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G20 – Italian Presidency

On October 30th and 31st 2021, the G20 Summit took place in Rome, with the participation of the G20 Heads of State and Government, of their counterparts from invited countries, and of the representatives of some of the main international and regional organisations.

The Declaration adopted by the G20 Leaders endorsed the deliverables of the Development Working Group, which focused on two key priority areas in 2021, namely: Financing for Sustainable Development (FSD); Territorial Development and Localisation of the SDGs. The Leaders, in their Declaration, also committed to strengthen their actions to implement the G20 Action Plan on the 2030 Agenda and the G20 Support to COVID-19 Response and Recovery in developing countries by building on the 2021 Rome Update, third deliverable of the DWG.

With regards to the Financing for Sustainable Development (FSD), the DWG committed to promote enhanced mobilization, alignment and impact of all sources of finance – public, private, domestic and international – in order to address the increasing SDGs financing gaps in developing countries. In particular, building on consultations with a wide range of experts and stakeholders in a dedicated Thematic Group, and in collaboration with the G20 Finance Track, the DWG focused on three complementary actions, namely:

i) G20 Framework for voluntary support to a greater uptake and operationalisation of the Integrated National Financing Frameworks (INFFs) for SDGs Finance and COVID-19 Recovery in Developing Countries;

ii) G20 High-Level principles on scaling up Sustainability-related financial instruments in developing countries;

iii) G20 common vision and voluntary reporting principles for SDGs alignment of fiscal space.

Moreover, regarding the Territorial Development and Localisation of the SDGs, G20 delegates recognised that local authorities are crucial actors to mitigate the impacts of the pandemic. Among the main deliverables in this area, G20 countries established a G20 Platform on SDG Localisation and Intermediary Cities (PLIC) and agreed upon G20 Rome High Level Principles on city-to-city partnerships for the SDGs, with a view to develop a G20 Compendium of good policy practices and inspiring examples. The G20 Platform on SDG Localisation and Intermediary Cities, whose launch is foreseen by the end of 2021, will be an open and inclusive space for policy dialogue to support local, national and international actions to address the knowledge, policy, financing and capacity gaps affecting intermediary cities and optimise their development potential while supporting efforts for SDGs localisation. Building on their respective expertise, mandates and programmes of work, OECD and UN-HABITAT will co-host the G20 Platform, in close cooperation with other International Organisations and partners.

Finally, the Leaders Declaration also endorsed the 2021 Rome Update, a key deliverable of the DWG, which serves as a roadmap to highlight G20 contributions to the 2030 Agenda during the Italian Presidency and take stock of the progress made on previous G20 Development Commitments.