The Ninth Meeting of the San Giorgio Group

The Ninth Meeting of the San Giorgio Group convened financial sector actors to identify practical solutions for scaling climate finance. The discussions focused on three primary areas: evolving 'just energy transition' into a broader 'just transformation' through co-creation and pilot projects; reframing adaptation finance as an investment opportunity rather than solely a public finance issue; and reforming Multilateral Development Bank (MDB) operating models to move toward country-level platforms and innovative risk-sharing instruments.

• The group argues that 'just energy transition' should be viewed as an opportunity to create new economic engines rather than just a mechanism for coal retirement, suggesting that the term 'just transformation' may be more effective for securing stakeholder buy-in. Successful implementation requires 'co-creation' involving labor unions, indigenous peoples, local community groups, and subnational governments from the start.
• Adaptation finance is currently hindered by the misleading narrative that business models are limited and that it is exclusively a public finance issue. The group suggests identifying co-benefits by attaching adaptation to mitigation projects, such as in the cold-chain and cooling sectors, and calls for the creation of a global adaptation metric to align efforts, similar to the 'net zero' target for mitigation.
• To mobilize more private capital, Multilateral Development Banks (MDBs) need to shift from project-by-project funding to coordinated country and sector platforms. This requires a business model overhaul including the use of risk-sharing instruments like currency hedging mechanisms and debt guarantees, as well as the standardization of KPIs to measure real-economy impacts instead of just financial flows.

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} }