## third-phase-of-the-data-gaps-initiaitve-first-progress-report ## Source details **Canonical URL:** [third-phase-of-the-data-gaps-initiaitve-first-progress-report](https://www.imf.org/-/media/files/news/seminars/dgi/documents/third-phase-of-the-data-gaps-initiaitve-first-progress-report.pdf) ## Other formats - [Markdown version](/-/media/files/news/seminars/dgi/documents/third-phase-of-the-data-gaps-initiaitve-first-progress-report.pdf.md) - [Structured JSON version](/-/media/files/news/seminars/dgi/documents/third-phase-of-the-data-gaps-initiaitve-first-progress-report.pdf.json) --- ### Context and mandate - G20 Finance Ministers and Central Bank Governors (FMCBGs) April 2021 recognition: "improving data availability and provision, including on environmental issues, and harnessing the wealth of data produced by digitalization, while ensuring compliance with legal frameworks on data protection and privacy." - G20 FMCBGs asked IMF, in close cooperation with the Inter-agency Group on Economic and Financial Statistics (IAG) and the Financial Stability Board (FSB), to prepare a concept note for DGI-3; July 2021 FMCBGs took note of the concept note. - Detailed workplan developed with IAG, FSB, G20 and participating economies with consultations during April to September 2022 to balance data needs and statistical capacities. ### Role of Air Emission Accounts within DGI-3 - DGI-3 workplan: 14 recommendations across four statistical areas: (i) climate change; (ii) household distributional information; (iii) Fintech and financial inclusion; (iv) access to private sources of data and administrative data, and data sharing. - Rec 1: "Greenhouse Gas (GHG) Emission Accounts and National Carbon Footprints" — led by IMF, UNSD, Eurostat (leads), and the OECD. - Task Team for GHG Emissions, Carbon Footprints and Energy Accounts covers Rec 1 (GHG Emission Accounts and National Carbon Footprints), Rec 2 (Energy Accounts), Rec 3 (Carbon Footprints of FDI). ### Governance, institutional arrangements and task team structure - DGI-3 coordinated by IMF (DGI Secretariat) in close cooperation with IAG, FSB and the G20 Presidency; reports to G20 FMCBGs. - IAG acts as global facilitator/coordinator and monitors progress; FSB Secretariat participates in IAG meetings. - Task teams: representatives from IAG designated lead agencies, G20 and participating economies, technical expert members; chairs and secretariats drawn from IAG designated lead agencies. - Task teams expected to operate January 2023 – December 2027. - National coordination: G20 country coordinators serve as national focal points, provide inputs to DGI Secretariat, oversee nomination/updates of task team members, participate in DGI-3 Global Conferences. ### Objectives, deliverables and implementation activities (air emission accounts focus) - Core task team activities: - Undertake stocktaking exercises. - Establish methodological and data collection frameworks, questionnaires, report forms, and tools. - Implement guidance and facilitate compilation of data required by the targets. - Engage stakeholders to ensure complementarity, consistency and avoid overlap. - Facilitate sharing of compilation methods across G20 and participating economies and compilation of estimates. - Review results and coordinate dissemination. - Reporting: task teams report to DGI Secretariat and IAG via semiannual questionnaires and at DGI-3 Global Conferences. - Timeline implication: DGI-3 recommendations implementation to span a five-year horizon; targets designed so data gaps can be closed within the first few years of launch. ### Progress reporting framework: purpose, categories and early survey - Purpose: - Track progress in implementation. - Acknowledge accomplishments. - Serve as benchmark for following years. - Ensure flexibility to address relevance, legislative constraints, and resource/capacity limits. - Four reporting levels: - (1) Data gap is closed — report when data publicly disseminated on an official government website. - (2) Data gap is being addressed — economy has work program or plan to address gap. - (3) Data gap is not material for the economy — national stakeholders/users indicate lack of data not an impediment. - (4) Data gap is not an immediate priority given available resources — assessed as material but resources cannot be allocated. - Initial survey March–April 2023: responses from 21 economies (excluding the EU). Four regional workshops organized May 3, 2023. ### Workshops (first seven months of 2023) and key outcomes relevant to air emissions - Recommendations 1-3 workshop: May 