deep Structured Interviews Conducting
Weekly Team Review Sessions Execution set up & Launch Build and Scale Ideation Vision & Planning Hub Vision Launch by President Jokowi during THK Forum G20 Digital Talent Hub Talent Community Tech Companies KEMENTERIAN KOMUNIKASI DAN INFORMATIKA REPUBLIK INDONESIA 4 weeks
Using Design Blueprint to capture Infrastructure, Technology and Operational Enablers.

Using Space and Space Technologies together with Blended Global Finance to meet the SDG’s and international climate goals

Space is ubiquitous. In the digital world and thanks to IoT, sensors, AI, robotics, etc. our world and our planet have become connected via space and in space. It is not an overstatement to say that today our world and our universe are dependent on space, whether it be for connectivity, observation, analysis of all things, people, weather, mobility, infrastructure, environment, climate change, etc.

It is also not an overstatement to say that “Space” is the perfect realisation of Global Blended Finance Alliance, having from the very beginning inspired innovation in a spirit of international cooperation that has benefitted governments, citizens, and our earth. One need only look at such examples as the International Space Station, publicprivate launch and satellite consortia, publicly funded research giving way to space exploration and exploitation as examples of “Blended Finance” in a sector which by its very nature is global. We are at a critical point in our utilisation of Space and just as we sounded the alarm bells for our planet, we must now all come together to make certain that Space remains the valuable resource it is for life on earth.

Space fulfils all of the SDG’s on earth and more in the universe. Were you only to think of the GPS satellites which are essential to our mobility today, not even mentioning

autonomous driving; when you think of the weather satellites; when you think of the “traditional” satellites such as SES, Intelsat, Inmarsat, together with the new satellite constellations such as Kacific or Starlink providing the Internet either directly or via trunking to billions around the world; when you think of the advent of 5 G, many times enabled by satellite frequencies or in the case of new constellations such as AST Mobile, actually bringing 5G directly from satellites to the phone, space is green, clean, democratic, universal, connected and more. Space helps alleviate poverty, bring education and communication to all, monitor our oceans, our planet, our air, our climate.

In April of this year, 2022, the United Nations charted a new path for “Meaningful Universal Connectivity”. “Meaningful Universal Connectivity” means that anyone, anywhere, regardless of geographic location, socio-economic status, race, gender, or any other differentiating demographic, has access to affordable services and devices to connect to reliable and safe internet.

Whereas certainly space tourism captures the imagination of many, the role of space in our digital world and economy is crucial, critical, and enabling.

But just as we are recognising that the earth’s resources are not limitless, and that we must limit and if possible eliminate pollution

and degradation of our earthly environment, we are now understanding that space is also a limited resource which must be shared equally amongst all of the world’s population, so that some countries, in particular the emerging “Space Faring “ ones are not excluded from reaping Space’s benefits. Just as we strive to overcome “Digital Divides”, we must make certain to not have a “Space Divide” with those countries who are only now asking for access to space orbital positions and frequencies.

This is why I recently helped pen the European Business Angels Manifesto for a Clean, Safe, Equitable and Peaceful Space for All, (

I am also a proud fellow of the Happy Digital X Leadership program that produced the world’s first satellite traced ocean plastic waste turned into digital weave featured at the COP and G20.

The Healthy Planet Team presentation at the HDX Graduation Ceremony on 28 September 2021

The Happy Digital X “Healthy Planet”

Anticipating the fundamental changes in the future way of life in the world, Happy Digital X: Cities, Systems, Products and Services delivered the very successful first cohort of the Tsinghua SEA HDX program graduated 72 fellows in 2021 and set in motion a number of tech-based innovations such as the reduction of stunting by 50% in Sumedang Regency, West Java, Indonesia through the adoption of granular data-driven government intervention, and the creation world’s first digital loom made from satellite-tracked, traceable salvaged fishing nets (Happy Planet project)

The Happy Digital X “Healthy Planet” project results in a beautiful presentation from Tapestries of the Seas and Port Planet. The team members of the Healthy Planet are Candace Johnson, Advisor forGlobal Telecom Women’s Network, Rofi Alhanif, Government Official of Coordinating Ministry for Maritime & Investment Affairs, Tjokorda Gede Bayu, Founder of Bina Wisata Kelurahan Ubud Foundation, Lussi Erniawati, Government Official Business PT. Kawasan Berikat Nusantara (PERSERO), Alit Adhi Merta, Government Official of Denpasar City Government, Dumasi Samosir, Director of PT Asuransi Sinar Mas, Agung Enriko, Senior Manager of PT Telkom Indonesia, Research & Innovation.

This traceable ocean plastic waste to wearable fabric was featured in COP26 Glasgow and the G20 Bali. The exhibit at the THK

Forum, the official G20 side event exhibition in Kura Kura Bali, highlighted the need for innovation across the fashion industry, and celebrated the results of the “Healthy Planet” project, which was incubated during Happy Digital X, a professional education program run by the Tsinghua Southeast Asia Center with United in Diversity Foundation. Happy Digital X featured world renowned lecturers and top level participants from Government and business, who were given ‘challenge projects’ to tackle real world problems. The “Healthy Planet” team focused on building a circular economy, from fishermen and villages gathering fishing-nets and bottles from the sea, then recycling this discarded plastic into pellets and yarn, to be woven by Indonesian artisans into beautiful tapestries and cloth.

Alexandra Duff of United in Diversity, was delighted to have the opportunity to highlight the problems and innovative solutions for sustainability within the fashion industry through a showcase piece at the THK Forum in G20 Bali, and make a couture dress in a joint venture with Tapestries of the Seas’ Creative Cooperative.

The exhibit shows an ulos created by the environmentally sustainable workshop of HDX alumna Dumasi from Sinar Mas Group, employing recycled fishing-nets and community craftspeople, and the couture dress and scarf created by fashion designer Isaac Raine and

fabric artist Marcos Kueh.

Ms Cherie Nursalim, Advisor on Climate to the Government of Indonesia, wore the recycled ocean-plastic dress to the Heads of State Gala at the G20. It combines the different inspirations of the exhibit including the work of Tapestries of the Seas’ beautiful recycled fishing net scarf which has been digitally certified by ‘The Trust Place’. Digital certificates trace the entire dress-making process, profile the artisan and make certain that each piece is a certified original and cannot be copied, giving value to each item of clothing. Digital certification can be used to add transparency for supply chain auditing, helping protect labour standards.

The focus of this G20 exhibit is highlighting the need for change in how we view the fashion industry, for example here through creating value from waste - luxury textiles and heritage pieces from sea-salvaged plastics. There is huge scope for positive change in the clothing and textile industry.

The next HDX course will start in the new year, with the aim of preparing a cadre of educated digital experts and transformative leaders in the field of city, system and product development for an improved way of life.

To sign up, please go to the below link: HDXApplication-Form

Tsinghua University Vice President Wang Hong Wei, Happy Digital X Academic Chair Professor Edward Crawley, United in Diversity Founder Cherie Nursalim and Chancellor Kangyoto in Rainbow Kerthi Boardroom United in Diversity Bali Campus
Photos of the Recycle Ocean plastic fishnet dress worn by Special Advisor on Climate to Indonesia Cherie Nursalim at the G20 Gala seen with IMF Kristalina Georgieva, India Prime Minister Narendra Modi, and KADIN business patron and leadership Franky Wijaya, Shinta Kamdani and Saleh Husin

Bridging Differences through Art

In the spirit of the G20’s strive for cooperation to address climate change and global challenges, United In Diversity Foundation initiated the first of its kind contemporary art display called “Constellations Global Reflection” coinciding with the G20 Bali Summit for G20 visitors to experience.

Led by renowned curator Lance Fung, the exhibition presents artworks designed by 20 leading contemporary artists representing each of G20 member country: Tony Albert (Australia), Arahmaiani (Indonesia), Dana Awartani (Saudi Arabia), Xu Bing (China), Berkay Bugdan (Turkey), Genevieve Cadieux (Canada), Minerva Cuevas (Mexico), N. S. Harsha (India), Kota Hirakawa (Japan), Ilya & Emilia Kabakov (Russia/Ukraine), Naledi

Tshegofatso Modupi (South Africa), A.D Pirous (Indonesia), Paola Pivi (Italy), Liliana Porter (Argentina), Caio Reisewitz (Brazil), Thomas Ruff (Germany), Yinka Shonibare

CBE (United Kingdom), Kiki Smith (United

States), Kimsooja (South Korea), Ben Vautier (France).

The artists were invited to either design a two-dimensional artwork or reproduce pre-existing artwork with the focus on issues ranging from ocean conservation, climate change, resiliency and equity to global collaboration. “Constellations Global Reflections aims to amplify Tri Hita Karana,

the Balinese philosophy of life. Literally translated as ‘three ways to happiness or harmony’, the philosophy encompasses the three most important aspects of life in Bali including God, humans and nature, and places these three as a basis for development on Kura Kura with a focus on happiness and sustainability,” said Lance Fung.

Inspired by Balinese traditions in textile and lantern making including Wayang, an Indonesian puppet theatre, the installation was fabricated entirely in Bali. The pieces of artwork were digitally printed on eco-textile made from recycled plastic and integrated into a 10-feet rotating sculpture powered by solar energy. Visible both during the day and night, these sculptures take on a quiet, reverent quality and through the lens of art beckons the world to come together in building a better and stronger common future. The exhibition is located in Kura Kura Bali and is open for public viewing until November 2023.



Indonesia is leading on climate actions and the SDGs with blended finance to unlock capital for people and planet. Mobilising over $30 billion for just energy transition, sustainable infrastructure and waste management, regenerative food and landuse, oceans, ecotourism, and health. Spearheaded the inclusion of the Global Blended Finance Alliance in the G20 Bali Leaders’ Summit communique to scale and replicate blended finance instruments for the developing countries.

As G20 Presidency, 2022 has been a pivotal year for Indonesia and the world. Amid multidimensional crises driven by conflict, covid, climate change, disruptive food and energy supply, inflation, slowing global economic growth and heightened geo-political tension, Indonesia has successfully released a joint G20 Bali Leaders’ Declaration that strongly supports global climate action, strengthening policies and mobilising financing, technology transfer and capacity building to help

developing countries accelerate and scale investment for climate action and the SDGs.

Initiated by the Government of Indonesia, the Global Blended Finance Alliance (GBFA) has won the G20 members’ acknowledgement as an inclusion in the G20 Bali Leaders’ Declaration. The GBFA is envisioned to work in partnership with many stakeholders and interested parties (governmental, philanthropic, and private

investors) to stimulate the use of official and philanthropic finance for incentivising private investments for high-impact SDGrelated business solutions. It will also support policy goals of the G20 Blended Finance Principles to scale and replicate blended finance instruments to reduce the cost of investment in Developing Countries, including Least Developed Countries and the Archipelagic Island States; including deepening South-South learning and collaboration.

Extracts from the G20 Bali Leaders’ Declaration on Global Blended Finance Alliance

The G20 Principles To Scale Up Blended Finance #3. Promote optimal operationalization and delivery of blended finance in developing countries, including LDCs and SIDS.

“……….. This includes the support of dedicated global institutions, including Multilateral Development Banks (MDBs) and the role played by philanthropies, to engage a wide set of actors and build a global community of support. We acknowledge the proposed initiative by the Government of Indonesia on the Global Blended Finance Alliance that could serve as a global community of support to accelerate investment in climate action and sustainable development. …….”

G20 Leaders at the mangroves planting ceremony in Bali Ecotourism project

The GBFA “Signing/Witness Joint Statement with Non-Government Partners” ceremony was witnessed by Indonesian ministers, H.E. Luhut B. Pandjaitan, Coordinating Minister of Maritime Affairs and Investment, H.E. Siti Nurbaya Bakar, Minister of Environment and Forestry, H.E. Basuki Hadimuljono, Minister of Public Works and Public Housing, and H.E. Syahrul Yasin Limpo, Minister of Agriculture of Indonesia. The Ceremony was participated by international and national organisations including the Green Climate Fund, the OECD, Conservation International, Konservasi Indonesia, the Global Steering

Group, Systemiq, Blended Finance Taskforce, the B-Team, GFANZ, UN SDSN, World Resources Institute, International Chamber of Commerce, United In Diversity Foundation, Pegasus Capital Advisors, ADM Capital, Capcade, PT SMI, BlackRock, Arnold & Porter, the Asian Development Bank, the Khemka Foundation and others.

Coordinating Minister Luhut said “We don’t have time to reinvent the wheel. This is why we are launching the Global Blended Finance Alliance which will build capacity across governments, the private sector and philanthropy to do better blending. The Alliance will be housed right here in Bali and

we invite you all to partner with us. We don’t have time to lose if we are going to unlock trillions in investment each year for the planet. We need to do for the next generation, for our grandchildren.”

This was preceded by the “Signing Joint Statement on Tropical Forest Partnership between Indonesia, Brazil and Congo (IBC)” ceremony. The partnership will see the world’s three largest carbon-sink countries working together to negotiate a new sustainable payment mechanisms for preserving the tropical rainforest, protecting million species of plants and animals as well as combating climate change.

Indonesia has consistently demonstrated strong leadership and commitment to climate action.

It has passed the regulatory on the “Economic Value of Carbon” to establish Indonesia’s domestic emissions trading system. It is the only major ‘carbon sink’ country to record a drop in deforestration rate in the last 4 years. In fact, its deforestration rate has fallen 75% to a record low in 2020 since monitoring began in 1990. It is also the first ASEAN country to announce net zero emission by 2060 with international support, a decade earlier than what was planned, and had issued a moratorium on coal power plants development from 2023. Indonesia has increased its NDC commitment under the Paris Agreement from 29% to 31.89% unconditionally and from 41% to 43.2% with international support.

14 November 2022: The Global Blended Finance Alliance by the Government of Indonesia with partners and friends including the Blended Finance Taskforce, the B-Team, GFANZ, UN SDSN, WRI, the Rockefeller Foundation and the United in Diversity Foundation. L-R: Jeffrey Sachs, President UN SDSN; Katherine Stodulka, Partner, Systemiq; Amb Tantowi Yahya, President UID/ THK Forum; Nani Hendiarti, Deputy for Environment and Forestry Coordinating Ministry of Maritime Affairs and Investment (MARVES); Amalia A. Widyasanti, Deputy for Economic Affairs, Ministry of National Development Planning; Paul Polman, Co-author ‘Net Positive’; Carly Wishart, Director Amazon. The MARVES team led by Ibu Nani Hendiarti with Rachmat Kaimuddin and Edo Mahendra (not in photo) has been instrumental in the success of the landmark JETP launch.

Under the auspices of President Joko Widodo, the Tri Hita Karana Forum –Indonesia’s pre-eminent network of global and local leaders from the tri-sector – held its third Tri Hita Karana Forum Sustainable Development on “Future Knowledge and Blended Finance for Better Business Better World” from 13-18 November 2022 in Bali. The 2-part Forum comprises the Tri Hita Karana Forum on Blended Finance held 13-14 November, and the Tri Hita Karana Future Knowledge Summit held 14-18 November.

The Tri Hita Karana (THK) Forum on Blended Finance has seeded and catalysed over $30 billion worth of pledges, projects and initiatives for the UN Sustainable Development Goals. The areas in which these initiatives largely prioritised are: accelerating investment in Indonesia’s just energy transition; scaling finance for sustainable infrastructure & circular waste management; and mobilising capital for nature-based solutions, especially oceans, forests and regenerative food systems.

In a powerful keynote remarks made by H.E. Siti Nurbaya Bakar, Minister of Environment and Forestry of Indonesia, she said, “…. We are now not just pursuing ambition but also implementation with international support and collaboration with developed and developing countries. All of us must be part of the solution.” She added, “Just this month, Indonesia became the first country in the East Asia Pacific Region to receive an advance payment of US$20.9 million under the Emissions Reduction Payment Agreement between the Government of Indonesia and

the World Bank’s Forest Carbon Partnership Facility to reduce emissions from deforestation and forest degradation in the East Kalimantan province… but more than just financial matters, we have the experiences and gain technical know-how to be dealing with the complexities of field and landscape management.”

