The Netherlands Finance Minister on Saturday said that multilateral development banks need to be more risk-embracing and forward-leaning on issues like climate finance and biodiversity diversity.

"We need to provide developing nations with an actionable framework on climate change. Advanced countries need to help developing nations in energy transition as everyone does not have deep pockets", said Sigrid Kaag in an exclusive interview to CNBC-TV18.

She further added that at the G20 Finance Track meeting, the Netherlands is showcasing how green finance needs to be supported and how fiscal resources need to be utilised for the energy transition.

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Commenting on the tug of war over the G20 communique and wording of the text on the Ukraine war, Kaag said that adherence to the Bali text on the illegal invasion of the Ukraine-Russia war was critical and any departure from it would be a departure from the previous leaders' agreement at G20 in Indonesia. Kaag added that any dilution of the Bali text would be unacceptable.

Russian government sources on Friday said they had been intimidated and threatened by German and Canadian officials during the meetings. The Dutch FM called the accusations an exaggeration. "On issues of rights and violations of territorial sovereignty countries respond in the way they want. Russia is grossly exaggerating by calling concerns of other nations on the war as threats and intimidation", she said.

On the issue of debt restructuring, Kaag said there is a need to assist nations that are in a state of indebtedness. "Transparency and greater coordination between public and private creditors are very important in debt resolution", Kaag said.

Listing out the priorities for the G20, the Dutch finance minister said she would like to see clarity on green financing, energy transition, ending the Russian war against Ukraine and inclusive growth for countries in the Global South.

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(Edited by : Sangam Singh)

First Published:Feb 25, 2023 4:21 PM IST