June 06, 2023



This side event provided the opportunity for an in-depth discussion of one of the topics on the agenda of the G20 International Financial Architecture (IFA) Working Group meeting on 6-7 June 2023, related to green capital flows and Emerging Markets (EMs). This seminar highlighted an emerging risk, viz., the possible impact of shift in investment preferences towards the “ESG investments” on capital flows. The objective of the seminar was to discuss this risk and suggest a way ahead for future work in this regard.

  • How can EMs be supported in attracting green capital flows?
  • Which are the risks (e.g., volatility, physical, transition risks) that should be considered in relation to these green capital flows?
  • How can the ESG ratings be harmonised/standardised across rating agencies, and are made to reflect the actual environmental impact of the investments?
  • How can some barriers be lifted, for example, in the area of data provision and measurement and ESG ratings, and that could make EMs more attractive targets for green capital flows?
  • Can lessons be learnt from EMs that have successfully attracted green capital flows?
  • What could be the role of risk sharing mechanisms in facilitating stable green investment flows to the EMs?
  • How can policy and regulatory constraints that impede green capital flows to EMs be overcome?


  • Marc Uzan, Executive Director, Reinventing Bretton Woods Committee
  • Mohua Roy, Indian Presidency


  • Luiz Awazu Pereira da Silva, Deputy General Manager, BIS; and former Deputy Governor, Central Bank of Brazil

  • Amar Bhattacharya, Senior Fellow, Global Economy and Development, Centre for Sustainable Development, Brookings Institution

  • Flore-Anne Messy, Senior Counsellor, OECD

  • Mattia Romani, Partner, Systemiq; and former MD, EBRD

  • Gagan Sidhu, Director, CEEW Centre for Energy Finance

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