At the THK Forum, PLN (Indonesia’s state-owned utility) and Amazon announced the agreement for 210 megawatts (MW) of renewable energy across four utility-scale solar projects located in Bali and Java on the Java-Madura-Bali grid. This is the first time a corporate will be able to access utility-scale and new solar projects in Indonesia. Amazon’s commitment to be the off-taker is a key enabler for these projects. PLN plan to introduce more green tariff opportunities for other interested corporates, thereby unlocking more corporate renewable energy procurement options in the country.

Michael Punke, Global Vice President for Public Policy, Amazon Web Services (AWS) added, “We all know that climate challenges cannot be solved in isolation by governments, the private sector, or NGOs. It’s going to take all of us collaborating, sharing ambition and building expertise together. This is why events like this one, and organizations like the Tri Hita Karana Forum, are so important, as they bring together a wide range of stakeholders to share knowledge and best practices to drive collaboration.”

Darmawan Prasodjo, President Director PT. PLN said that “The reason we need to accelerate the transition is because

we need to live in a world where cheap energy is clean. And clean energy is cheap.”

Another exciting announcement was the “Blue Halo S” platform with Coordinating Minister, Luhut Pandjaitan, and Minister of Marine Affairs and Fisheries, Sakti Wahyu Trenggono. Blue Halo S is a new model for ocean conservation and fisheries management in Indonesia, and is the first ever integrated marine protection and sustainable fishery management approach designed to fund itself over time. “There is a critical need to conserve ocean ecosystems and biodiversity while building a thriving and more sustainable livelihood opportunities for local communities. Blue Halo S approach serves as a blueprint for enabling these things to thrive together,” said M. Sanjayan, Chief Executive Officer, Conservation International.

The Alliance to End Plastic Waste (AEPW) announced its US$36 million commitment to support Indonesia’s national goals to reduce 70% ocean plastic pollution by 2025 and achieve near zero leakage by 2040. With this commitment, the AEPW will support projects across the archipelago including its flagship programme, Bersih Indonesia: Eliminasi Sampah Plastik, which has started with Phase One in Malang.

The THK Forum Outcome Session on ‘Sustainable Travel & Tourism and Historic Urban Landscapes” co-hosted by Sustainable Tourism Global Center (STGC), revealed a new tourism report from Systemiq and STGC entitled ‘Better Travel & Tourism, Better World’. The report finds that without significant changes the Travel &

L-R: Dr German Velasquez, Director, Global Climate Fund Mitigation and Adaptation Division, Green Climate Fund; Meizani Irmadhiany, Senior Vice President & Executive Chair of Konservasi Indonesia; H.E. Luhut B. Pandjaitan, Coordinating Minister of Maritime Affairs and Investment; H.E. Sakti Wahyu Trenggono, Minister of Marine Affairs and Fisheries; and, M. Sanjayan, President, Conservation International. L-R: Dadan Kusdiana, DirGen of New, Renewable Energy and Energy Conservation, Ministry of Energy and Mineral Resources Republic of Indonesia; Darmawan Prasodjo, President Director PT. PLN; and Carly Wishart, Director, Data Center Planning & Delivery, Amazon.

Tourism Industry’s emissions will rise 20% by 2030 which is one-third of the total (net zero) global carbon budget of that year, threatening the viability of the industry itself.

H.E. Sandiaga S. Uno, Minister of Tourism and Creative Economy of Indonesia started the session by stating the importance of Travel & Tourism in Indonesia and the world: “Indonesia’s tourism and creative economy is number 32 in the world, up 12 places since the last index. And we are still heading in an exciting direction towards quality, world class sustainable tourism. We are in the right place to discuss this - Bali, the

island of the gods.”

The landmark report is the first to identify a fully costed strategy for shifting the Travel & Tourism industry to a net-positive model by 2050. The global reform agenda requires increased investment in transport, facilities, nature and resilience of USD 220-310 billion a year to 2030, equating to 2-3% of the Travel & Tourism Industry’s contribution to annual global GDP of USD 10 trillion. This vital investment will enable the industry to drive strong, sustainable growth, strengthen its resilience, maintain its licence to operate, and remain competitive in the long run.

Former Mexican President and STGC advisor, Felipe Calderon added: “The travel and tourism sector employs 10 per cent of the world’s population and that figure is set to grow by over 120 million in the coming decade. It is vital that it recognizes its responsibilities in working towards net zero and ensuring we preserve the planet for future generations of travellers.”

Dr. Amalia Adiningar Widyasanti, Deputy Minister for Economic Affairs, Ministry of National Development Planning/ Bappenas showcased the Serangan Village which aims to utilise blended financing to develop Historic Urban Landscapes and help unlock the extraordinary potential of sustainable tourism. The UNESCO’s Historical Urban Landscapes program takes a holistic approach in preserving a historical space by integrating the social, cultural and economic asset of a historical site community for sustainable growth. Kura Kura Bali, adjoining to the Serangan village, is a project that is embracing the SDGs in alignment with Balinese culture.

In a parallel THK Forum Outcome Session on “Regenerative Nature, Food and Forestry Business” co-hosted by KADIN Indonesia together with Packard Foundation, the session presented new investable business opportunities in forestry sector, as well as concrete pledges from business community towards investing and implementing in regenerative forestry business. “…Regenerative business is the future, where the forest entrepreneurs will see in regenerative businesses – not just for profit, but also for social and environmental goals” said Soewarso, Deputy General Chairperson for Sustainable Plantation Forest Production, APHI.

With over 20 million hectares of agriculture land, Indonesia has huge potential for regenerative forest business geared toward commodities such as coffee agroforestry, cocoa agroforestry, vanilla, palm sugar, and essential oil. Exposure to market opportunities of regenerative forestry best practices could motivate stakeholders to implement, invest and support this initiative.

The 2022 Ocean 20 (o20) held on 14 November marked the first time an ocean event was held as part of the G20 Summit. Initiated by the government of Indonesia in collaboration with the World Economic Forum, and supported by the THK Forum,

STGC, Felipe Calderon at the THK Forum 2022. O20 Opening Keynote Panel (L-R): Neo Gim Huay, MD WEF; Coordinating Minister Luhut Panjaidtan; Klaus Schwab, Chairman WEF; Peter Thomson, UN Special Envoy for Ocean; and Ray Dalio, Founder Ocean X L-R: H.E. Sandiaga Uno, Minister of Tourism and Creative Economy, and former President of Mexico and Advisor to STGC, Felipe Calderon at the THK Forum 2022.

the O20 platform aims to bring together world leaders in a shared commitment and ambition to create a heathier ocean and more sustainable marine economy.

The forum dived deep into discussion on sustainable ocean economy growth, blue carbon and blue food, fast-tracking of steering financing into ocean health, as well as addressing plastic pollution, and climate change. The Ocean 20 will be positioned as an official engagement group of the G20.

The THK Forum workshop “Modernising the Development Finance System – Lessons Learned”, co-hosted by the Blended Finance Taskforce with leading blended finance practitioners, focused the discussion on replicating blended finance solutions that already work including (i) the $3bn sustainable infrastructure platform “SDG Indonesia One”; (ii) the ILX Fund, which provides institutional investors access to the development finance asset class by investing in private sector loans of the MBDs

and DFIs; (iii) BlackRock’s Climate Finance Partnership for renewable energy and energy efficiency solutions; and (iv) the Global Fund for Coral Reefs managed by Pegasus Capital Advisors with a first loss sleeve from the Green Climate Fund.

The workshop, opened by Luky Alfirman, Director General of Budget Financing and Risk Management, Ministry of Finance Indonesia, also sought input on how the new “Global Blended Finance Alliance” could tackle the main barriers preventing the blended finance market from scaling. Workshop participants strongly welcomed and supported the initiation of the Global Blended Finance Alliance as a platform to share learnings and create a body of best practice. They said the Alliance should partner with leaders and focus on: 1) Blended finance training programmes for public, private, and philanthropic stakeholders on how to structure blended finance deals, 2) Providing support to

replicate blended finance transaction that already work, 3) Facilitating matchmaking between projects and investors to reduce transaction costs and accelerate access to catalytic capital, 4) Convene blended finance leaders to share learnings, especially across Global South development finance institutions, and 5) Help increase standardisation and transparency of emerging markets performance data. Leading practitioners present were from the OECD, the Asian Development Bank, the Blended Finance Taskforce, Systemiq, ILX Management, Blackrock, the Green Climate Fund, HSBC, Pegasus Capital Advisors, World Resource Institute, Khemka Foundation and others.

The Tri Hita Karana Forum and the Blended Finance Taskforce will engage closely with partners and friends including GFANZ in 2023 to help define the strategy and impact targets of the Global Blended Finance Alliance.

Luky Alfirman, Director General of Budget Financing and Risk Management, Ministry of Finance Indonesia Anmay Dittman, Director & Senior Investor, Renewable Power Group, Blackrock Manfred Schepers, Founder and CEO of ILX Management
Join us in Global Blended Finance Alliance to accelerate and scale climate and SDGs solutions for the betterment of the world
Katherine Stodulka, Partner, Systemiq/Global Blended Finance Taskforce

Tri Hita Karana Future Knowledge Summit, 14-18 November

Technology and Digital Transformation remain the cornerstone of President Joko Widodo’s vision of turning Indonesia into the world’s fourth largest economy by 2045. In 2018, Indonesia launched its ‘Making Indonesia 4.0’ to help design the nations’ Fourth Industrial Revolution strategy and roadmap. Indonesia has also become the home to the largest number of unicorns in Southeast Asia, totalling 13 unicorns of which 9 achieved unicorn status throughout the COVID-19 pandemic.

Digital Transformation was ascribed as one of the three key pillars (besides global health architecture and sustainable energy transition) for Indonesia G20 Presidency ‘Recover Together, Recover Stronger’ for nations to build back better. The G20 Bali Leaders’ Declaration has outlined how digital transformation can be more inclusive and is essential in helping developing countries achieve the Sustainable Development Goals.

The Tri Hita Karana Future Knowledge Summit was held in response to President Joko Widodo’s aspiration to establish the Tri Hita Karana Center of Future Knowledge in Bali to join with the world in envisioning a ‘New Era Bali Kerthi Economic Roadmap’ for health, green and blue economy and digital inclusion. Key to the Summit’s vision

is to promote the awareness-based technology innovation and entrepreneurship to foster human-centric advancement and sustainable development for a common happy future.

The THK Future Knowledge Summit kicked off with the “Intergenerational Dialogue for Our Emerging Future” featuring honorary guest Elon Musk, CEO of Tesla Motors in conversation with H.E. Nadiem Anwar Makarim, Minister of Education, Culture, Research and Technology of Indonesia, attended by over 600 are university students and 100 professional and entrepreneurs. The event was jointly hosted by Indonesia Ministry of Education, Culture, Research and Technology as part of 2022 Festival Kampus Merdeka, and Coordinating Ministry for Maritime Affairs and Investment with the United In Diversity

(UID) Foundation to support Indonesia’s digital vision through the development of the nation’s talents and future generation. Elon emphasised the importance of education system that inculcates critical thinking so required in the current digital age, and to that Minister Nadiem responded that Indonesia has replaced its subject-based testing system with problem-solving, critical thinking and computational logic as key foundational skills. To Minister Nadiem’s question on what will make Indonesia a global economic power by 2045, Elon highlighted widespread education and high-speed internet connectivity will be key determinants. On his closing response to a student on dealing with mistakes, Elon said, “Well, to be frank, I’ve made so many mistakes that it would take far too long for me to list them all .. but the higher principle is to assume you are always wrong, aspire to

THK Future Knowledge Summit “Intergenerational Dialogue for Our Emerging Future” featuring H.E. Nadiem Anwar Makarim, Minister of Education, Culture, Research and Technology of Indonesia in conversation with honorary guest Elon Musk, CEO of Tesla Motors was held at the United In Diversity Bali Campus at Kura Kura Bali.

being less wrong overtime …. and seek critical feedback, especially from friends.”

In his keynote on “New Era Bali Kerthi: Intergenerational Partnership for Our Sustainable Future”, Prof Jeffrey Sachs, President of the UN Sustainable Development Solutions Network highlighted three key points to ponder: the importance of knowledge and insight for a purpose, not simply for power or wealth or the next technological advance, but to build a decent future; financing and investing in transformation for the future through the partnership of the public and private sector supported by the civil sector; and finally inculcating human values for a sense of common future, destiny, purpose, and the values of Tri Hita Karana to seek harmony of people, nature and spirituality as the pathway to peace, prosperity and sustainability. In the session on “Future Technology to Realize the Happiness for All”, Dr Sehat Sutardja, Founder, Marvell Technology Group enthused about thinking out of the box and doing things differently, not for the purpose of making more money but to be able to do it better and more efficiently to help the world. From technology and product perspective, he said it is about enhancing energy efficiency, reducing energy consumption, prolonging product lifecycle to reduce wastage and pollution

into the environment. Dr. Sutardja is widely respected as one of the pioneers of the modern semiconductor age whose breakthrough designs have revolutionized several semiconductor industry segments.

and the Del Institute of Technology to start a national genome project that covers genomics development initiatives, joint research and personnel training. BGI Group is China’s largest genetic sequencing company and one of the leading ones in the world.

In the dialogue for “New Era Bali Kerthu Roadmap for Future Knowledge in Healthcare and Innovation Ecosystem”, Dr Wang Jian, Co-Founder and Chairman of BGI Group spoke about the revolution that genomic sciences can bring to benefit human health, agriculture and marine biology and environment protection. He encouraged students to consider life sciences as the sector is going to be the next big thing soon. He said genomic sequencing will help in the prediction and control of birth defects, early cancer and infection diseases. BGI Group signed a MoU with Indonesia’s Ministry of Heath, University of Indonesia,

Ray Dalio, Co-Founder of Ocean X and Founder, Co-Chairman and Co-Chief Investment Officer of Bridgewater Associates attended the 16 November UID-THK Forum Partners Gathering and Key Launches and Gala Dinner event to sign the “Partnership in Marine Research, Technology and Capacity Development” between the government of Indonesia, Group 42, Ocean X and GTech Digital Asia to jointly develop ocean research to help protect marine environment and building technical know-how. Led by the Coordinating Ministry of Maritime Affairs and Investment, the partnership aims to improve the management of marine resources and biodiversity and conservation of marine ecosystems through the use of new technology and methodologies, ocean exploration to create greater global awareness through educational media. The collaboration also includes training and knowledge transfer to build human capacity and supporting infrastructure for Coordinating Ministry of Maritime Affairs and Investment. G42 is a UAE-based AI and cloud computing company, while Ocean X is a global nonprofit ocean exploration organisation, and G-Tech Digital Asia, a leading global developer of data-driven ecosystem and platform.

At the THK Forum ‘Health of Nations’ session on 17th Nov at the UID Bali Campus, Sir Gordon Duff, Hon President

H.E. Nadiem Makarim, Minister of Education, Culture, Research and Technology of Indonesia taking a ‘wefie’ with over audience at the UID Bali Campus at Kura Kura Bali Jeffrey Sachs, President UNSDSN Dr Sehat Sutardja, Founder Marvell Technology Group Ray Dalio, Co-Founder Ocean X / Founder, Co-Chairman and Co-Chief Investment Officer, Bridgewater Associate Dr Wang Jian, Co-Founder and Chairman, BGI Group

of UID and ex-Chair of UK’s medicines agency (MHRA), and UK’s Biotechnology and Biological Sciences Research Council (BBSRC) gave 3 reasons why this event is timely: lessons from the pandemic; genomic identification of drug targets; new technology for specific molecular design. The first section on the new ‘$30Billion Health of Nations’ fund was led by MIT Professor Andrew Lo with a brilliant account of his risk-reduction model. Alexandra Eldemir from Blackrock, followed up by outlining investment tools to optimise success in the high-risk/high-return arena of drug development and Professor John Climax, co-founder of Icon, the world-leading Clinical Research Organisation gave a

masterly account of the future of clinical trials. All agreed, never has the need, or the potential, for effective, new medical innovations been so timely. The event finished with a strong and inspiring discussion, testament to the huge potential of Indonesia’s future Healthcare.

