Women across the world are disproportionately affected by the COVID-19 pandemic, reversing gains in gender equality made in recent decades. Women-led businesses have been more negatively impacted economically, especially in sectors hardest hit by the pandemic.1 The G20 must take urgent actions to promote gender equality by economically empowering women-led businesses in the post-COVID world. Public–private sector schemes that accelerate technology adoption, innovation and digital skills training for women entrepreneurs and strengthen financing and fiscal assistance for women-led businesses should be actively supported and encouraged.

In the last three years, green hydrogen has been gaining significant momentum. Hydrogen will become a key component of decarbonisation strategies, enabling low-carbon energy storage and transportation. Producing cost-competitive hydrogen is difficult because of insufficient technology and manufacturing readiness levels, lack of scale and lack of political support. Economies of scale for hydrogen production could be achieved by introducing hydrogen in global industries which are major CO2 emitters. One of those is steel-making, accounting for roughly 7% of global CO2 emissions. This policy brief evaluates pathways and suggests enabling policy mechanisms for decarbonizing the steel industry and for the deployment of green hydrogen at scale.

Climate change represents a rapidly emerging challenge for central banks, particularly in developing economies. Central banks have tools to increase the economy’s resilience, enable reallocation of resources to reduce costs and grasp opportunities, and smooth the transition to a low carbon economy. Specific measures, such as changes to selected macroprudential rules, merit consideration. The climate challenge also highlights two traditional mandates. First, price and financial stability support investment and long-term price discovery, both crucial to climate response. Second, central banks are already critical providers of information to public and private decision-makers. Creation and dissemination of knowledge that facilitates improved decision-making by public and private actors (notably investors) may be central banks’ most important contribution to more favourable social, economic, and environmental outcomes in a context of climate change. The T20 can play important roles in facilitating this knowledge acquisition by central banks in developing countries.

* The views expressed in this note are those of the authors and do not necessarily represent those of the South African Reserve Bank or Reserve Bank policy. While every precaution is taken to ensure the accuracy of information, the South African Reserve Bank shall not be liable to any person for inaccurate information or opinions contained herein.

G20 countries should make a renewed commitment towards providing stronger incentives for investment in low-carbon technologies, including through carbon pricing, but also via a more rapid phasing out of fossil fuel subsidies. To help redirect finance towards green investment G20 countries should work on the establishment of common international standards for consistent and comparable public disclosure as well as supervisory and regulatory reporting.