22-24, 2023 (first virtual workshop organized by IMF). - Key agreed outcomes for Recommendations 1-3 (GHG Emissions, Carbon Footprints, Energy Accounts): - Objective: provide overview and compilation methods for air emission accounts, energy accounts, and national carbon footprints. - Lead agencies to work with G20 and participating economies using existing templates and tools; templates/tools to be presented at a fall workshop followed by regional/country-specific assistance. - Noted: several G20 countries regularly compile these statistics; more than half of G20 countries do not compile them on a regular basis. - Planned sequence of technical support workshops for Recommendations 1, 2 and 3 (virtual and technical support / footprint review sessions) as part of Annex 3. ### Readiness overview for methodological frameworks, reporting templates, and source data (selected recommendations) - Readiness scoring approach: - High: all 3 inputs exist (conceptual/accounting framework, reporting templates, source data). - Moderate: 2 or more input factors exist. - Low: less than 2 input factors exist. - Recommendations 13 and 14 excluded from the dashboard due to qualitative nature. - Select recommendations with readiness status and inputs (preserve original descriptions): - 1. GHG Emissions Accounts and National Carbon Footprints — High - Conceptual and Accounting Frameworks: Manual for Air Emissions Accounts, Eurostat; 2008 System of National Accounts (2008 SNA); Input-Output Tables (IOTs) or Supply and Use Tables (SUTs); System of Environmental-Economic Accounting Central Framework (SEEA-CF) - Reporting Templates: Yes - Source data: GHG Emissions - 2. Energy Accounts — High - Conceptual and Accounting Frameworks: SEEA-CF; Energy Statistics and Balances; SUTs - Reporting Templates: Yes - Source data: Energy Statistics and Balances, SUTs - 3. Carbon Footprints of FDI — Moderate - Conceptual and Accounting Frameworks: Benchmark Definition of FDI, 4th Edition (BD4) - Reporting Templates: Yes - Source data: FDI Statistics; Balance of Payments and International Investment Position Manual, sixth edition (BPM6); International Trade Statistics by Enterprise Characteristic; Activities of Multinational Enterprise (MNE) statistics; Carbon emission intensities by industry and use (obtained from recommendation 1) ### Progress on closing the data gaps (summary as of September 30, 2023) - Climate change statistics notable progress: - Recommendation 1 — GHG Emissions Accounts and National Carbon Footprints: 29 per cent of economies reported the data gap closed. - Recommendation 2 — Energy Accounts: 48 per cent of economies reported the data gap closed. - Table 4 excerpt — By number of economies (as of September 30, 2023): - 1. GHG Emissions Accounts and National Carbon Footprints - Data Gap is Closed: 7 - Data gap is being addressed: 9 - Data Gap is not Material for the Economy: 1 - Data gap is not an immediate priority area for the national authorities, given available resources: 1 - Unable to assess at this time, further consultation with national stakeholders is required: 7 - 2. Energy Accounts - Data Gap is Closed: 11 - Data gap is being addressed: 10 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 0 - Unable to assess at this time, further consultation with national stakeholders is required: 4 - 3. Carbon Footprints of FDI - Data Gap is Closed: 0 - Data gap is being addressed: 15 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 2 - Unable to assess at this time, further consultation with national stakeholders is required: 8 - 4. Climate Finance - Data Gap is Closed: 0 - Data gap is being addressed: 20 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 0 - Unable to assess at this time, further consultation with national stakeholders is required: 5 - 5. Forward Looking Physical and Transition Risk Indicators - Data Gap is Closed: 0 - Data gap is being addressed: 14 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 0 - Unable to assess at this time, further consultation with national stakeholders is required: 11 - 6. Climate-Impacting Government Subsidies - Data Gap is Closed: 0 - Data gap is being addressed: 10 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 2 - Unable to assess at this time, further consultation with national stakeholders is required: 13 - 7. Climate Change Mitigation and Adaptation Expenditures - Data Gap is Closed: 0 - Data gap is being addressed: 9 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 3 - Unable to assess at this time, further consultation with national stakeholders is required: 13 ### Country-level implementation highlights (selected salient points relevant to air emission accounts and related frameworks) - France - Rec 1: Data gap closed. Air emission accounts compiled for 2008 to current year -2 per European regulation 691/2011; 2008 to 2021 air emissions accounts published on Eurostat and Ministry of Ecological Transition websites in fourth quarter of 2023. Carbon footprint of final demand calculated for over 10 years. - Germany - Rec 1: Data gap closed. DESTATIS publishes SUTs, Air Emission Accounts and Consumption-based Carbon Footprints data. - United Kingdom - Rec 1: Data gap closed. Air emissions published by ONS and Carbon footprints published by UK Government; air emissions accounts assessed as national statistic. - Italy - Rec 1: Data gap closed. ISTAT publishes Air Emission Accounts 2008-2021 and consumption-based carbon footprints 2008-2020 (2020 provisional). - United States - Rec 1: Data gap being addressed. BEA published proof-of-concept air emissions account for 2012-2017 in April 2023; part of 2023 National Strategy to Develop Statistics for Environmental-Economic Decisions with development/production of these accounts by 2032 conditional on permanent funding. - Canada - Rec 1: Data gap being addressed. Canada disseminates SUTs and partially meets air emission accounts target producing account for three pollutants for 2009-2020; consumption-based carbon footprint not currently produced. ### Key implementation challenges and next steps (as identified in workshops and country notes) - Challenges: - Variation in statistical capacities across economies; legislative constraints and resource limitations. - Need for harmonized definitions (e.g., for green securities, mitigation vs adaptation expenditures, climate-damaging vs climate-sustaining subsidies). - Data confidentiality and availability for forward-looking physical and transition risk indicators and for firm-level/disaggregated geographical analyses. - Administrative data access constraints for household wealth and distributional accounts in several economies. - Crypto-asset anonymity and evolving regulation complicate digital money data collection; CBDC pilots raise collection design issues. - Agreed next steps: - Present templates/tools at fall workshop and provide regional/country-specific assistance. - Coordinate methodological work with SNA manual update and other international guidance (SEEA-CF, GFSM 2014, 2008 SNA). - Conduct stocktaking questionnaires and follow-up consultations with national stakeholders to move items from "being addressed" to "closed." - Organize targeted technical workshops per Annex 3 timeline grid (2023–2027) to refine methodologies, finalize reporting templates, and provide technical support. *Source: third-phase-of-the-data-gaps-initiaitve-first-progress-report (DGI-3 progress report, as of September 30, 2023).* ### 1. Air Emission Accounts _____________________________________________________________________ 15 ### 1. Air Emission Accounts ### Context and mandate - The G20 Finance Ministers and Central Bank Governors (FMCBGs) in April 2021 recognized the importance of "improving data availability and provision, including on environmental issues, and harnessing the wealth of data produced by digitalization, while ensuring compliance with legal frameworks on data protection and privacy." - The G20 FMCBGs asked the IMF, in close cooperation with the Inter-agency Group on Economic and Financial Statistics (IAG) and the Financial Stability Board (FSB), to prepare a concept note for a possible new Data Gaps Initiative (DGI), referred to as DGI-3. - In July 2021 the G20 FMCBGs took note of the concept note for DGI-3. Subsequent development of a detailed workplan involved IAG, FSB, G20 and participating economies, with consultations during April to September 2022 to balance data needs and statistical capacities. ### Role of Air Emission Accounts within DGI-3 - The DGI-3 workplan includes 14 recommendations addressing four statistical areas: (i) climate change; (ii) household distributional information; (iii) Fintech and financial inclusion; and (iv) access to private sources of data and administrative data, and data sharing. - Rec 1 is titled "Greenhouse Gas (GHG) Emission Accounts and National Carbon Footprints" and is led by IMF, UNSD, Eurostat (leads), and the OECD. ### Governance and institutional arrangements - The DGI-3 is coordinated by the IMF which provides the DGI Secretariat, in close cooperation with the IAG, the FSB and the G20 Presidency, and reports to the G20 FMCBGs. - The IAG acts as global