The THK Massive MSMEs for Inclusive Happiness session highlighted the urgency for MSMEs to innovate, strengthen business model and grow their business impact, and explored the potential of a tech platform in developing a robust ecosystem, and stimulate collaboration across all stakeholders, aided with catalytic fund. H. E. Teten Masduki, Minister of Cooperatives and SMEs, who was

THK “Health of Nations” hybrid session with stellar panelists Prof. Andrew Lo, Professor of Finance at the MIT Sloan School of Management, Philip Yeo, Chairman of Advanced MedTech and Chairman of EDIS, Prof. Tarun Khanna, Professor at Harvard Business School, Suci Arumsari, Co-founder, ‘Alodokter’, Alexandra Eldemir, Head of Global Factors, Sustainability and Solutions Investment Strategy for BlackRock, Dr. John Climax, co-founder ICON and Dr. Martha Siahaan, CEO of Premier Bintaro Hospital chaired by Sir Gordon Duff, Honorary President of United in Diversity and ex-Chair of UK’s medicines agency (MHRA), and UK’s Biotechnology and Biological Sciences Research Council (BBSRC).

represented by Bu Siti Azizah, Deputy for Entrepreneurship, emphasized that digital transformation of MSMEs in Indonesia needs to accelerate across the region of Indonesia as only 19 out of 65 million MSMEs are embracing digitalization, and cross-sector collaboration is urgently required to support this transformation of MSMEs for creating a flourishing economy.

Together with panelist Prof. Bambang Brodjonegoro, Head of People’s Economic Empowerment Agency KADIN Indonesia; Ronald Walla, Chair of SMEs APINDO; Leonard Theosabrata, Director SMESCO Indonesia; Donald Wihardja , CEO MDI Ventures; Tom Courly, Co-Founder, Bali Impact Capital; and Virginia Tan, Founding Partner Teja Ventures, the session announced a number of initiatives such as SMESCO hub for Bali MSMEs, $100-150 mil Bali Impact Fund, including the $50 mil Future of Consumption Fund for Southeast which has raised $10 million for startups with social and environmental impact.

Pope Francis delegation to G20, Luca Collodi, Natalin Faravelli, Father Marcin Schmidt and Benedict Mayaki, and Catharina Widjaja CEO of Alun Alun at the Tri Hita Karana Future Knowledge Summit “Intergenerational Dialogue for Our Emerging Future” in front of United in Diversity Campus Kura Kura Bali


Knowledge Innovation Technology Alliance (KITA) is an alliance comprising the United In Diversity (UID) Foundation, donors, industries, experts, global and local universities as well as distinguished domain representatives to foster knowledge and resources sharing, cultural and scientific exchanges, innovation and talent development cooperation amongst its members that is guided by the people- and

nature-centric philosophy of Tri Hita Karana. Launched 14 November 2022, the MoUs were signed with member institutions such as the University of Indonesia, Islamic University of Malang, Gajah Mada University, Bogor Agricultural Institute (IPB), Yogyakarta State University, Hasanuddin University of Makassar, Muhammadiyah University of Education Sorong, Malang State Polytechnic, Makassar State Polytechnic, Ujung Pandang State

Polytechnic, Gajah Tunggal Polytechnic, Indonesian Academy of Sciences (AIPI), GASING Academy, Center for Future Knowledge, and PT Kalbe Farma, with more members expected to join in the future. KITA will be housed at the UID Bali Campus in Kura Kura Bali and will work with the Future Knowledge Prize Alliance and a broader network including the UN Sustainable Development Solutions Network Southeast Asia.

United In Diversity Foundation and Tri Hita Karana Forum Partners with Key Launches and Gala Dinner, 16 November 2022, attended by honorary guests, H.E. Luhut Pandjaitan, Coordinating Minister of Maritime Affairs and Investment, and H.E. Sandiaga Uno, Minister of Tourism and Creative Economy of Indonesia with leading Universities faculty and partners and fellows from MIT, Tsinghua University, Harvard University, Columbia University, Rocky Mountain Institute, Oxford University, National Technology University, University of Indonesia, Institute Technology Bandung, Udayana University, and partners from Civil Society, Finance, Technology, Arts and Business sectors



M20 Summit and Concert: “Music & SDGs: Powerful Agent of Social, Environment, and Economic Change.”

For the very first time, in the history of G20, Music is recognized as a movement to create great changes. The M20 Summit and Concert was held on 31 October and 1 November with the theme “Music & SDGs: Powerful Agent of Social, Environment, and Economic Change.” Spearheaded by the United in Diversity

Foundation and Indonesian Music Awards Foundation, and supported by the Ministry of State-Owned Enterprises with all other prominent music organizations in Indonesia, the movement is nonetheless a ‘call of duty’ for artists to express their concerns and vision in powerful message. The aim is to use music as the universal language to inspire and motivate action for a shift towards sustainable living, including raising awareness on the ‘greening’ of the industry itself by reducing waste and minimising its

To all our Tri Hita Karana and United In Diversity Foundation Partners, we convey our deepest appreciation for the unwavering support in our journey towards the 2022 G20 Bali Summit, and shared commitment to align catalytic finance and technological innovation in unlocking transformative system change solutions for a sustainable and inclusive recovery for Indonesia, the region and the world.

The journey does not stop here! To support the Tri Hita Karana Forum, please reach out to

carbon footprint. There were sharing sessions on best practices to support climate and the SDG goals as well as the digital transformation in the music industry. The summit also covered policy alignment to support the welfare of musicians and creative workers. H.E. Erick Thohir, Minister of State-Owned Enterprises witnessed the release of the final draft of the M20 communique which was handed over to India as the host country for the G20 Presidency in 2023.

the Systems Transformation Flames across Asia Pacific with UID-MIT IDEAS Asia Pacific fellows – A Session on U Process with Prof. Otto Scharmer, MIT Senior Lecturer & Program Director of IDEAS Asia Pacific, 18 November 2022 THK Future Knowledge Summit Session: Happiness Lab,17 November, 2022, at the Surf Surf by the Wave, Kura Kura Bali H.E. Erick Thohir, Minister of State-Owned Enterprises, Indonesia enjoying the M20 Festival

The new genius is a collaborative genius

At Northwestern University’s Roberta Buffett Institute for Global Affairs, we believe that relationships among individuals and institutions—globally and locally—are what generate new knowledge that sparks solutions to global challenges.

Learn more at

Your designs deserve to be seen.

Bring your content to life and showcase your work on a global stage.

DISCOVER WHAT YOU CAN DO WITH ISSUU. Visit and create an account for free

Chris Atkins: Welcome Florian thank you for the opportunity to speak with you and welcome to group of nations and the G7 Global Briefing Report . Please us a little bit about your background and how you decided to get involved in renewable energy arena. Florian Strunck: Hi, Chris. Really nice to talk with you. So let me give you some idea about how that went. I engaged with renewable energies in 2019, exactly the year when we founded ampere. cloud, this was my direct involvement, but my co-founders Eric and Frederick already started to engage with this topic and our mission a few years earlier, this one was when my best friend who runs PV company here in Berlin asked me if I know some developers who could help them to develop a solution for their monitoring of PV plants.

The situation was that the market is still so fragmented. We have so many solutions in the market that the

THE Backbone of Energy Transition

companies that are at the forefront of energy transition, like the company of my friend, are really struggling to master their growth channels.

And so I brought together my best friend and my then co-founders who started to develop a pilot of what we do today at So they developed a very customized solution. This solution was so awesomely helpful to the company of my friend. So they could really run much more plans immediately with the same team than before that we, finally, in 2019 commonly decided to start ampere. cloud and bring this solution to the market in order to enable the enablers of the energy transition so to say, the companies that are building and running PV plants, but also wind plants. And this was basically my tip off with renewable energies. And since then, you will talk about it later, but we built up a team of more than 30 passionate people from

many parts of Europe and even from Brazil. And we are not the only one who are passionate about energy transition, but it’s really great to see this group of people pushing forward our mission.

CA: So tell us what does PV stand for?

FS: PV stands for photovoltaic, so photovoltaic system. Yeah. What is maybe important to mention here, Chris, is that our operating system for renewables is totally agnostic to the type of energy production. Historically, we come from photovoltaic because this is where we started and developed this pilot for the company of my best friend and started and the photovoltaic sector. But we have connected to wind farms. We have connected wind farms, we have connected heat, we have connected storage. So the important thing is our system is agnostic and it’s the operating system for the moment.


CA: So when you were with your best friend and the co-founders, that’s how the idea of started?

Can you explain that to us.

FS: This was when things started to get concrete. So the idea, I would say indirectly already started in the preface when I connected my co-founders with my best friend and they for four years roughly started working on the pilot, but then in 2019 was founded.

CA: That’s fantastic how things develop over time and then the idea sparks. That’s fantastic. So what about the operating system for renewables are you using and why is it necessary and how does it help companies?

FS: So you have to mention that our customers are typically asset owners and/or companies that operate from a technical and financial perspective, power plants, of course, global power

plants. And these companies heavily struggle with managing their growth, because we all know that we have to grow that sector. So this is what energy transition means, right? But in many parts, they are working very manually. They have manually operations for doing reporting, for doing maintenance work for all this essential task around running power plants. And our clients typically not have just one plan.

They typically have up to hundreds of plans under management. So what is important here is to raise their efficiency and their ability to run power plants with a limited amount of workforce, because this is something that is really limiting energy transition.

And this is really a threat to energy transition, that we have limited number of workforces, but for doing operations and maintenance, we will need so many people through our next decade. Therefore, our operating system is dramatically raising the efficiency of our customers by giving all the essential tools by their hand in just one system to run their whole portfolio. For many of our customers, the first time that they have their whole portfolio of plans in just one system. So this is one reason why it’s necessary. The other is that we see dramatically threat to grid stability. I mean, we come from a situation where we had a very linear electricity market that production distribution was on the hand of few companies. And now we are in a market due to energy transition that is highly, decentral, highly fragmented. So many new players in the market, completely new use cases. And

we have an indeterminate feed in through decentral power generation. And this is a threat for the grids, so we could see massive blackouts. So this is why, for example, our operating system together with our hardware that we developed, this is a so called park controller can steer and control facilities from remote is stabilizing the grids. And even a third point that is very important. When we talk about energy transition, we talk about a completely new market and wherever energy is produced, it needs to be traded somehow, right? Whereas this is the market principle, but this market is still highly inefficient. So the producers and the traders are working on behalf of incorrect, instable data but the traders need to take really informed information about how to steer the facilities. So this is also something that our operating system is providing stable and accurate data in order to take the best informed decisions about how to control and steer facilities.

CA: Well that’s impressive. That’s a lot of programming you have to do for that?

FS: Actually, yes, it is. And what is impressive to me is that we started in a very niche, Chris. So we were another monitoring system at the beginning, but our vision always have been to develop the operating system for renewables, a system that is agnostic that is not just solving a narrow problem, but that is really attacking the key threats to the energy transition and we are really proud of that. And our sustainable growth has shown us that we are really able to brings this out to the market. And we will. Every day I see people outside are developing this system further and further.

CA: So you mentioned also that ou have a hardware component, explain what that is.

FS: Yeah, sure. So this is a real IOT hardware. You have to, you have to imagine that power plants need to be controlled, right? So at least the grid operator needs to be able to shut down the power plant if there’s some overload on the grid or something. →


→ In Germany, we have some really, really strict regulations on that. Also the trader needs to be able to steer the power plant, and this usually happens via a control unit. In the old market, it has been that way that this control unit really expands the special hardware that was sold to the plant operator or owner, tens of thousands of euros but we said, this is an old model and people were sometimes overwhelmed by all the technique and costs, of course. So what we did is we developed an IOT tool that we are bringing as a service into the market.

We are the first in the German market that is doing hardware as a service in that sector. And this means for our customers that they can totally rely on us. They are partly outsourcing their hardware responsibilities to us, and this tool is really working in the purest sense of IOT. So the whole calculation, everything is done by our cloud, and this device is just transmitting control orders and transmitting data. So it’s really a simple tool. There’s no display on it or something. It’s really doing just this job, and this is enough. Even if you think about that, we’re serving a market where, for example, the smallest PV plant under management of our operating system is really, I think it’s two kilobyte peaks. It’s a very small one family house unit, but the biggest is more than 150 megawatts, so really the whole range and all served by this one tool.

CA: Very impressive. So what kind of companies are using your product? And I take it the purpose is like you said, to stabilize and control their systems more efficiently. So what companies are using your product right now?

FS: So our core customer, our direct customer is typically a company that is doing operations and maintenance or for own PV plants or wind farms, or for customers farms. And this way, our typical customer has several, sometimes even several hundreds of PV plants under management and has to take care of them that they run smoothly, that they run due to regulations that they produce the power expected,

because we also have to mind that there’s a market incentive behind energy transition as well. I mean, we know that energy transition is, to say is a more a moral, I think is the word, is a moral imperative. So a climate imperative, but it’s also a huge, major economic growth program globally. And this is important because companies behind the energy transition have a market incentive. So it’s not steered by nations or by governments. It’s really something, where there’s a market principle behind it. And therefore this is an investment, an investment in renewable power plants and investors need that their investment runs smoothly, that they can see how it’s generating benefits for them, and this is also guaranteed by our system that is used then by these companies, for example.

CA: That makes sense. So obviously with electricity demands increasing, because obviously a lot of people are going to electric vehicles. That’s increasing, so renewable energies obviously have a crucial role still and could only increase. So people obviously will be wanting to reach out to your product more to help with the overall working of their company. Is that a fair statement?

FS: You mean... Just to see if I understood correctly, so you mean Chris, that we are now focusing on a certain part of energy transition with our services and covering?

CA: Yes. Because I think obviously electricity is always increasing. So renewable energies, we have to look at the renewable energies as a whole, so that still has a crucial role in what you are doing. And obviously with the globe in terms of, obviously everybody’s trying to reach their net zero, their 2030 goals when it comes to sustainability matters. So obviously this is a crucial product that people need to look at. Is that correct?

FS: Absolutely. I mean, what is important here? I mean, at the moment, Chris, we serve the whole post-installation value chain of our customers. We are the very first

operating system for renewables. When we talk, for example to climate and impact for our financing and funding structure, for them, it’s total crucial to understand how we help to reduce the CO2. We have calculations behind it, but what we see and what also our existing investors see is that with every renewable power plant built and operated in a lean way, we will be able to reduce the [inaudible 00:19:34] emissions and substitute the old fashioned electricity production. And with, you can simply build and run more renewable energy power plants. And we directly see the impact in that field as well. So you’re totally right. We have to see it as a complete picture and maybe just to give some words on the vision, Chris, because I think this is connected here as well on our vision. We want to take a key role in every process, in every part where renewable energy is produced, distributed and used. So of course in future, this can also include immobility topics, but we do very well at the moment to focus on what we know best.


CA: So are you based just in Germany? Are you spreading your wings to different countries?

How’s that working?

FS: Yes. Good question. So we started selling our operating system to the market in March ‘22. And I think you will have in mind what also happened in March ‘22, so we went to market together, this Corona, Virus and the first moment was really a tough thing o do. So we had to pivot our sales its approach completely to a remote and digital setting. And we heavily focused the last two years on the German market. The German market within Europe is such a growth market. It’s so big in itself that it was really that we really had to prosper in sustainable growth. But now until the end of the year, we want to start bring ampere. cloud to other countries as well. So we are focusing, for example, on Spain, that can be a very good target for us. We already are kind of international through the operations of our customers because our customers run power plants in several parts of world. So we have projects in Brazil,

many projects all across Europe, but now actively, we will internationalize at the end of the year, most likely to Spain and also some overseas countries are in our focus.

