The Ninth Meeting of the San Giorgio Group

The Ninth Meeting of the San Giorgio Group, convened by the Climate Policy Initiative on March 23-24, 2023, brought together financial sector actors managing over USD 25 trillion in assets to discuss scaling climate finance. The discussions focused on three primary areas: evolving the approach to just energy transitions, reframing adaptation and resilience as investment opportunities, and reforming the public finance architecture of Multilateral Development Banks (MDBs).

• The group suggests that 'just energy transition' should be expanded to a 'just transformation' framework that goes beyond coal retirement to create new economic engines. Successful implementation requires 'co-creation' involving labor unions, indigenous peoples, local community groups, and subnational governments from the start. Proposed mechanisms to accelerate this include small pilot projects, the creation of 'Just Term Sheets' for funding pools, the establishment of professional implementing units, and a central knowledge-sharing platform.
• Adaptation finance is currently hindered by a narrative that business models are limited and a tendency to treat it as a purely public finance issue. The group argues that adaptation should be integrated with mitigation projects—such as in cold-chain and cooling sectors—to identify co-benefits. To scale private investment, the group recommends developing a global adaptation metric (e.g., reducing child mortality), mapping opportunities for the private sector, and creating Adaptation Service Companies (ADASCOs) based on the ESCO model.
• To improve the public finance architecture, Multilateral Development Banks (MDBs) should shift from project-by-project funding to coordinated country and sector platforms that include central banks and finance ministries. The group advocates for a business model overhaul of MDBs, including balance sheet optimization and the use of risk-sharing instruments such as currency hedging mechanisms, domestic capital guarantees, and debt guarantees to mobilize private capital.

APA

Climate Policy Initiative (2023). The Ninth Meeting of the San Giorgio Group. https://www.climatepolicyinitiative.org/wp-content/uploads/2024/04/SGG9-Summary.pdf

Chicago

Climate Policy Initiative. The Ninth Meeting of the San Giorgio Group. 2023. https://www.climatepolicyinitiative.org/wp-content/uploads/2024/04/SGG9-Summary.pdf.

Wikipedia

{{cite report |author=Climate Policy Initiative |title=The Ninth Meeting of the San Giorgio Group |date=2023 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2024/04/SGG9-Summary.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatepolicyinitiative2023ninth, author = {{Climate Policy Initiative}}, title = {{The Ninth Meeting of the San Giorgio Group}}, institution = {Climate Policy Initiative}, year = {2023}, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2024/04/SGG9-Summary.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }