At the Los Cabos Summit (June 2012), G20 Leaders reaffirmed their commitment to fight climate change and to structurally transform economies towards a climate-friendly path in the medium term. They also “welcomed the creation of the G20 study group on climate finance, in order to consider ways to effectively mobilize resources taking into account the objectives, provisions, and principles of the UNFCCC in line with the Cancun Agreement and ask to provide a progress report to Finance Ministers in November”1.
The G20 CFSG is open to all G20 members, co-chaired by France and South Africa. The first face-to-face meeting of the group was on the 23rd of September 2012 in Mexico, in the margins of the G20 finance deputies meeting, which enabled preliminary exchanges of views and experiences and led to the production of a progress report.
Four months later, at their Mexico City meeting (November 2012), Finance Ministers and Central Bank Governors “recognized that the UNFCCC is the forum for climate change negotiations and decision-making at the international level” but “acknowledged that climate finance is a relevant issue to be discussed amongst G20 Finance Ministers and Central Bank Governors”. They welcomed the report of the CFSG and requested that it “continue working towards building a better understanding of the underlying issues among G20 members taking into account the objectives, provisions and principles of the UNFCCC, and report back to Leaders in 2013”3.