CA: Perfect. That’s good. So is it easy for these companies to transfer their processes to digitalization?

That’s the next question.

FS: Yes. I mean, obviously we help them to digitize a main part of their tech stack, of their operations. Because we offer them the operating system, but many of the companies, I’m not just talking about our smaller clients, also bigger up to utility scale companies, surprisingly run their operations on a manual or legacy system where this is impressive. That’s the status quo. They don’t criticize it. As an entrepreneur, I see this as a chance, but it’s also kind of threat to energy transition. So we really need to speed up the digitization in these companies that are at the forefront of energy transition, as I mentioned, and from our perspective as we do, I mean, you just decide once maybe for an operating system. As our

clients just need one operating, they don’t need two or three. We make it really easy for them through our processes, but also our system itself with open interface and all that, to bring their assets to our system, so we really help them accelerate their own digitization and therefore accelerate energy transition et al.

CA: Perfect. So that being said, what countries, I know we mentioned countries earlier that you are trying to get into, but what countries right now around the G7 G20 APEC are doing things right, are forward thinking.

FS: Good question. So this is just my humble opinion, and I see it very much through the perspective of ampere. cloud of course, but to give you my opinion to this, Chris. I would always name Germany as well, because the whole energy transition topic started here some decades ago and we can really see things happening here, as I mentioned, and there are still when we have a look on the added annual capacity in photovoltaic, Germany is within the top three globally. →


→ So this is really impressive. But of course also to mention the U.S. There’s so much happening in the U.S., we would love to go to U.S., but we are really a bit hesitating because U.S. market is really, how to say, huge fragmented. I think this is really something that will be on our plate l ater on, but U.S. is also developing so strong. Also to mention overseas, China, India, just having an eye on the added end-year capacity, these are also within the top five.

And in Europe, this is also really very interesting, Spain, France, Poland.

There are many countries that are really also incentivized by the governments are developing really, really strong on that sector. So I think what we can see now, and this is undoubtable, energy transition already started. So it’s not about talking about we have to start. It’s already started, but we see that this is some data from the IAE that between 2030 and 2050, we need at least something around 600 gigawatts globally in yearly additional capacity and photovoltaic to reach net zero by 2050. This is why from an entrepreneurship point of view,

I’m so optimistic that is just at the right point with the right topic and that we can help. We won’t be the only one. We won’t be the Google of energy transition, so to say, but this is also ot [inaudible 00:26:58]. We want to push things forward as we can do.

CA: You mentioned a few countries now. How does that work when it comes to renewable energy regulations? I’m sure different countries have different regulations. Is there an agreement within the countries in the renewable field about... Are they the same? How does that work with what you are doing?

FS: Interesting question. I mean, sorry that I start again mentioning Germany here, but I think at least within the European union and maybe worldwide, Germany has at least one of the most restrictive regulations when it comes to renewable energy production and feed-in. And this is mainly because, I think, it’s a small country but with a major industry sector, so that needs to run stable. We have very distributed, decentralized energy productions for renewables. This challenge will arise and therefore Germany set really strict regulations here, and many countries in the EU, but also in overseas are having an eye or two on the regulations and how they work in Germany. So they are rotating themselves on base of these regulations. And when it comes, for example, to the intermittent feed-in to the grids, I mean, we have feed-in regulations and codes in Germany that are really, really strict. I mean, to give you an idea, we have 800. It’s a small country, we have 800 local grid operators that have their own grid codes and regulations, how in their region, the feed-in works.

CA: Wow

FS: This is a mess, but this way they want to stabilize the grid, so it’s honorable. And as the yearly additional capacity in PV and wind is also rising in many, many countries over the world, they will have very similar challenges very soon. And I can guarantee you, many of them are already thinking about how to regulate the feed-in as


well and many of them are having an eye, as I mentioned, on the German regulations. It’s necessary because otherwise we risk major blackouts, so yes.

CA: That makes sense. So obviously, again, we mentioned that the renewable energies is a massive, massive market. So how do you see that over the next five years, that particular sector, and then obviously as that grows, industry needs more people to be certified in this particular sector. So talk a little bit about that.

FS: I don’t have the absolute correct number by hand now for the investment side, but if I’m not wrong, it’s 14 billion of U.S. dollars in that case of investment that is needed until 2030 order to just be heads up with the capacity building for renewables. Right. And when it comes to the workforce that you mentioned, I’m quite sure that until 2050, in order to reach net zero, we will need more than 50 million additional qualified workers just in the sector of operations and maintenance globally.

CA: How many was that? 50 million?

FS: 50 million. Five-O, so this is really massive. Of course, renewable energy isn’t the only sector that will have heavy requirements when it comes to workforce. So we are in competition with other sectors. And therefore it needs smart systems like ours, for example, in order to reduce the need, to add workforce because we make processes more efficient and more automated, and therefore we can run more power plants, build, run more power plants with a smaller workforce as well.

CA: Wow. So there’s obviously massive growth.

FS: Exactly.

CA: In the next five years. That’s tremendous. So, okay. As you mentioned, you are a small company. You’ve obviously been around a couple of years and you’re currently going through a round of fresh investment. So what kind of investors are you

looking for to grow obviously,

FS: The very opportunistic answer to that would be every investor that is willing to share our mission. So we could say everybody who, who believes in our mission from a certain point of view is highly welcome, but we have a focus on investors that do two things, basically. First, that bring in smart money. So we really are looking for investors that can help us to open up new markets to spread the words about our mission, about to really grow. We are still a small company, but we really want to grow because we see the impact in our own market, and we really want to bring this further. And the second is that we are talking climate and impact for this. This is really the sweet spot to be honest, personally, for me, because there the smart money and sharing the same mission is really coming together and this is something that is very attractive talking from a personal point of view for me.

CA: And then last question I have for you then, how do you measure and ensure that annual OS renewables are able and crucial to reach these net zero targets? Because obviously everywhere we see in the news, everybody’s trying to reach their net 2030 goals, some 2050 goals. So talk to us a little bit about that.

FS: Maybe starting for a quite general point of view, as I mentioned, we significantly help to build and operate more renewable power plants. So that’s a starting point, and every kilowatt hour that is produced by a renewable power plant is substituting a kilowatt hours that is produced by atomic power plants or coal power plant.

So on the base of this, we can do bottom up calculations on what we’ve done throughout the last two years and due to our business plan, business modeling, what we will be able, scaling throughout the next years. And this is what we directly can translate into, as I mentioned, these substitutes, renewable energy versus old energy, so to say. And this is how we calculate our impact, our footprint on the energy transition. Of

course, we have exact numbers around this about... Depends on the perspective, are you having an eye on the next five years or throughout the lifetime of We can give several different calculations, but the basis is always the same. We aim that in the end we substitute kilowatt hours produced by an old fashioned, so to say, by renewable energy, and this is what we, through different ways that we talked about throughout last minutes, are significantly pushing forward.

CA: And then tell us where people can find you. Give us your website address so people know, and if there’s a phone number or email address, so people can obviously touch base if they have some questions for you.

FS: Yes. So they can always find us in Berlin when they are around. Then of course, our website is www.ampere. cloud. And you can always reach out to me on LinkedIn.

CA: Great. Thanks for your time Florian. What a tremendous insight to and thank you for obviously being part of this, and we wish you all the great success for the future.

FS: Thank you very much. ■




Engaged in an aerial dogfight while flying in the open cockpit of a SPAD S.VII, dubbed “the flying machine gun”1, without a parachute and 17,000 feet above Verdun, France in 1917, Eugene Jacques Bullard, the Black Swallow of Death, became America’s first Black Combat Pilot, ironically fighting for France against the Germans during World War I.

Who was Eugene Jacques Bullard?

In 1959, Charles de Gaulle, President of the French Republic, bestowed the Chevalier (Knight) of the Legion of Honor on American Expatriate Eugene

Jacques Bullard to recognize him as a French National Military Hero, in honor of his meritorious service during World Wars I and II as a French Foreign Legion infantryman, combat pilot, and spy for La Résistance Françoise, the French Resistance. As an infantryman Bullard was awarded 15 metals including Le Croix de Guerre with Bronze Star, France’s highest honor for valor and bravery following the Battle of Verdun. For his act of heroism Bullard was decorated for “braving the killing bombardment to notify the commanding officer that his section had been nearly wiped out”.

Despite being a highly decorated war hero in France, Eugene Bullard received little recognition in the United States, until September 14, 1994 when the U.S. Air Force, under the Administration of President William Jefferson Clinton, posthumously commissioned Bullard a Second Lieutenant.2

Stumbling Across a French National Military Hero and American Expatriate 1 / 3

Co–author Chestley “Ches” Talley grew up in France and Germany as the U.S. Air Force military dependent of MSgt. James and Doretha Talley. Ches’ father

Recognizing American Expatriate, Aviator and French National Military Hero, who guided the path into the skies for fellow trailblazing Black Pilots Bessie Coleman and the Tuskegee Airmen

was assigned to Camp Guynemer in France, named for World War I flying Ace and National Hero Georges-Marie Guynemer, and later to Spangdahlem Air Force Base in Germany. Visiting cultural and historical sites while living at those bases kindled Ches’ interest in military history.

Years later, Ches’ Cousin Eddie “Pete” Holmes, Jr. was visiting when he noticed on display a “Black Rattlers” lithograph by internationally renowned artist Don Stivers. This work depicts the 369th Infantry Regiment of the 93rd Division, the Harlem Hellfighters, who fought in France during World War I and “saw more continuous combat and suffered more casualties than any other U.S. military unit during World War I” (www. Cousin Pete wondered aloud whether his Step-Father, Alonzo Charles Edmunds who had lived in New York City, could have been a member of the 93rd.

After finding his WWI draft card on, Ches was able to determine Alonzo was a member of the all-Black 92nd Division who also fought in France at the same time as the Harlem Hellfighters. Making this discovery for his Cousin Pete was when Ches stumbled across the unfamiliar name of a Black American Expatriate and French National Military Hero, Eugene Jacques Bullard.

In Search of a Colorless Society (Part 1): Bullard’s Odyssey from America to France

“The odyssey of Eugene Jacques Bullard is the odyssey of the American Negro’s search for freedom and equality in the Twentieth Century….”

Edward W. Brooke, United States Senator, 1972

Eugene James (later Jacques) Bullard was born October 9, 1894 in Columbus, Georgia as the seventh of ten children just 30 years after slavery was abolished. To support the family, his father William worked as a deliveryman for a brewery, in a warehouse, and as a steamboat stevedore. His mother Josephine was a washer-woman who daily walked considerable distances back-and-forth from home carrying heavy bundles of cleaned laundry. During the most difficult times of racial intimidation and harassment in Columbus, Bullard’s father William was almost lynched by a white mob. With family roots from Martinique, a French territory, William encouraged Eugene to go to France for a better life where all people were treated equally.

Seeking a colorless society, Bullard left home at the age of twelve and wandered the Deep South for five years. He stayed with and worked for a succession of black and white families and surrogate parent-figures in the rural

towns of Leesburg, Sasser, Dawson, and other South Georgia communities, including living with two different bands of gypsies. Bullard’s wandering took him farther South to Alabama, Florida, and the Gulf of Mexico. Longing for the respect and freedom his father had talked about, Bullard worked his way back North to Atlanta, Georgia in search of a train to Norfolk, Virginia to sail to France.

Bullard had done his homework while in Atlanta to learn the regular schedule for the night train to Richmond, Virginia connecting to Norfolk. When the train pulled into the station at midnight, Bullard hid underneath the dining car. He traveled this way along the Seaboard Air Line Railroad route from Georgia through the Carolinas into Virginia, not disembarking until the train stopped at daybreak on the trestle bridging the James River in Richmond. Bullard was unaware he should have gotten off the train when it stopped in Norlina, North Carolina to switch onto a connecting train to Norfolk. 4a / b

Once in Richmond, Bullard followed “the tracks to a town, where he found lodging with a black family named Hughes with whom he stayed for a week. Mr. Hughes was a brick maker, and [Eugene] was able to work with his crew as a laborer to make some extra money for his voyage across the ocean. He told [Mr. Hughes] that he was heading for the seaport in Norfolk; Hughes told him that there was a nearer port at Newport News”.5 Mr. Hughes helped Bullard navigate the multiple levels and sets of tracks of the Richmond Main Street Station where the Chesapeake & Ohio (C&O) Railways operated, so Bullard could be certain to board a train bound for Newport News, Virginia.

Improbable Yet Possible

When Ches came across Eugene Bullard’s account of how he had stayed with, and worked as a laborer on a bricklaying crew for Mr. Hughes, Ches thought about his Aunt Florida E. Talley’s best friends, Calvin Cardwell and Edna Powell Hughes, who lived on the outskirts of Richmond. The “Hughes” family homestead on State Street in the

Ches Talley and President Bill Clinton Waverly Hughes, C&O Brakemen

Fulton neighborhood in Richmond was only four miles east of the Main Street Station, which served both C&O and Seaboard Air Line trains, and was adjacent to C&O’s Fulton Yard, a series of 35 tracks for storing, sorting, or loading and unloading rail vehicles and locomotives ( 4c

According to the 1920 U.S. Census, Calvin’s father, Adolphus, was a “contractor” living just east of Richmond. Adolphus’ brother Waverly, who lived in the same house, was listed as a brakeman for the C&O Railroad.

Improbable, perhaps, but Bullard’s recollections of walking the tracks to a neighborhood near the train station and meeting “Mr. Hughes”, coupled with the 1920 U.S. Census, strengthens our assertion that Adolphus and Waverly Hughes were the very individuals who employed Eugene as a brickmaking laborer, and made sure he had the correct C&O train schedule for the Newport News (Virginia) station, which was closer than Norfolk, to continue his odyssey to France.

In Search of a Colorless Society

(Part 2): Bullard’s Odyssey from America to France 2 / 5

Bullard’s continuing odyssey was a quest to see what else was possible in a life without the obstacle of racial prejudice, seek a life buoyed by acceptance as a fellow human being, and satisfy a deep longing for respect and kinship.

When Bullard arrived in Newport News his journey was not complete. He had to find a way to get from Newport News to Norfolk. Eugene saw dockworkers carrying crates aboard a cargo ship. He joined the line headdown with a heavy crate on his shoulders and slipped on-board. A few hours later Bullard found himself in Norfolk, and set-about trying to find a ship sailing to France.

Bullard stowed away on the “Marta Russ” German freighter bound for Hamburg. After being discovered aboard ship and put ashore in Aberdeen, Scotland in March 1912, Bullard considered he was lucky an angry Captain Westphal chose not to throw him overboard.

After exploring Aberdeen for a few days, Bullard purchased a train ticket to Glasgow, Scotland where he sang and danced for organ grinders making their rounds throughout the city with hand crank fiddles called hurdy-gurdies. After five months of street performing, Bullard ventured further South into Liverpool, England and closer to France. The twin Industrial and Agricultural revolutions had made Liverpool a place of opportunity. Bullard hired-on as a stevedore—the same dockworker job that allowed his father to make his living in America.

During his time in Liverpool, Bullard started working out in a local gym and took up boxing. He became a prizefighter good enough to win his first lightweight bout. Bullard caught the eye of the 1904 World Welterweight Boxing Champion Aaron Lester Brown, a.k.a. the “Dixie Kid”, who became Bullard’s Manager. Because of Bullard’s repeated requests, the Dixie Kid scheduled a bout in Paris, France for November 28, 1913. Eugene was beside himself with excitement and anticipation that he was finally going to Paris!