facilitator and coordinator and also monitors progress. The FSB Secretariat participates in IAG meetings. - For each recommendation, lead and contributing international organizations are identified according to mandate and prior contributions (Rec 1 lead organizations listed above). ### Task team structure and responsibilities relevant to air emissions - DGI task teams were established to organize and implement the workplan. By end-January 2023, IAG invited G20 and participating economies to nominate task team representatives; nominations concluded in mid-March 2023. - The Task Team for GHG Emissions, Carbon Footprints and Energy Accounts covers Rec 1 (GHG Emission Accounts and National Carbon Footprints), Rec 2 (Energy Accounts), and Rec 3 (Carbon Footprints of FDI). - Task teams comprise representatives from IAG designated lead agencies, G20 and participating economies, and other key stakeholders. Each task team has a chair and secretariat drawn from IAG designated lead agencies, and technical expert members from participating economies. - Task teams are expected to operate for the period January 2023 – December 2027. ### Objectives and deliverables for the air emission accounts task work - Execute the project plan for the recommendation(s), including: - Undertaking stocktaking exercises. - Establishing methodological and data collection frameworks, questionnaires, report forms, and tools. - Implementing guidance and facilitating compilation of data required by the targets. - Engaging with stakeholders to ensure complementarity, consistency and to avoid overlap. - Facilitating sharing of compilation methods across G20 and participating economies and compilation of estimates. - Reviewing results and coordinating dissemination of resulting information. - Task teams report to the DGI Secretariat and the IAG on progress through semiannual questionnaires and at DGI-3 Global Conferences. ### National coordination and peer engagement - G20 country coordinators coordinate DGI-3 implementation at the national level and serve as focal points to the DGI Secretariat. - Responsibilities include: providing inputs to the DGI Secretariat on national progress, participating in the DGI-3 Global Conferences and task team workshops, overseeing nomination and updates of task team members. - DGI Global Conferences provide a platform for country coordinators to discuss progress, strategic issues, and exchange country practices and peer learning experiences. ### Monitoring, reporting and timeline implications for air emission accounts - The DGI-3 progress reporting framework is designed to consider different levels of statistical development, legislative constraints, and priorities among participating economies. - G20 and participating economies will provide a yearly progress report outlining implementation of the DGI-3 workplan; the IMF will present this to the G20 FMCBGs. - An initial survey for the progress reporting framework was conducted in March and April 2023 and received responses from 21 economies (excluding the EU). Four regional workshops were organized on May 3, 2023. - The DGI-3 targets and timelines are designed so that data gaps can be closed within the first few years of the launch of the DGI-3, and implementation of the DGI-3 recommendations will span over a five-year horizon. - The IAG and FSB, in close coordination with G20 and participating economies, will monitor implementation progress and advise on an exit strategy closer to the end of the initiative. *Prepared by IMF in cooperation with the IAG and FSB, as presented in the DGI-3 first progress report.* ### 18. The final version of the DGI-3 progress reporting framework was presented and agreed at the June 2023 ### The final version of the DGI-3 progress reporting framework was presented and agreed at the June 2023 DGI-3 Global Conference hosted in Washington D.C. ### Progress reporting framework: purpose and reporting categories - Purpose: - Track the progress in implementation. - Acknowledge accomplishments. - Serve as a benchmark for the following years. - Ensure flexibility to address concerns from the G20 and participating economies regarding relevance of specific targets and limitations on resources and capacities. - Four levels of reported progress: - (1) Data gap is closed — an economy should report the data gap as closed when the data are publicly disseminated on an official government website. - (2) Data gap is being addressed — assumed that an economy has a work program in place or a plan to put a program in place to address the data gap. - (3) Data gap is