HIGHLIGHT OF THE HIGH-LEVEL ROUNDTABLE DIALOGUE

At the 2022 G20 Bali Summit, the Global Blended Finance Alliance (GBFA) was unanimously acknowledged by the G20 Bali leaders as the global institution to help accelerate investment in climate action and sustainable development. The ambition of the initiative was to address the huge financing gap through blended finance structures for climate actions and achieving the SDGs in developed and developing countries.

As a follow up, the Government of Indonesia had actively conducted activities, including a roundtable discussion at COP 28 in Dubai (2023) led by Mari Elka Pangestu, Presidential Special Envoy for Climate Finance, as an outreach to potential country members and partners on the G20 Bali initiative

On 20 May 2024 around the 10th World Water Forum in Bali, the Government of Indonesia hosted the High-level G20 Bali GBFA Roundtable and the ‘Letter of Intent’ Signing ceremony with the launch of the G20 Bali GBFA Secretariat. The launch and signing of the GBFA G20 Bali ‘Letter of Intent’ was attended by nine potential founding country members with three representatives from G20 countries, financial hubs, island countries and African countries.  The countries comprising Canada, the Democratic Republic of Congo, Fiji, France, Kenya, Luxembourg, Sri Lanka and the UAE signed the ‘Letter of Intent’ with host country Indonesia to join as potential founding members. 

The mission of the G20 Bali GBFA would be to scale and replicate blended finance instruments for developing countries by accelerating investments, modernize the development finance system by reducing transaction costs, unlock opportunities for transition finance, capacity building and strengthen network across relevant actors.  It will work on the premise of the G20 Blended Finance Principles.

In parallel to the signing of the G20 Bali GBFA ‘Letter of Intent’, the Secretariat has held a series of dialogues. The G20 Bali GBFA Dialogue co-convened by the Tri Hita Karana Forum and World Economic Forum focused on a just energy transition, forests, the blue economy including mangroves and seagrass forests, infrastructure, tourism and health.