Unfortunately for Bullard, he and his Manager had to return to Liverpool after winning the bout. Still, the prizefight was just the motivation Eugene needed to find another opportunity to take him back to France, the next time for good.

American in Paris - Dream

Fulfilled 2 / 5

The future belongs to those who believe in the beauty of their dreams!

The pathway back to Paris became the Vaudeville variety troupe known as Belle Davis’ Freedman’s Pickaninnies. Around December 1913, Bullard joined Belle Davis to sing, dance, and perform slapstick comedy routines across the Continent to Russia and back through Germany, ultimately arriving in France. When the troupe left Paris, Bullard stayed behind!

The Certificate of Registration of American Citizen on file with the American Consulate General in Paris confirmed Eugene Bullard was living in the Republic of France on May 14, 1914. Once back in France, Eugene resumed

his career as a boxer, taking fights in and around Paris. Since meeting for the first time in Liverpool, Eugene was able to reconnect with fellow American expatriate and Black boxer Jack Johnson. The Heavyweight Champion of the World, who was also living in Paris, became a mentor to Bullard.

In his own words, Bullard professed to have fallen in love with Paris primarily because “it seemed to [him] that French democracy influenced the minds of both black and white Americans there and helped us all act like brothers as near as possible”. Eugene believed he had fulfilled his quest to find a colorless society—and we, too, believe he did!

World War I –

The French Foreign Legion 2 / 5

“War is hell”

Union Army General William Tecumseh Sherman

On August 4, 1914, France declared war on Germany. Later in October 1914, Bullard joined the Foreign Legion and was assigned to the Third Marching Regiment. Bullard’s volunteering to fight for France was a surrogate expression of his firmly entrenched kinship of brotherhood in spirit and mind with the French people.

For nearly two years Bullard served as a Legionnaire in the 170th French Infantry, a.k.a., the Swallows of Death because of their wild bayonet charges. Such charges saw Legionnaire forces mounting attacks with long knives affixed to their rifles. They climbed over the top edge of the protective trenches into the area between opposing forces known as “no man’s land” in a single, straight line under a barrage of gunfire. Bullard became known as the Black Swallow of Death when he fought in some of the most heavily contested battles of the First World War. These engagements included the Battle for Artois Ridge in April 1914, considered one of the most murderous of WWI, and the Battle of Champagne in September 1915, leading up to the Battle of Verdun from February 21st through December 18th, 1916 – “one of the longest, bloodiest, and most ferocious battles of the War” (


In the early stages of the Battle of Verdun in late February 1916 after observing the near total obliteration of the Village of Fleury on February 21st, Bullard remarked, “we were in hell for sure”. Eugene survived “murderous fighting” and participated in combat that was “inconceivably horrific in its butchery”. Trench warfare6 is a military tactic tracing back to the American Civil War—the bloodiest, most savage fighting on American soil pitting brother against brother—that resurfaced in France during this hellish conflict that defined World War I.

Among the troops on the outer perimeter of the defensive lines at the battle-front, Bullard and his fellow combatants were “ordered by the French command to die rather than retreat”, resulting in “two nightmarish weeks” when “the whole front seemed to be moving like a saw backwards and forwards…in which thousands upon thousands died…as earth was plowed under, men and beasts hung from the branches of trees where they had been blown to pieces”. The slaughter was such that the death toll was roughly equal on both sides with 143,000 Germans killed and 162,440 French. Standing on that once blood-soaked land is the Douaumont Ossuary (7). It encloses 22 alcoves housing the tombs

representing the 46 different sectors of the battlefield where the unidentifiable remains of 130,000 are interred.

On March 7, 1916, a wounded Bullard, having somehow survived the carnage of the Battle of Verdun, was transported to the Hôtel Dieu Hospital in Lyon to convalesce. The survivors of the battle, especially the wounded like Bullard, would “acquire a kind of sanctification in the eyes of the French people”. Once Eugene recovered from his battle wounds, he received an invitation to join the French Air Service.

World War I –Americans Flying for the French Air Service 2 / 5

Owing to his steadfast courage and exceptional bravery under fire after two years in the infantry, Bullard was invited to join the nascent French Air Service as a member of the Lafayette Flying Corps. This was the name describing all of the American pilots who had volunteered to fly for France in WWI.

Between November 30, 1916 and August 20, 1917, Bullard attended French aviation schools at Cazeaux,

Eugene Jacque Bullard Eugene Bullard’s World War I Metals Douaumont Ossuary

Tours, and Avord. Eugene received his pilot’s license on May 5, 1917. After completing military flight training on July 20, 1917, Bullard received his Brevet No. 6259 on the Caudron (commission and pilot’s wings). Thereafter, on August 27, 1917, Eugene was assigned to the “crack Groupe Brocard” Escadrille SPAD 93 Fighter Squadron, named for one of France’s great airmen. Bullard remarked in his Journal: “You can just imagine how proud I was to have been chosen to be a member of such an outfit of distinction”.

During aerial patrol at 6,000 feet on September 8, 1917, the French Squadron spotted four German bombers being escorted by 16 fighters. The French claimed all four bombers and two of their escorts. Upon returning to Base, two of Bullard’s fellow pilots were missing. Eugene had fired 75 rounds from his machine gun and been hit in the plane’s tail section seven times. While flying with Escadrille SPAD 93, Bullard, like many other pilots, reported the downing of enemy planes. These actions were not reported as ‘official kills’ because French Air Service authorities required corroborating eyewitness accounts.

On September 13, 1917, Bullard was transferred to the Escadrille SPAD 85 Fighter Squadron. During one sortie on November 7th, Eugene was engaged in ‘dogfighting’ combat with a German “Fokker” aero plane, finally shooting down the Fokker before Bullard, himself, was forced to crash-land near enemy lines. The barrage of enemy fire was so intense; there were 96 holes in his “stricken craft”.8a

The United States Air Force Chronology of Significant Air and Space Events spanning 1903 through 2002 (Haulman, 2003)8b officially confirmed: “1917 November 7: Eugene J. Bullard, an American in French service, became the first black fighter pilot to claim an aerial victory.”

The United States

Enters World War I 9 / 14 Eugene Bullard was one of 269 American volunteers flying for the French Air Service under the designation Lafayette Flying Corps.

American combat pilots were assigned across 92 fighter squadrons including Bullard’s Escadrille SPAD 93 and SPAD 85 Units.

The largest, most famous squadron of American combat pilots was Escadrille Lafayette N.124, the “Flyboys”. Throughout WWI tales of the “Flyboys” spread around the globe. The notoriety surrounding their aerial successes was an effective ‘publicity tool’ for those advocating for the United States to join the War. Later, the Squadron’s combat exploits would be celebrated on the Silver Screen in the 1958 movies Lafayette Escadrille (USA), C’est la guerre (France), Hell Bent for Glory (UK), and the movie Flyboys (USA) in 2006 (

On April 6, 1917 the United States entered the War. Later that Fall the Lafayette Flying Corp of American pilots in service to France would become the foundation on which the U.S. Army Air Service was built. By February 1918, all but one of the estimated 213 surviving combat pilots would be offered a commission to transfer from the French to the U.S. Air Service.

Eugene Bullard was that one American combat pilot who was not offered a commission to join the newly formed U.S. 103rd Aero Pursuit Squadron, despite commanding the respect of all with whom he flew and being admired for his courage and skill as a combat pilot. Unlike France, the United States military had a policy that did not allow Blacks to serve as combat pilots. A 1920s War Department Report stated that “blacks weren’t intelligent or disciplined enough to fly a plane”.

The Jazz Age in Paris –

Le Grand Duc and L’Escadrille 2 / 5 /15 / 16

After the Armistice was signed on November 11, 1918 to end World War I, Bullard remained in France and became a successful entrepreneur. During the Jazz Age, Black culture shaped 1920s’ and 1930s’ Paris, the City of Light.

Eugene opened a Jazz Club named Le Grand Duc in the American expatriate community in Montmartre, and a café named for his former flying unit called “L’Escadrille”.

The nightclubs of this American in Paris showcased famous jazz club performers like Josephine Baker, Louis Armstrong, and renowned singer “Bricktop”. Noteworthy visitors included Horace Elgin Dodge Sr., automobile manufacturing pioneer; tobacco scion Richard Reynolds; famous actors Charlie Chaplin, Rudolph Valentino, and Gloria Swanson; writer F. Scott Fitzgerald; the future British King, Edward the VIII; and Ernest Hemingway, who based a minor character on Bullard in The Sun Also Rises. Arthur “Dooley” Wilson who famously sang “As Time Goes by” as “Sam” in the 1942 film Casablanca was a frequent patron. In his autobiography The Big Sea, Langston Hughes talks about the time when he worked for Bullard at Le Grand Duc.


World War II – Spying for the French Resistance 2 / 5 /15 / 18 “J’ai Deux Amours”, I have two loves, my country and Paris.

Bullard was recruited early in 1939 by the French counterintelligence network comprised of the military intelligence service, Le Deuxième Bureau, and the Special Commissaries of Police. Inspector George Leplanquais, Paris Municipal Special Police, knew about Bullard’s “aptitude in the German language and asked him to eavesdrop on and engage in conversations with German patrons in L’Escadrille”.

While spying for French military intelligence, Bullard recruited Josephine Baker to join him as a spy. After WWII

for her service to France, Baker was awarded the Resistance Medal by the French Committee of National Liberation (17), the Croix de Guerre by the French military, and was named a Chevalier (Knight) of the Légion d’honneur (Legion of Honor) in 1961 by General Charles de Gaulle. In Paris on November 30, 2021, France inducted the late Josephine Baker into the Pantheon, becoming the first Black woman to receive the Nation’s highest honor. French President Emmanuel Macron declared his Nation had to honor Baker [Bullard’s protégé] as the “exceptional figure” who “embodies the French spirit”. 18

Paris fell to Nazi Germany on June 14, 1940 while Bullard was serving with the 51st French Infantry. Because the

French Resistance feared Eugene would be executed if captured by the Nazi, Bullard fled over the Pyrenees Mountains to Lisbon, Portugal to book passage on a ship to America. Eugene arrived in New York City on July 18, 1940.

Bullard’s Legacy

Against all odds and obstacles, he made it. How he made it is a story of guts and courage.

Eugene Bullard is credited as leading the pathway to the skies for fellow Black trailblazing pilots Bessie Coleman and the Tuskegee Airmen.

Bessie Coleman: Black Aviatrix Pioneer 19 / 21

During the 1920s and ‘30s, America was captivated by the record setting exploits of Charles Lindbergh and Amelia Earhart. Aspirations to become pilots shared by Black Americans were met with a lack of role models bolstered by laws and practices barring Blacks from attending aviation schools.

The late Josephine Baker inducted into the Pantheon, France, 2021
Bessie Coleman: Black Aviatrix Pioneer

Bessie Coleman was born one of thirteen children in 1892 in Atlanta, Texas and moved to Chicago in 1916 at the age of 25. It was the Black Publisher of the Chicago Defender, Robert Abbott, with his familiarity about Eugene Bullard’s aviation success in France, who was the catalyst advocating for Coleman to go to France to get a Pilot’s license. On November 20, 1920, Coleman sailed from New York to France “armed with the determination and sacrifices of Bullard, Quimby and la Roche… She was not to be denied”.

Coleman enrolled in France’s most famous flight school, Ecole d’Aviation des Freres Cadron et Le Crotoy, managed by French aviators and plane designers Gaston and Réne Caudron. Bessie earned her international pilot’s license No. 18.310 from the Fédération Aéronautique Internationale on June 15, 1921. Coleman returned to New York on September 29, 1921 to congratulatory greetings, but only from several national Black newspapers like the Chicago Defender. In May 1922, Coleman returned to Europe seeking advanced aviation training with the famous WWI German Ace Pilot, Captain Keller, and

test piloted airplanes in the Netherlands for WWI Ace and fighter plane designer Anthony the “Flying Dutchman” Fokker. This time when Bessie returned to New York on August 14, 1922, she was greeted by “The New York Times” and “Chicago Tribune”, because “leading French and Dutch aviators [were celebrating Coleman] as one of the best flyers they had seen”.

On September 3, 2022, Bessie Coleman in spirit was still blazing the path to the skies on the 100th Anniversary of her First Air Show Exhibition on Labor Day, September 3, 1922, at Curtis Airfield in Garden City, Long Island (NY). To celebrate this milestone, American Airlines hosted the Bessie Coleman Aviation All-Stars Tour from Dallas (TX) to Phoenix (AZ) commemorating the first public flight by a Black woman: “She bravely broke down barriers within the world of aviation and paved the path for many to follow”.

(CNN, 20 Aug. 2022) 21

The Tuskegee Airmen “Red Tails” 22 / 29 First Lady Eleanor Roosevelt, remembering Eugene Bullard’s success in France and knowing his plight of

being barred from flying in the U.S. Army Air Service, decided to try to influence a change in the U.S. Military’s policy of not allowing Blacks to serve as combat pilots, especially during the time when America was experiencing a shortage of pilots in World War II.

Flying 11,000 feet above Alabama on April 11, 1941 with the First Lady in the back seat of a J-3 Piper Cub light aircraft, Tuskegee Institute Chief Civilian Flight Instructor Charles Alfred Anderson, known today as “The Father of Black Aviation”, was at the controls. Anderson was the self-taught pilot who had established a civilian pilot training program at Tuskegee Institute in 1939. The First Lady insisted their flight be photographed to show President Franklin Roosevelt that Black pilots, indeed, were capable and skilled enough for consideration as combat pilots. Later, the President ordered the Pentagon to change the Military’s policy of excluding Blacks from “combat” flight training. Nearly 1,000 Black pilots completed training at Tuskegee Institute from 1941 to 1946.

The Tuskegee Airmen, comprising the 99th Fighter Squadron and 332nd Fighter Group, were America’s First

First Lady Eleanor Roosevelt & Charles A. Anderson

Black Military Pilots. They flew bomber escort missions in the Mediterranean and Europe. Their fighters were easily identifiable by the blood red color of the planes’ tail section. Following in the aerial path blazed by Eugene Bullard, the Tuskegee Airmen had the lowest loss records of all the escort fighter groups, and were “in constant demand for their services by the allied bomber units…a record unmatched by any other fighter group”.

Postscript to Bullard’s Legacy

Whereas Bullard was the role model for Bessie Coleman and the Tuskegee Airmen, today’s aviators of color must pick up Eugene’s mantle as the inspiration for Blacks to want to become pilots. Within the ranks of the U.S. Air Force, pilots of color must make themselves known and visible. According to USAF demographics, only 2% of pilots are Black (while 3.5% of the U.S. population).

Advancing Bullard’s legacy now falls to aviators like Julián “Diesel” Benton, 47th Operations Group Deputy

Commander: “I’m the only black Lieutenant Colonel pilot on this base… It’s important for student pilots to see

me.” (47th Flying Training Wing, 25 Feb. 2021) 30

Pursuing Broader Recognition in America of Eugene Bullard

Eugene Bullard’s exploits as an American expatriate and decorated WWI Combat Pilot in France are virtually unknown in the United States. How we can remedy this lack of name recognition is by encouraging the writing of more articles like ours to acquaint Americans with the World’s First Black Combat Pilot to raise awareness of and knowledge about unsung influencers like Bullard.

Next, we would petition for a U.S. Commemorative Postage Stamp memorializing Eugene Jacques Bullard as was done for fellow aviation pioneers Bessie Coleman, Charles Alfred Anderson, the Tuskegee Airmen, Charles Lindbergh, and Amelia Earhart.

After stumbling across a decorated Black American War Hero who was completely unknown to him, Ches was compelled to discover why a person of color who had served in both World Wars with honor and distinction was anonymous—nearly nonexistent, invisible in the cultural consciousness

of America. Ches began to ponder what he, an individual, could do to garner visibility and recognition for Bullard.

