At the 2022 G20 Bali Summit, the G20 leaders unanimously ratified the G20 Bali Leaders’ Declaration acknowledging the need for the Global Blended Finance Alliance (GBFA) to serve as a global community of support to accelerate investment in climate action and sustainable development. The ambition of the initiative was to address the huge financing gap through blended finance structures for climate actions and achieving the SDGs in developed and developing countries.
Extracts from the G20 Bali Leaders’ Declaration on Global Blended Finance Alliance
“……….. This includes the support of dedicated global institutions, including Multilateral Development Banks (MDBs) and the role played by philanthropies, to engage a wide set of actors and build a global community of support. We acknowledge the proposed initiative by the Government of Indonesia on the Global Blended Finance Alliance that could serve as a global community of support to accelerate investment in climate action and sustainable development.”
The GBFA, to be launched on the margins of the G20 Summit, will seek to fill the SDG Funding Gap, through interested financing stakeholders and to implement the G20 Blended Finance Principles, developed in the G20 DWG, across relevant sectoral areas. Various sources of funding, including governmental and multilateral organisations, philanthropies and foundations, and the private sector are considered for the GBFA.
the G20 Bali Global Blended Finance Alliance (GBFA) is envisioned as an international organisation to work with partners to strengthen the blended finance ecosystem and fill market gaps. Headquartered in Bali and working with leading content and delivery partners, the G20 Bali GBFA will:
G20 Bali Global Blended Finance Alliance ‘Letter of Intent’ Signing Ceremony on May 20, 2024 around the 10th World Water Forum, nine countries comprising Canada, the Democratic Republic of Congo, Fiji, France, Kenya, Luxembourg, Sri Lanka, the United Arab Emirates together with host country Indonesia signed the ‘Letter of Intent’ as prospective founding members to set up the G20 Bali Global Blended Finance Alliance
Following the 2022 G20 Bali Leaders’ Declaration, the Government of Indonesia has actively held dialogues and discussion around international fora, such as COP28, including bilateral discussion with potential member countries.
17 Oct 2024
In Jakarta, Kenya signed up for the G20 Bali GBFA, making it the first country to join the Indonesia-led G20 Bali Alliance dedicated to bridging the financing gap for sustainable development goals (SDGs) and climate action. The hybrid Signing Ceremony event was attended by the government representatives of all the potential member countries and knowledge partners, followed by the lighting of 17 SDGs candles as symbolic commitment toward achieving the SDGs.
26 September 2024
Around the 79th Session of the UNGA in New York, the Government of Indonesia held a G20 Bali GBFA High-level Dialogue including Member Countries ‘Articles of Agreement’ (A0A) Consensus and Knowledge Partners Signing Ceremony. Following intense discussions, the Governments of Democratic Republic of Congo, Fiji, Republic of Indonesia, Kenya, Luxembourg, Sri Lanka, and United Arab Emirates have reached the consensus of AoA to establish the G20 Bali GBFA as a global institution. These countries are committed to completing their respective internal processes and agreed to sign the AoA to become a founding member of the GBFA around the COP29 Azerbaijan. The other LoI signatories, the Governments of Canada and France have followed the discussion. Additional countries, such as Papua New Guinea, Germany, Australia, and Singapore, have expressed an interest to participate in the new international organization. Additionally, two other organisations, Tony Blair Insittute (TBI) and UNDP signed up to become Knowledge Partners.
06 September 2024
Around the Indonesia International Sustainability Forum held in Jakarta, the United In Diversity Foundation as secretariat of the Tri Hita Karana Forum became the first Knowledge Partner for the G20 Bali GBFA in an MoU with the Coordinating Ministry of Maritime and Investment Affairs.
20 May 2024
Around the 10th World Water Forum in Bali, the Government of Indonesia held the G20 Bali GBFA ‘Letter of Intent’ (LoI) Signing ceremony. The historic occasion saw nine countries - Canada, the Democratic Republic of Congo, Fiji, France, Kenya, Luxembourg, Sri Lanka, UAE and host country Indonesia - signed the Letter of Intent to join as potential founding members in setting up the G20 Bali GBFA as an international organisation. The G20 Bali GBFA Secretariat office was also unveiled and launched at Sanur Special Economic Zone, Bali.
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