12 June 2025 - Senior public finance leaders from across the globe convened in Cape Town this week for the inaugural Customised Leadership Programme for the G20 Sustainable Finance Working Group
Senior public finance leaders from across the globe convened in Cape Town this week for the inaugural Customised Leadership Programme for the G20 Sustainable Finance Working Group (SFWG), hosted by the University of Cambridge Institute for Sustainability Leadership (CISL) in collaboration with the United Nations Development Programme (UNDP), the SFWG secretariat. The two-day programme was delivered by a bespoke faculty of leading thinkers from academia, policy, and finance—including Michael Sheren, former SFWG co-chair and now a CISL Fellow—and was chaired by Professor Richard Calland, Director of CISL Africa.
Designed exclusively for members of the G20 SFWG under South Africa’s G20 Presidency, the programme brought together key officials from finance ministries and central banks to explore the role of different types of finance in supporting the G20’s three over-arching 2025 themes - solidarity, equality, and sustainability, and its five main objectives - inclusive growth, employment and inequality, critical minerals, reform of the global financial architecture, artificial intelligence and innovation, and food security.
Delegates from 16 countries participated in the programme, alongside official representatives from the European Union (EU) and the African Union (AU)—reinforcing the event's broader multilateral relevance and the urgency of inclusive global cooperation.
Far from being a traditional lecture series, the programme was highly interactive, grounded in systems thinking, reflective dialogue, and small group strategy sessions. Participants were encouraged to challenge assumptions, engage in “leadership action groups,” and respond to provocative questions such as: ‘Why is capital not going where it’s needed?’ and ‘What must change to scale transformative finance?’
Session Highlights
The programme opened with framing remarks by Professor Richard Calland and Dr Nina Seega, who heads CISL’s Centre for Sustainable Finance in Cambridge, setting a tone that encouraged delegates to think beyond their institutional roles. “The challenge is one of unprecedented complexity, interconnectedness and urgency”, Calland told the assembly of global public finance leaders. “Capital is simply not going where it is needed to address the great sustainability crisis of our age. The tropes of sustainable finance, such as blended finance and de-risking to crowd in private finance, are not doing enough. New ideas and new leadership, is urgently needed, especially from G20 countries”.
Anton Cartwright guided participants through systemic pressures and trends, looking at forces shaping finance in 2025.
Dr Nina Seega, Stefan Raubenheimer and Malcolm Gray led sessions on systemic risk, capital flows, and natural capital, challenging participants to rethink how capital is being allocated globally. Professor Edgar Pieterse and Professor Mark Swilling addressed the future of African cities and public finance innovation.
A further highlight of the first day was a fireside conversation between Prof Richard Calland and Trevor Manuel, former South African Minister of Finance, who has been appointed by the SA G20 Presidency to chair an African Expert Panel, reflecting on the G20’s potential to drive sustainable finance from an African perspective.
On Day two, Presidential Climate Commission climate finance advisor Dipak Patel and Anton Cartwright delved into South Africa’s Just Energy Partnership and the evolving role of voluntary and compliance carbon markets. Catherine Koffman from the Green Climate Fund and Stefan Raubenheimer explored how to unlock more effective blended finance strategies, including the potential for institutional innovation offered by country platforms (the subject of a recent article by Professor Calland).
Beyond the Programme
The programme concluded with a forward-looking session on SFWG’s priorities for the 2025 G20. CISL will host a follow-up virtual session on Scaling Blended Finance in EMDEs, to tackle one of the most pressing challenges of our time: aligning global finance with sustainable development in emerging markets and developing economies.
Participants are now part of the broader CISL network, with ongoing opportunities to connect, learn, and lead within the global sustainable finance ecosystem.