Ches recalled seeing an interview with the late Gen. Colin Powell. Behind him was the “Tracking Victorio” lithograph by Don Stivers depicting Henry Flipper, the first Black graduate of West Point and his troop of Buffalo Soldiers pursuing Victorio, an Apache Warrior and Chief. An unexpected outcome of the televised interview was to make the Buffalo Soldiers a household name. Seeing how national visibility of and awareness about the Buffalo Soldiers exploded, Ches reached out to Mr. Stivers to gauge his interest in creating an original oil painting with Bullard as the subject. Mr. Stivers commented: ‘young man, I have been painting military subjects for decades, and I’ve never heard of Eugene Bullard’. After Ches shared a summary of Bullard’s military career, Mr. Stivers accepted the commission.

In an apparent indictment of the racial discrimination he faced as a youth, Bullard had painted a bleeding heart pierced by a knife on the fuselage of his SPAD S.VII aero plane along with an emboldening affirmation that became the title of Ches’ commissioned portrait: “Tout Sang Coule Rouge”, All Blood Runs Red.

Joining us in our endeavor is Congressman Sanford D. Bishop, Jr., Second District of Georgia, United States House of Representatives in Washington, the District of Columbia. Representative Bishop agreed to write a Letter of Support to the Citizens’ Stamp Advisory Committee’s Stamp Development Team of the United States Postal Service, in concurrence with our proposal that a commemorative stamp “would honor Bullard’s contributions to our country’s rich history for his brave service and his influential role in ending the policy that prohibited Black soldiers from serving as pilots in the United States Armed Forces, as well as inspire future generations of American leaders”. 31 ■;

LinkedIn: Chestley Talley Call: (US): +1-804-721-7755

Tuskegee Airmen Mustang U.S. Postage Stamp


1. “Georges-Marie Guynemer.” Encyclopædia Britannica, Encyclopædia Britannica, Inc., See SPAD VII Aces of World War I (Book #39 in the Osprey Aircraft of the Aces Series) by Jon Guttman.

2. Carisella, P. J., and James W. Ryan. The Black Swallow of Death: The Incredible Story of Eugene Jacques Bullard, the World’s First Black Combat Aviator. Marlborough House, 1972.

3. C. Talley, personal communication, June 5, 2022. Mrs. Doretha Talley, personal communication, September 11, 2022. Mrs. Denise Holmes, personal communication, September 11, 2022. Larry Hughes, personal communication, September 11, 2022.

4a. “Map of the Seaboard Air Line and Its Principal Connections North, South, East & West, 1896.” The Library of Congress, https://

4b “Port Cities in Virginia.” (n.d.). Port Cities in Virginia, http:// Accessed 18 June 2022.

4c Daily, Larry Z. “C&O For Progress: Chesapeake & Ohio Piedmont Subdivision.” Richmond, Virginia: C&O Milepost 85 (Fulton Yard-Main Street Station), 1997,

5. Lloyd, Craig. Eugene Bullard: All Blood Runs Red. Eugene Bullard: Black Expatriate in Jazz Age Paris (EB: ABRR). 2006th ed., University of Georgia Press, 2006. Annotated Note [37.Ibid.] to Craig Lloyd’s Eugene Bullard biography.


7. Douaumont Ossuary.

8a. “Eugene Jacques Bullard: America’s First Black Military Aviator.” National Museum of the United States Air Force™ (NMUSAF), n.d.,

8b. Chan, Amy. “Eugene Bullard: The World’s First Black Pilot.” HistoryNet, HistoryNet, 9 Apr. 2022, Combat was almost a daily occurrence over Verdun at that juncture. During a dogfight on November 7, Bullard finally drove an opponent down, only to be attacked in turn and crashland in French lines with 96 bullet holes in his plane.

9. “About the Lafayette Escadrille: The Lafayette Escadrille Memorial Rededication.” The Doughboy Foundation. About - World War I Centennial: The History of the Squadron, https://www. html. The Lafayette Escadrille was the brainchild of three individuals: Mr. Norman Prince of Boston, Massachusetts, Mr. William Thaw of Pittsburgh, Pennsylvania and Dr. Edmond Gros, an American expatriate living in France. Seeking to aid the Allied cause, they lobbied officials in Paris to create an all-American squadron within the French Air Service for the purpose of generating the positive propaganda value Americans flying under the French flag could afford in garnering United States support for the Allied cause (World War I). French officials approved the concept on August 21st, 1915. The new squadron, officially designated N.124 and SPAD 124, The Lafayette Escadrille, was formed eight months later under the command of French Air Service Captain George Thenault.

10. Sherman, Stephen. “Lafayette Escadrille American Volunteer Pilots in WWI.” Lafayette Escadrille Pilots – History behind the Movie ‘Flyboys’. 12 Apr. 2012,

11. Gordon, Dennis. The Lafayette Flying Corps: The American Volunteers in the French Air Service in World War One. Schiffer Pub., 2000.

12. Hall, James Norman, and Charles Bernard Nordhoff, editors. The Lafayette Flying Corps During the First World War. Vol. 1, Oakpast Ltd, 2014. First published under the titles The Lafayette Flying Corps Volumes & 2.

13. “U.S. Department of Defense.” The U.S. Air Service in World War I, Vol 1, Pp. 74-76, AFD-101013-007.pdf.

14. White Jr, Gerald A. “Tuskegee (weather) airmen: Black meteorologists in World War II.” Air Power History 53.2 (2006): 20-31. See Tuskegee Institute: The 66th Air Force Flying School.

15. “Paris Featuring the African American Experience: Sat, May 23, 2020 to Sun, May 31, 2020.” Paris Featuring the African American Experience | GW Alumni Association | The George Washington University, https://

16. Harris, Henry Scott. All Blood Runs Red: Life and Legends of Eugene Jacques Bullard, First Black American Military Aviator. 2012th ed.,

17. search?query=French+committee+of+national+liberation

18. “Photos: Josephine Baker Becomes the First Black Woman to Be Inducted into France’s Pantheon.” Edited by Times Wire Service Paris, Times Wire Service, 30 Nov. 2021,

19. Family of Bessie Coleman, email collaboration with Bessie Coleman family, July 12, 2022. The Coleman family hopes that you find the information on this website useful and resourceful. We have shared a bit of Coleman family fun and have also included information about the many men and women who have fulfilled Aunt Bessie’s dreams. We plan to update this website quarterly, so if you have news to share and/or someone who you think we should feature please email us. We would love the opportunity to represent Bessie Coleman at your venue. So please feel free to contact us for speaking engagements including “The Life of Bessie Coleman”. Email us at

20. Dawson, Virginia Parker, and Mark D. Bowles, eds. Realizing the Dream of Flight: Biographical Essays in Honor of the Centennial of Flight, 1903-2003. Vol. 4112. National Aeronautics and Space Administration, NASA History Division, Office of External Relations, 2005.

21. Pequenino, Karla. “All-BLACK WOMEN CREW Operates American Airlines Flight from Dallas in Honor of Trailblazer Bessie Coleman.” MSN,, 20 Aug. 2022, news/all-black-women-crew-operates-american-airlines-flight-fromdallas-in-honor-of-trailblazer-bessie-coleman/ar-AA10SHcC?ocid=msed gntp&cvid=209e55d41acb452d9860f4c3da0ac901.

22. Editors. “Tuskegee Airmen: Segregation in the Armed Forces.”, A&E Television Networks, 9 Nov. 2009, https:// The program’s trainees, nearly all of them college graduates or undergraduates came from all over the country. In addition to some 1,000 pilots, the Tuskegee program trained nearly 14,000 navigators, bombardiers, instructors, aircraft and engine mechanics, control tower operators and other maintenance and support staff.

23. Tate, James P. The Army and Its Air Corps: Army Policy toward Aviation, 1919-1941. AIR UNIV MAXWELL AFB AL, 1998. End Note 83.

24. “Eleanor Roosevelt and Charles Anderson, 1941.” MIT Black History,

25. “Tuskegee Airmen: Image of Eleanor Roosevelt (Center) and Charles E. Anderson (Right) at Tuskegee Army Air Field after a Test Flight with the First Lady in the passenger seat.” MIT Black History, 11 Apr. 1941,

26. “Tuskegee Airmen Connecting Flights at MIT.” Tuskegee Institute: the 66th Air Force Flying School, Massachusetts Institute of Technology (MIT), 1 Aug. 2022,

27. “Eleanor Roosevelt and the Tuskegee Airmen.” FDR Presidential Library & Museum, On April 3, 1939, President Roosevelt approved Public Law 18 expanding the Army Air Corps. It called for the creation of training programs to be located at black colleges. On January 16, 1941, the War Department announced the creation of the 99th Pursuit Squadron, an all-black flying unit trained at the Tuskegee Institute.

28. “Tuskegee Airmen: Tuskegee Experiment.” Tuskegee University, History. com Editors. Updated: Jan 26, 2021. Original: Nov 9, 2009, https://www.


30. 47th Flying Training Wing, 2nd Lt Rachael Parks. “How Many Black Pilots Do You Know?” Air Education and Training Command, Laughlin Air Force Base, Texas, 25 Feb. 2021, Article-Display/Article/2517568/how-many-black-pilots-do-you-know/.

31. The Honorable Sanford D. Bishop, Jr., Second District of Georgia, Member of Congress of the United States House of Representatives, official written communication, August 3, 2022.

Global Healthcare is a Global Responsibility
GROUPOFNATIONS.COM 120 GLOBAL BRIEFING REPORT INDONESIA’S G20 PRESIDENCY Delivering Sustainability: the real question is HOW? Gianluca Riccio CFA, ViceChair of the Business at OECD Finance Committee, and member of both the Action Council on ESG and the Financing the Global Economic Recovery Taskforce at the B20 India

The G20 and the UN Conference of Parties (COP) over the last few years have made clear that urgent global action needs to be taken towards Sustainability and extensive funding is required to make tangible progress if we are to reach the target of halving CO2 emissions within a decade. G20 Nations have therefore made collective commitments towards Sustainability investments, also outlining Sustainability future requirements. Equally, G20 nations have agreed on a global growth target of at least 2%. The challenge is evident and eloquently outlined in figure 1 below, by H. Nordborg [“COP is a Planned Failure”, November 2022], considering that the world is still recovering from the economic impacts of the COVID-19 pandemic, and going through energy and food crises posed by the geopolitical unrest caused by the war in Ukraine.

At the G20 in Bali under the Indonesian Presidency, the message was clear: the real challenge is not understanding “WHAT” to do, the objectives are clear, it is rather “HOW” to achieve them. The 2023 G20 India Presidency embraces this objective targeting actionable policy recommendations on priorities towards responsible, accelerated, innovative, sustainable, and equitable businesses.

To deliver the ambitious gaols set by the G20 Sustainability agenda, resources

alone will not be sufficient if firms face difficulties in accessing funds due to high regulatory and transaction costs, long-dated inherent risks, and fragmented ecosystems. These obstacles are most palpable for Small and Medium-Sized Enterprises (SMEs), who appear to have been left behind in the agenda, despite being the largest employers globally. To deliver such ambitions policymakers are required to strive for both comprehensive and complementary policies that target inclusive economic growth, productivity, and stability as core objectives. Moreover, the operationalisation of these commitments represents a unique opportunity, but also a key prerequisite to address issues that have long curtailed productivity and growth. Such policies can be deployed in practice to accelerate key enablers like the systemic ability to net payments that will bolster working capital of firms at all stages of Global Value Chains (GVCs). The COVID-19 pandemic has shown that GVCs are essential enablers across world economies. Efficient GVCs ensure timely payment flows and support the optimisation of working capital on the buyer side and generate operating cash flow on the supplier side. In turn, they enable domestic commercial activity and provide working capital to local businesses, critical for middle income economies facing significant financing gaps. →

65 60 55 50 45 40 35 30 25 180 160 140 120 100 80 60 40 20 0 Global GDP (TUSD/year) C02 emissions (Gt/a) C02 Paris GDP G20 1970 1980 1990 2000 2010 2020 2030 2040 2050

→ The use of digital tools and global data standards, such as the Legal Entity Identifier (LEI), can prove essential to reduce costs and fragmented approaches across borders for the business community and help set the stage for better risk management information in future.

The extraordinary impact of the COVID-19 pandemic has served as an unprecedented wake-up call highlighting the fragility of our systems. At the same time, the pandemic has shown that coordinated efforts can successfully counteract such fragility: vaccines being a primary example. As the OECD put it in 2020, “the deep interconnectedness and interdependence of global systems imply that any local crisis can rapidly scale up to contribute to planetary environmental, social, economic, and political emergencies.”

[“Confronting Planetary EmergenciesSolving Human Problems”, OECD, 2020]

The pandemic has shown that a significant policy challenge does not only encompass adopting sustainable solutions to reduce global crises, but critically revolves around the need to implement such policies in a coordinated and cooperative way at a global level: without cross-border and cross-policy coherence, investments cannot really deliver their full potential. The G7 in Germany this year “urged to actively cooperate to reach standards that can be implemented globally” [G7, 2022].

As part of the G20 Indonesia, the B20, the Business at OECD (BIAC) and the International Organisation of Employers (IOE), published a joint paper [“To deliver the sustainability agenda, barriers to liquidity and productivity must be addressed”, B20-BIAC-IOE, 2022] that proposes a dynamic conceptual framework of concrete actions in support of Sustainability, advancing the work of previous presidencies. This framework, named “Sustainable Growth Propeller” (figure 2 below), envisions a balanced approach aimed at raising efficiencies by reducing bureaucracy while increasing transparency and traceability, as well as facilitating firms’ access to wider markets.

This paper looks at the G20 Sustainability 2030 Agenda from firms’ perspective: it focuses on economic growth, financial stability, and productivity within environmental and social boundaries. The paper proposes an inclusive

framework that allows to deliver environmental projects and maximise social sustainability, generating an lasting virtuous circle. Governments need to support all firms’ working capital by removing obstacles and cumulative burdens preventing them from accessing funds, which otherwise would impede the intended growth trajectory.

Such an operating environment is key to facilitate the transition towards a sustainable and internationally inclusive global economy. Environmentally-led investments are the ideal opportunity to test innovative ideas to facilitate payments and working capital, making them more efficient throughout GVCs, across both borders and sectors, which in turn can act as an durable flywheel that sparks employment and knowhow, aiding social sustainability.

The vision introduced by the “Sustainable Growth Propeller” is aimed at all firms, but may particularly benefit MSMEs who face proportionately higher cumulative regulatory and administrative burdens relative to their resources, as well as a tougher borrowing environment. Improving firms’ productivity in delivering the Sustainability agenda is a perfect case in point for concrete policy intervention to aid economic recovery while fostering progress towards environmental targets: a win-win opportunity.

Recommendations to the G20

The “Sustainable Growth Propeller” concept offers a powerful enabler towards delivering the Sustainability agenda, and simultaneously fast-tracking inclusive economic growth and job creation,. It advances the “GVC Passport” concept [B20-BIAC, 2020] and leverages on all existing enablers such as globally coherent use of digital platforms and data standards, which are required to facilitate payments that efficiently meet all relevant ESG requirements. Their use will enable financing to be accessible to both MSMEs as well as larger corporates.

• Stability: G20 Leaders should set a goal of cross-border and cross-policy harmonisation, as well as encourage mechanisms to assess firms’ cumulative regulatory burdens throughout the GVCs. As ESG rules and regulations are set and implemented, it is critical to avoid

unintended consequences. Ultimately, efficiency will result from a stable, coherent and inclusive regulatory environment, a “must” to meet the Sustainability objectives. By way of example, sustainability reporting requirements need to consider firms’ productivity by harmonising rules, while avoiding formalistic rigidities that obstruct data usage. Moreover, governments need to enable a shift towards both electronic data verification compliance and digitalisation of documents.

