The B20 Task Force on Green Growth has proposed five “Priority Actions for Los Cabos”
to G20 stakeholders. While all five are tangible, actionable ideas, one idea in
particular represents a significant opportunity to advance the green-growth agenda
in the next 36 months.
I. At the Los Cabos summit, endorse the launch of a new club called the B20 Green
Growth Club to facilitate and monitor progress in delivering green growth.
The club will have a three-year mandate and will initially focus on transforming
global financing flows for green growth by strategically targeting public financing
to dramatically scale up private investment.
At the time of the Los Cabos summit the B20 will declare a new club of international
financial institutions, development banks, companies, banks, and private investors.
As stated above, the club is designed to make practical progress on the green-growth
agenda within the next 36 months, with an initial focus on financing. We invite
development and finance ministers and international financial institutions to engage
with the B20 Green Growth Club to scale publicprivate financing structure for green
growth and United Nations sustainable energy for all investments. We will report
on our progress in leveraging private finance at future G20 summits.
In its first phase, the club will work with the G20 to facilitate efforts to target
public funding to leverage private investment by:6
· Identifying and sharing best-practice risk mitigation and co-investment funding
structures for green investment
· Supporting efforts to move away from a project-byproject approach to a portfolio-investment
· Working with G20 leaders to incorporate “leveraging private finance” as a key
performance strategy for international financial institutions and national development
· We call upon leaders from international financial institutions, development banks,
companies, banks, and private investors to join the B20 Green Growth Club and support
· We call upon governments, including finance and development ministers, to engage
with the club and create an enabling policy environment for green growth by implementing
task-force recommendations for:
- Promoting free trade in green goods and services
- Achieving robust pricing on carbon
- Ending inefficient fossil-fuel subsidies
- Accelerating low-carbon innovation
- Dramatically increasing efforts to target public funding to leverage private investment