not material for the economy — reported when national stakeholders and data users indicate the data gap is not material and the lack of data is not an impediment to effective policy. - (4) Data gap is not an immediate priority area for the national authorities, given the available resources — reported when the data gap is assessed as material but resources cannot be allocated given other priorities and resource constraints. ### Implementing the DGI-3 workplan during the first year: institutional arrangements and activities - DGI-3 task teams established for all recommendations. - IAG lead agencies conducted stocktaking exercises to assess data availability and establish methodologies. - DGI-3 task teams conducted several virtual meetings since the Workplan endorsement by the G20; not all participating economies are represented in all task teams. - To complement task team work and reach all participating economies, several workshops were conducted to: - discuss existing methodological frameworks, - review data gaps and stocktaking survey results, - explore ways to overcome challenges and advance implementation. ### Workshops conducted during the first seven months of 2023 - Recommendations 1-3—GHG Emissions, Carbon Footprints and Energy Accounts: May 22-24, 2023, first virtual workshop organized by the IMF. - Recommendation 4—Climate Finance: May 15-16, 2023, virtual kick-off workshop organized by the WGSD. - Recommendation 6-7—Climate-Impacting Subsidies, Climate Mitigation and Adaptation Expenditures: May 30-31, 2023, first virtual workshop organized by the IMF. - Recommendation 8—Distribution of Income, Consumption and Savings: June 29-30, 2023, first in-person workshop of the EG DNA Framework organized by the OECD in Paris. - Recommendation 9—Distribution of Wealth: May 23, 2023, virtual kick-off meeting organized by the OECD. - Recommendation 11—Digital Money: July 10-12, 2023, first hybrid workshop organized by the IMF, in collaboration with BIS, ECB, and FSB, in London. ### Key outcomes and agreed next steps from workshops (by recommendation) - Recommendations 1-3 — GHG Emissions, Carbon Footprints, Energy Accounts: - Objective: provide overview and compilation methods for air emission accounts, energy accounts, and national carbon footprints. - Agreed that lead agencies would work with G20 and participating economies using existing templates and tools; templates/tools to be presented at a fall workshop followed by regional/country-specific assistance. - Noted: several G20 countries regularly compile these statistics; more than half of G20 countries do not compile them on a regular basis. - Recommendation 4 — Climate Finance: - Took stock of project plan and draft reporting templates; agreed to leverage DGI-2 recommendation 7 reporting infrastructure and self-commitment reporting approach. - Draft templates circulated for written consultation; fine-tuned templates to be prepared for a WGSD workshop hosted by the South African Reserve Bank in Cape Town, South Africa on October 5-6, 2023, with BIS IFC support. - Workshop goals: (1) agree on final reporting templates for recommendation 4, (2) kick off methodology work for defining green securities, (3) deepen exchange on compiling climate finance statistics, including security-by-security data and user needs. - Future methodology for green securities should be closely coordinated with the SNA manual update and user needs. - Recommendations 6-7 — Climate-Impacting Subsidies; Mitigation and Adaptation Expenditures: - Key outcomes: - Clear support for basing indicators on existing statistical guidance. - Scope of indicators needs establishment (restrict to statistical manual definition of subsidies or include other transfers, indirect/induced subsidies, and tax expenditures). - Importance of consistency between recommendations 6 and 7 (including definition of ‘climate mitigation and adaptation’ and data sources). - Different approaches may be needed to define climate-sustaining vs. climate-damaging, given policy intent vs. impact. - Importance of involving other initiatives and expert groups (e.g., UNCEEA) and coordinating across international organizations. - Noted OECD Inventory documents over 1500 government measures encouraging fossil-fuel production or consumption in 51 countries. - Guidance document on measuring fossil fuel subsidies is under preparation. - Recommendation 8 — Distribution of Income, Consumption and Savings: - Focused on exchange of country practices, updates to collection template (EG DNA), specific compilation issues (interhousehold transfers, micro-macro