• Productivity: Both governments and firms need to enhance both access and use of digital platforms and highly efficient information and communication networks. Data and Distributed Ledger Technologies (DLT) play a crucial role in creating trusted sources of standardised information across GVCs. As DLTs hold much richer data sets than any one existing system today, they could be used as baseline infrastructure


to enable a safer, seamless, and more efficient flow of goods between digitally interconnected trading partners (vs. loosely connected in traditional processes). Nonetheless, DLTs will require agreed encryption standards and mechanisms to ensure they can be trusted on a longterm enduring basis, while also ensuring transparency and payment “traceability.”

• Economic Growth: G20 Leaders should leverage the Sustainability Agenda’s funding and investments to support GVC ecosystems, by freeing up firms’ blocked working capital needs. A resulting benefit would be to aid firms, suppliers, and public administrations to increase efficiencies such as timely meeting of invoices as well as netting payments, thereby improving timeliness of payments and increasing firms’ working capital, thus propelling benefits across the global economy (including levels of employment). ■

The Sustainable Growth Propeller




a) Cross-border & cross-policy coherence

b) Efficiency mechanisms like the GVC passport

Value Chains cascade to SMEs

GVCs cascade the work, the benefits, the requirements and standards to a wider a much audience of smaller firms, fostering also inclusiveness.


• Channelling government Funding to meet the Sustainability agenda

• Funding required as cascade of the Sustainability agenda

• Sustainability requirements to access runding

GVC ecosystems supporting Sustainability investments

a) Data verification

b) Materially improve documentation flow

c) Leverage digital platforms

Wider Economy & Employment


Larger Firms

Banks / Fls Projects

Structural, inclusive & sustainable growth

Main commissions

• A firm taking on an

infrastructure project

• Firms updating to comply

with the Sustainability agenda

Sustainability Agenda

• Sustainability projects

• lnfrastructure projects

Gianluca Riccio, 2022

The story of Brunnbäck Water

The story of Brunnbäck Water Brunnbäck is a small community with about 23,000 inhabitants located in the southeast of Avesta, a municipality in Dalarna province in Sweden. Brunnbäck is a beautiful place up on the hill with forest and the big Lake Dalälven that stretches 541 km. Avesta is famous for having the Worlds biggest Dalahorse at 13 meters high and is also known as the hometown of Niklas Lidström (An ice hockey player playing for Detroit Red Wings in NHL), Armand Duplantis (World record holder of the pole vault at 6.21 m).

In 1521, there was a historic battle between Sweden and Denmark (War of Liberation 1521-1523) where Sweden won over Denmark. This was a massive victory for Sweden and Gustav Vasa. At Brunnbäck, there is a big Stone as the symbol for the 1521 victory, and the people can go there and read this historical memory on site. Hence the name of this historic Water from Brunnbäck and where our Water is coming from.

The Water is approved by the Swedish Livsmedelsverket, a Report issued by Accredited Laboratory and Eurofins with a pH of 7.8.

My name is Rickard Nilsson. I’m 37 years old and I am the CEO & Founder of Brunnbäck Sweden Natural Mineral Water AB. I was born and raised in Avesta and live 2,5 miles from Avesta in the countryside with my family today.

I was born in an entrepreneur family, where my father used to run a real estate company and a solar energy company in Sweden & Spain. My sister and my wife are also running their own beauty salon business. However, life has not been easy for me - when I was 17 years old, I played floorball semipro, but during one match, I died for 9 minutes. Even though I miraculously survived,

I learned that we had a heart problem in our family genes, which means that if we do not get the right medicine, the heart stops. I have had a Pacemaker implanted for 17 years and feeling great.

In 2014, I tragically lost my father, who took his own life. My father was an entrepreneur with passion; he saw the significant potential and colossal benefit to the environment with solar energy; he decided to make a lot of investment in the Solar energy business, but it was just too early, and we lost 2.5 million EUR which ended up with my father being so physically bad that he chose to take his own life. I have been through many hardships in my youth, but life is about facing challenges, and every adversity I’ve had has strengthened me. I genuinely believe that if you have the willpower, the strength, and a proper attitude, everything will work out for the best. Many people ask me how I cope with all these, and the answer I give to them is that nothing can bring me down, and I have a vision and call in this life, and it has taken me eight years to realize what it is. It is to make a difference in this world with the fine Water from Brunnbäck, I would like to put Brunnbäck on the world map. Water is the primary raw material we have, many experts are talking

RICKARD NILSSON CEO & Founder Brunnbäck Sweden Natural Mineral Water 0046731592359

about water scarcity by 2040, but it’s already starting now. So now, I founded Brunnbäck Sweden Natural Mineral Water AB on February 20th, 2022. We are growing slowly but at a good pace. My vision is to start selling this fine Water worldwide, and I will also focus on helping vulnerable people who need Water by donating a million litres of Water each year to them.

We need to start rethinking and doing the right thing other than profitability. The earth and we as a species must start working together and contribute to a better world on all fronts, such as storage, solar energy, and transport.

Switch to Green Energy, but it must be allowed to take time and don’t make a quick decision. After a while, we will see that the decision to take time was wise; however, we still need to move fast. So we need to take a decisive conclusion. Our water Factory will be 100% powered by solar energy, and our Water will be transported and distributed to our customers by electric trucks or vehicles. We are going to sell our Water in Pet and glass bottles, but we are looking for better options for bottles and labels.

We will focus very much on making everything much better for the environment. If you who read this article feel and think like me that you want to make a difference in this world, I am looking for the right investment partners to help me start to build the Factory and sell this quality water worldwide. I plan to launch the products to the market in Q1 2024. I want to invite my future investment partner to come to Sweden and Brunnbäck, and I will show you the location and the plans. So you are most welcome if you are likeminded to me. I have had this vision/call since 2013, and now is the right time to put Brunnbäck Sweden on the world map and help a better world. ■



But seek first his kingdom and his righteousness, and all these things will be given to you as well.

The essence of Myanmar is clear: it is always in peace and harmony. Only with peace and harmony can we achieve economic growth. Everyone should understand it. Nevertheless, Our country’s civil war is still going on. We need to end the barren battle now, not tomorrow. The young people who support the development of Myanmar are urgently seeking true peace.

The prosperity and peace of the nation are inseparable. We have basic human rights by nature. Its rights do not depend on race, gender, beliefs, social status or education. In other words, it is individuality, it is freedom, it is the right to live. And in return for retaining that right, we have an obligation to seek and realize peace. Therefore, we Myanmar

people should first build a peaceful society by ourselves. Students, young people, politicians, and even military personnel cannot escape their obligations.

It cannot be denied that Myanmar is a poor country. It is undeniable that the beginning of our poverty is due to our hostility and conflict. In this globalized world, the instability of one country may reduce the world, even the universe. Especially in the economy, each country plays a role in the structure of international division of labor. Even the big powers that are recognized as advanced country cannot exist in one country.

So to speak, the world is connected by one economic system, and each country plays a role according to its own characteristics. In that system, the world will be premised on having common values and equal trading. That is why there is no solution of war in our options. War is the worst and the most abominable sin. We must abandon this rotten behavior. To free us from poverty, we need positive and new policies.


Do you love your country? We also love Myanmar from the bottom of our hearts and seek true justice from this country. Now I want to clarify what that justice should be. The army is there to protect the people. You should not be involved in politics or administration. I want you to return to the original form of protecting national security. They are responsible for national security.

Modern society should not be decided by force with a pointing gun. We, the people, have the right to determine our destiny and representation. We have the right to speak up. The leaders we choose must be growth-oriented in terms of humanitarianism, communication, economics, education and SDGs. It is essential for Myanmar to focus on economic growth and GDP growth. We are part of a globalized world. It cannot exist as an isolated country. For peace and prosperity, we need to build special relationships with other countries.

It is illegal to influence the law with small number of wills. No matter what you do, it’s not fair. There must be the greatest number of wills and Everyone has a right to enjoy his liberty, and all the more, his life. Laws for the minority in power with firearms and violence are injustice. Power and leadership are always tested in the litmus paper of public opinion. It can be decided by the people who have sovereignty.

In order for Myanmar to make a new start for the future, it is important to catch up with new technologies first. There is no time to repeat the history of conflict. Our leaders do not look back on the past and want us to present a bright future that forgets the dark past. The next leader should be a younger generation with a foresight and a positive attitude. Let’s talk at the table for peace before it’s too late. Let’s hold elections peacefully by 2023 with a fair election system. Explore peace from the bottom of your heart, not revenge. We need to understand and respect each other. Even if it is a complicated problem, we should be able to solve it by being considerate of each other.

We Myanmar people are actually family, let peace and prosperity be among us. God Bless Myanmar and peace of God be around the world. ■



Welcome to your private island home where magic and memories go hand in hand. Rooted in honoring the Fijian way of life, creating a world community, and preserving the environment - on Turtle Island it’s easy to imagine the world the way it should be.

The Island is powered by solar energy, produce is locally grown, and the accommodations are hand-crafted by Fijian artisans. With just 14 villas, acres of serene forests and 12 private beaches, Turtle Island serves as an idyllic sanctuary for travelers seeking connection, community, culture, and consciousness.
1 800 255

welcome message

Closing Session remarks of G20 Summit in Bali

I would like to once again congratulate my friend President Jokowi. He has given efficient leadership to the G20 even in these difficult times. And I also congratulate the G-20 community today for adoption of the Bali Declaration. India will strive to take forward Indonesia’s commendable initiatives during its G20 Presidency. It is a very auspicious coincidence for India that we are assuming the responsibility of G20 Presidency in this holy island of Bali. India and Bali have an age old relationship.

India is taking charge of the G20 at a time when the world is simultaneously grappling with geopolitical tensions, economic slowdown, rising food and energy prices, and the long-term ill-effects of the pandemic. At such a time, the world is looking at the G20 with hope. Today, I want to assure that India’s G20 presidency will be inclusive, ambitious, decisive, and action-oriented.

Over the next one year, we will strive to ensure that the G20 acts as a global prime mover to envision new ideas and accelerate collective action. The sense of ownership over natural resources is giving rise to conflict today, and has become the main cause of the plight of the environment. For the safe future of the planet, the sense of trusteeship is the solution. LiFE i.e. ‘Lifestyle for Environment’ campaign can make a big contribution to this. Its purpose is to make sustainable lifestyles a mass movement.

The need today is that the benefits of development are universal and all-inclusive. We have to extend the benefits of development to all human beings with compassion and solidarity. Global development is not possible without women’s participation.We have to maintain priority on women led development even in our G20 agenda. Without peace and security, our future generations will not be able to take advantage of economic growth or technological innovation. The G20 has to convey a strong message in favour of peace and harmony. All these priorities are fully embodied in the theme of India’s G20 Chairmanship – “One Earth, One Family, One Future”.

It is a proud occasion for every Indian to assume the G20 Presidency.We will organize G20 meetings in different cities and states of our country. Our guests will get full experience of India’s amazing diversity, inclusive traditions, and cultural richness. We wish that all of you will participate in this unique celebration in India, the ‘Mother of Democracy’. Together, we will make the G20, a catalyst for global change.

Thank you very much!


Startup20 Engagement Group

India’s startup ecosystem is the third largest in the world, following the United States and China. This startup ecosystem has the potential to contribute 4-5% to the GDP of the country. During its G20 Presidency, India has established the first Startup20 engagement group.

Prime Minister of India Mr Narendra Modi has spotlighted India’s startup ecosystem and the youth’s role in the fourth industrial revolution. The Indian government has proposed numerous initiatives for young professionals in the technology industry, including the Startup India seed fund, Atal innovation mission, Skill India, software technology parks, and nextgen IEDC (Innovation and Entrepreneurship Development Centres). Indian youth’s high rate of literacy and internet usage at this age will facilitate their acquisition of new skills as it encourages creative thinking and entrepreneurial risk-taking. As a result of these initiatives, youth have gained a new sense of confidence to pursue their entrepreneurial aspirations.

India has introduced the Startup20 Engagement Group, a group that has the ability to change the G20 and drive development trend through innovation, collaborative effort, entrepreneurial spirit, and social inclusion. By partnering through the startup20 engagement group, member country startups are able to recognize and tackle important issues in the creation of new products or services that not only make a business sense but also address social and environmental concerns.

Startup20 can play a crucial role in resolving startup-related international issues. For instance, when entering a new market, startups may encounter regulatory obstacles and challenges, such as legal frameworks and business practises. Startup20 can serve as a global hub to facilitate collaboration and knowledge sharing between leading startups and governments. Youth in India is a tremendous asset to the country. As the

world undergoes a profound transformation characterised by shifting social dynamics and technological advancements, the youth population will contribute to the nation’s aspiration for global leadership.

The Startup20 engagement group is a platform for startups from the G20 countries to collaborate and exchange ideas. This Startup20 engagement group presents a unique opportunity for startups to grow and expand their reach globally.

Here are six ways that startups can take advantage of this platform and grow their businesses:

1.Networking and Collaboration:

The Startup20 engagement group provides a platform for startups to connect with like-minded entrepreneurs from around the world. This can lead to new partnerships, collaborations, and joint ventures that can help startups expand their businesses and reach new markets.

2.Access to Mentors and Advisors:

The Startup20 engagement group brings together some of the world’s leading experts and mentors in entrepreneurship and innovation. Startups can benefit from the experience and knowledge of these experts, who can provide guidance and advice on a range of topics, from business strategy and growth to fundraising and scaling.

3. Exposure to Global Market Opportunities:

The Startup20 engagement group provides startups with exposure to global market opportunities, including new customers, suppliers, and investors. By participating in the group’s events and activities, startups can gain insights into new markets and build relationships with key players in those markets.

4. Access to Capital:

The Startup20 engagement group provides startups with access to a global network of investors and venture capitalists. This can help startups secure the funding they need to grow their businesses and take advantage of new market opportunities.

5. Enhanced Visibility:

The Startup20 engagement group provides startups with enhanced visibility, both nationally and internationally. Through the group’s events, activities, and media exposure, startups can raise their profile and build their brand, increasing their visibility to potential customers, partners, and investors.

Dr Ranjeet Mehta Deputy Secretary General and Head Program Directorate Startup20 engagement Group PHDCCI, New Delhi Prime Minister of India Mr Narendra Modi has spotlighted India’s startup ecosystem and the youth’s role in the fourth industrial revolution.

6. Support for Regulatory Reform:

The Startup20 engagement group is committed to promoting regulatory reform that supports entrepreneurship and innovation. By participating in the group’s advocacy efforts, startups can help shape the regulatory environment in ways

that are more favorable to their businesses and can help them grow and expand more easily.

In conclusion, the Startup20 engagement group provides a unique platform for startups to grow and expand their reach globally. By taking advantage of the group’s

networking and collaboration opportunities, access to mentors and advisors, exposure to global market opportunities, access to capital, enhanced visibility, and support for regulatory reform, startups can build their businesses and achieve greater success.■


India’s G20 Presidency is symbolic of its rising global influence

India is a country on the up. In the last several decades, the country has made remarkable, world-leading strides in development and economic growth. In that time, millions have been pulled out of poverty, literacy rates have risen dramatically (from 18.3% in 1951 to 74.4% in 2018), and India recently became the world’s fifth largest economy. It is on course to become the third largest economy very soon, based on projections of average growth rates of around 6-7 percent year on year, which make it the world’s fastest growing major economy.

As well as the economic and developmental strides that India has made, it is also seen as an increasingly important and influential actor in geopolitics. Put simply, what India does matter, and countries and organisations around the world are taking note. We saw it clearly in the pandemic when India’s role as the world’s pharmacy put it front and centre of the global response. We’re seeing it in the increasing investment arriving in India, looking to access the growing market and utilise India’s huge talented population and innovation. And India’s energy transition and climate credentials are and will be of utmost importance in the battle against climate change.

It is, accordingly, very timely to see India take hold of the G20 Presidency this year.

An economic powerhouse already, and rapidly rising, India is, at the same time, still developing. To mark its 75th year of independence, the Government of India recently set the target to reach developed country status by 2047 – exactly 100 years after independence – namely, raising GDP per capita, high level of infrastructure and high quality of life for all Indians.

This combination of developed and developing is unique and puts India in a

position where it can help to bridge the developed and developing worlds.

At the macro level, India is comparable to the developed world – the 5th largest economy as already touched upon, the world’s third largest defence budget, a national space agency, a welcome seat at most multilateral and bilateral forums, with calls for a seat on the UN Security Council for instance, and foremost in the minds of global investors and business leaders. On the other hand, in some districts, India faces challenges in scaling its education and healthcare, and in entirely eliminating poverty.

The relationships and experiences that India therefore shares with countries

around the world is truly unique – a valued partner to countries of the G7, and a voice for the developing world.

The theme of India’s Presidency is embodied by the slogan “One Earth, One Family, One Future”, and will see India host over 200 meetings in over 50 cities across 32 different workstreams, such as digital technology, financial inclusion and sustainability. These areas have all been a big part of India’s development and continue to be crucial.

Digitisation has been a backbone of India’s progress. The proliferation of the internet has helped to make information and education more widely available, helped business owners to grow and modernise, and brought many into the banking system for the first time.

The more inclusive financial system has enabled more businesses, particularly the more-excluded SMEs, to receive necessary funds and loans to establish and grow, and makes it easier for consumers and businesses to do business. It’s also emblematic of India’s focus on inclusion as it develops.

And on sustainability, India is on a huge investment drive to improve the country’s interconnectivity, expand renewable energy, and work towards achieving Net Zero, to which, it committed in 2021. It’s also the founder of the International Solar Alliance and is innovating in other key areas to the transition like electric vehicles and green technologies.

So, tying all these together and more, it is both fitting and deserved that India should take up such a leadership position as President of the G20; after all, it is the world’s largest democracy, fastest growing economy, and hub of innovation. We look forward to the New Delhi summit in September and engaging with various strands of activity in the run up taking place across this remarkable country. ■

As well as the economic and developmental strides that India has made, it is also seen as an increasingly important and influential actor in geopolitics.

Charting a Sustainable and Inclusive Future: India’s G20 Presidency

India’s G20 presidency comes at a critical juncture for the world. The world was dealing with a climate crisis and slow progress on sustainable development goals (SDGs) before covid hit. Debt levels ballooned across the world, especially in developing ones. The UkraineRussia war saw an unprecedented food and energy crisis across the world. Despite this challenging scenario, India is a bright spot in the global economy. This is not by accident. Our policies have placed India in a position where we are taking up the mantle of global leadership. Our digital public infrastructure, economic reforms, investments in infrastructure and human capital, along with our decarbonization efforts have found resonance across the world. Our G20 theme of “One Earth, One Family, One Future” is reflected in our priorities. As emphasised by Prime Minister Narendra Modi, India’s presidency will be ambitious, inclusive, decisive and action oriented. The priorities of the presidency aim to shape an inclusive sustainable global future and further aims to share India’s best practices across sectors. Some of the priorities include: technological transformation & digital public infrastructure; women-led development; multilateral institutions for the 21st Century & 3Fs- food, fuel and fertilisers; accelerated, inclusive and resilient growth; lifestyle for environment (LiFE), green development, climate finance and accelerating progress on SDGs.

Technological transformation through digital public infrastructure (DPI) is a key priority of our presidency. Through our DPI, we have enabled financial inclusion, better delivery of government benefits, and fostered innovation. We transfer $66 billion into the bank accounts of beneficiaries, directly. Our digital payments system processes billions of transactions each month. This DPI is also being leveraged in the health sector. CoWIN, our vaccination

platform, has enabled 2.5 billion+ vaccine doses to be administered, with the entire process paperless and online. Our successful model of building DPI can hold valuable lessons for the world, as it is both adaptable, and scalable. Globally, 4 billion people do not have access to digital identity, 2 billion remain unbanked and 130+ countries do not have digital payment systems. We have achieved 50 years’ worth of progress in less than a decade. India has one of the world’s best digital public infrastructure models and the presidency will further aim to strengthen its competency by exploring action-oriented synergies across working groups, whilst collaborating with other G20 nations on the topics of mutual interest. India also aims to bring to the fore the power of innovation and of startups to solve the world’s most pressing issues. Today, India’s startups are solving not building new businesses leveraging India’s DPI, but also some of India’s most pressing problems. Reflecting the importance that India places on startups, our presidency has introduced a new engagement group, Startup20, to act

as the voice of the global startup ecosystem. Climate action is another key area where India’s presidency aims to deliver actionable outcomes. Despite being home to 17% of the world’s population, and being the fifth largest economy in the world, India’s per-capita emissions are less than a third of the global average. Despite being the fastest growing large economy, and intensifying demand for energy, India has demonstrated unwavering commitment in the fight against climate change. In fact, India is the only

10 of the Climate Change Performance Index. India recognizes that the developing world is not responsible for the greenhouse gas (GHG) emissions, and that the energy transitions in developing countries must be incentivized by developed ones. Our presidency seeks to embed sustainability, climate change, and green development across working groups. Through its presidency, India will aim to explore synergies across its working groups on the topics of climate finance, accessible alternative fuels (such as green hydrogen and biofuels), climate resilient infrastructure, circular economy & decentralized renewables. Recognising that the fight against climate change is a collective one, rooted in individual action, Prime Minister Modi launched Lifestyle for Environment (LiFE). Lifestyle for Environment (LiFE) brings together the development and climate agenda with the overarching aim of resolving and easing growth imbalances through collaborative actions of various stakeholders, with a special focus on individual and community actions and behaviour.

The mammoth investments required in the energy transition mean that public sources of funding will not be enough. Private capital must also be leveraged. However, to make this a reality, reform

Amitabh Kant
G20 Sherpa and former CEO, NITI Aayog
The priorities of the presidency aim to shape an inclusive sustainable global future and further aims to share India’s best practices across sectors.

of multilateral development banks (MDBs) is critical. Established in the post Bretton Woods era, the MDBs of today were designed for another era. Today, MDBs can play a pivotal role in ensuring flow of climate and SDG finance to developing nations, and also in building capacities. We aim to deliver on risk mitigation strategies to incentivise climate friendly investments in developing economies, unlocking private investment. Women-led development is another key priority area in our presidency. India’s G20 presidency seeks to position women as the drivers of growth and prosperity, rather than beneficiaries of



welfare schemes. India under its G20 Presidency is also working collaboratively across tracks to ensure gender equity. The working groups across tracks aims to ensure that gender considerations are mainstreamed into G20 discussions and translated into the G20 Leaders’ Declaration as policies and commitments that foster gender equality and women’s economic empowerment. Tying these priorities together is our focus on fostering accelerated, inclusive and resilient growth. We seek to change the discourse on accelerating progress to SDGs to delivering on them.

India’s G20 presidency advocates the

oneness of all, and our priorities reflect not just our own aspirations, but also of the global south. With India’s G20 Presidency, we see these complex challenges as an opportunity for us to get the world to unite on acting upon these challenges, and to drive global consensus. India as a G7 partner, a BRICS and QUAD member, the presidency of Shanghai Cooperation Organisation (SCO), and G20, is in a unique position to offer lasting and meaningful solutions to collectively address global concerns, acting as a bridge between developing countries and advanced economies. ■



Working towards a successful G7 Hiroshima Summit 2023

In 2023, Japan assumes the G7 Presidency. Throughout the year, more than 10 Ministerial Meetings will take place in Japan, from Sapporo in the north to Miyazaki in the south, attended by many government officials, the media, and others from around the world.

From May 19 to 21, the G7 Summit will be held in Hiroshima, my hometown. Hiroshima is a beautiful city surrounded by the lush green Chugoku Mountains, facing the calm Seto Inland Sea. I truly look forward to welcoming the G7 Leaders to Hiroshima. At the same time, as the world’s attention turns to Japan this year, it will be a great opportunity to show the world the charms of our country, from beautiful landscapes, traditional culture and local foods to cutting-edge technology.

Having experienced the COVID-19 pandemic and being faced with Russia’s aggression against Ukraine, which shook the very foundation of the international order, the international community is now at a historic turning point. The G7 firmly rejects any unilateral attempt to change the status quo by force or the threat or use of nuclear weapons and upholds the international order based on the rule of law. I will lead the discussion as Chair and demonstrate the G7’s strong determination to the world with historical significance.

There are mounting challenges facing the international community, such as the global economy including energy and food security, regional affairs including Ukraine and the Indo-Pacific, nuclear disarmament and non-proliferation, economic security, and global issues including climate change, global health, and development. As Chair, I will facilitate candid discussions among the G7 Leaders to articulate ideas and plans for the future.

The year of the G7 Presidency will also serve as a valuable opportunity for the next generation and beyond, the youth and children, to turn their attention to global issues and take action. We will provide various opportunities to deepen exchanges, learn together, and experience the Summit for those who will be at the helm of tomorrow’s Japan and world.

With the cooperation of everyone in Japan, including the host cities and prefectures, I wish to foster the momentum of the G7 Presidency year. Let us work together toward the success of the Summit and Ministerial Meetings as well as toward a bright future for Japan and the world.

Thank you very much!

economy, diplomatic security, climate change, energy, and health

UNIPLAT: Advancing Researchers, Entrepreneurs, and Organizations’ Ability to Contribute to the United Nations’ Sustainable Developmental Goals

Research and entrepreneurship in scarce academic and societal settings have been hampered by the lack of funding, global visibility, and engagement compared to more high academic profile and high-income country environments. This has contributed to brain drain and missed opportunities for global health.

UNIPLAT is an online platform specifically designed to help, support, and link entrepreneurs and researchers active in areas related to the United Nations’ Sustainable Developmental Goals (SDGs). In a simple yet innovative platform, researchers and entrepreneurs can be credited in a unique and transparent way based on their achievements.

UNIPLAT aims to promote sound research and entrepreneurship based on individual credibility, irrespective of the country of origin. In this way, all efforts, independent of socioeconomic circumstances and in an equal manner, can be capitalized on for global health.

Officially released in October 2021, currently UNIPLAT has members from 94 countries including organizations, companies, and research institutes that want to promote their affiliated researchers.

So far, UNIPLAT has been developing functions and features that help users in many ways. Some of the main features are:

My Lab

A one-stop corner where every user can see all contents published by each researcher, entrepreneur, and organization as well as other information such as Credit Rating, etc.

The World’s First Cryptocurrency Donation

Regardless of the economic situation in the region where researchers and entrepreneurs are located, they have an equal chance to earn ETH donations from donors all over the world when they publish and promote their content. Researchers and entrepreneurs can also raise their own offline funding.

Credit Rating (Researcher Ranking)

It is an automatic evaluation of a researcher/entrepreneur based on their activities on UNIPLAT using AI. The evaluation result is shown as a credit score, which indicates the researcher/entrepreneur’s credibility.

Pre IP

Pre IP is an abbreviation for “Pre (Registered) Intelligent Property” and a unique UNIPLAT term. When researchers and entrepreneurs register their content (videos and documents) published on the platform as Pre IP, UNIPLAT will issue a certificate containing the content’s uploaded time, uploader name, and other details. It certifies that the content is authentically registered under the relevant researcher/entrepreneur’s name using blockchain’s smart contract technology.

“UNIPLAT allows companies and other kinds of organizations to showcase their SDGs and CSR initiatives which can lead to the enhancement of their organization’s ESG values. ”

A Peel & Stick Design Company Rooted in Sustainability

Stikwood, the world’s first peel and stick reclaimed and sustainable wood planking company, was founded in 2012 by Jerry and Laura McCall. The company was founded in the belief that design can be beautiful, resourceful, easy, and environmentally friendly.

Easy on the eye as well as on our planet, sustainable materials are no stranger to the DIY and interior design scene as they have been introduced into residential and commercial spaces around the globe and made popular on television. Bringing nature indoors is one thing that seems to never go out of style.

Stikwood strives to protect our ecosystems, which is why they are committed to the protection of our natural environment and reducing waste. Becoming FSC certified was a priority for the organization, and something they can take pride in.

The Forest Stewardship Council® (FSC), is a nonprofit organization specializing in setting standards for

responsibly sourcing the timber used in many industries. Over the past 30 years, the FSC, along with other nonprofit agencies have been ensuring the health and sustainability of forests around the world by establishing best practices standards. This certification ensures all of the wood customers receive is only taken from legal forests.

The FSC is a wood industry certification system that lets customers and industry cohorts know that we buy and source from responsibly managed forests. The controlled wood is used as recycling materials. In order to be FSC certified, organizations must complete a number of steps to be considered.

All of Stikwood’s materials are

reclaimed or sustainable and each plank has a story to tell. Their standards are something they live by, which is supported by their FSC certification.

When it comes to protecting the environment, sustainable materials are a triple threat - conserving precious natural resources, saving energy, and reducing waste. This is possible because sustainable materials rely on renewable resources that nature replenishes and therefore can be used repeatedly without being exhausted. Trees, for example, can be used to produce a host of commodities including wood, paper, and leather.

If new trees are planted at the same rate that existing trees are harvested, the


supply of trees can be conserved for future generations. When responsibly sourced materials such as reclaimed wood from a barn are in turn recycled into products like reclaimed wood paneling for the home or office, this helps minimize the energy and landfill waste that would otherwise have been generated by manufacturing interior decor from scratch.

The longevity of sustainable materials such as reclaimed wood, adobe, wool bricks, or solar tiles can be credited to their hardy composition. For example, reclaimed wood found in old barns, farmhouses, and mills is often derived from trees that have aged for decades to a century or longer.

Reclaimed wood paneling produced from this mature wood is stable in the face of temperature and moisture variation, making it equally as resilient as it is visually striking. What is more, sustainable materials tend to require less maintenance, fewer repairs, and infrequent replacement, giving you more bang for your buck when compared with traditional materials.

From its formation, to production, to delivery, and even installation, Stikwood has thought about how the product impacts our communities and the people who use it. The entire organization is driven by the philosophy that if something’s worth doing, then it is worth doing right. ◆


Turn static files into dynamic content formats.

Create a flipbook

Articles inside


pages 137-143

Charting a Sustainable and Inclusive Future: India’s G20 Presidency

pages 136-137

India’s G20 Presidency is symbolic of its rising global influence

page 134

Startup20 Engagement Group

pages 132-133

Your designs deserve to be seen.

pages 128-130


pages 126-127

The story of Brunnbäck Water

pages 124-125


pages 110-118, 121-123

THE Backbone of Energy Transition

pages 104-109


pages 103-104

Tri Hita Karana Future Knowledge Summit, 14-18 November

pages 96-100


pages 91-95

Bridging Differences through Art

page 90

The Happy Digital X “Healthy Planet”

page 89

Using Space and Space Technologies together with Blended Global Finance to meet the SDG’s and international climate goals

page 88


page 87

New Era Bali Kerthi Economic Roadmap A Transformative Green, Resilient and Prosperous Path

pages 84-86

Shaping our Future

pages 82-83


pages 80-81

> OECD: Plugging the SDG Financing Gap

page 80

G20 Blended Finance Principles for scale and impact by OECD

page 79

Unleashing the Blended Finance Revolution

page 78

Blended finance key unlock for business & investment in people and planet

pages 76-77

THK Dialogue Climate Road to G20

pages 69-75


page 68


pages 66-67

G20 Communiqué

pages 54, 56-62

Helping businesses navigate climate change

pages 45-53


pages 36-38, 40-44


pages 30-33, 35

Planning for success for a Leaders’ Summit

pages 28-29


pages 26-27

Passion for Paint and Commitment to Carbon Reduction

pages 22-25

For 75 Years, the Destination for Middle East Learning and Culture in the Nation’s Capital

pages 21-22

No excuse and no excape to take repsonsibility

pages 14-15, 18-20


page 12


pages 10, 12


pages 4, 6-10
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.