gaps). - Update on centralized approach based on R to assist methodology implementation (e.g., adjustments for missing rich). - Explored nowcasting techniques for timelier estimates and sensitivity analyses for margins of error. - Discussed organization of a new data collection round likely to take place in the second half of 2024. - Recommendation 9 — Distribution of Wealth: - Kick-off meeting focused on terms of reference for new Expert Group on Distribution of Household Wealth. - Discussed wealth concepts, planned questionnaire stock-taking exercise over the summer to inform collection template and develop guidance. - Recommendation 11 — Digital Money: - Discussed data priorities, possible sources, collection challenges, and regulations in G20 and participating economies. - Several economies (Brazil, South Africa, USA, China, India, Switzerland, and the European Union—Germany and Italy) highlighted evolving regulations focusing on crypto-asset risk management that may include data requirements. - Participating economies recognized three crucial dimensions for data collection: (1) type of digital asset, (2) sector of the holder, (3) residence of the holder (counterpart country). - Discussed methods to identify and estimate crypto capital flows using indirect and direct inferences (off-chain and on-chain data), noting anonymity and reliability weaknesses; recommended collaboration, data sharing agreements, and mixing traditional and non-traditional data sources. - Recommendation 5 — Forward Looking Physical and Transition Risk Indicators: - Task team held launch meeting on June 5, 2023 (virtually); participants agreed to the proposed workplan. - Recommendation 14 — Data Sharing and Data Exchange: - Task team prepared a concept note outlining principles/conditions of data sharing (including a maturity model), a standardized approach description, option to develop self-commitments, and surveys collecting best practices and experience with data sharing. ### Readiness overview for methodological frameworks, reporting templates, and source data (summary per recommendation) - Readiness scoring approach: - High: all 3 inputs exist (conceptual/accounting framework, reporting templates, source data). - Moderate: 2 or more input factors exist. - Low: less than 2 input factors exist. - Recommendations 13 and 14 excluded from the dashboard due to qualitative nature. - Select recommendations with their readiness status and inputs (preserve original descriptions): - 1. GHG Emissions Accounts and National Carbon Footprints — High - Conceptual and Accounting Frameworks: - Manual for Air Emissions Accounts, Eurostat - 2008 System of National Accounts (2008 SNA) - Input-Output Tables (IOTs) or Supply and Use Tables (SUTs) - System of Environmental-Economic Accounting Central Framework (SEEA-CF) - Reporting Templates: Yes - Source data: - GHG Emissions - 2. Energy Accounts — High - Conceptual and Accounting Frameworks: - SEEA-CF - Energy Statistics and Balances - SUTs - Reporting Templates: Yes - Source data: Energy Statistics and Balances, SUTs - 3. Carbon Footprints of FDI — Moderate - Conceptual and Accounting Frameworks: - Benchmark Definition of FDI, 4th Edition (BD4) - Reporting Templates: Yes - Source data: - FDI Statistics - Balance of Payments and International Investment Position Manual, sixth edition (BPM6) - International Trade Statistics by Enterprise Characteristic - Activities of Multinational Enterprise (MNE) statistics - Carbon emission intensities by industry and use (obtained from recommendation 1) - 4. Climate Finance — Low - Conceptual and Accounting Frameworks: No (In Development based on Handbook on Securities Statistics) - Reporting Templates: No (In Development) - Source data: - Debt securities issuances and holdings - Listed shares issuances and holdings - 5. Forward Looking Physical and Transition Risk Indicators — Low - Conceptual and Accounting Frameworks: No (In Development) - Reporting Templates: No - Source data: - Physical risk: Geographically coded estimates of population, GDP, and built-up area and land; Geographically coded estimates of climate hazards; Damage functions for different hazards, or aggregation methods across different hazards - Transition risk: Geographically coded estimates of firm revenues, output, value added, produced assets - 6. Climate-Impacting Government Subsidies — Low - Conceptual and Accounting Frameworks: No (In development based on 2008 SNA, Government Finance Statistics Manual 2014 (GFSM 2014), and the SEEA-CF) - Reporting Templates: No (In Development) - Source data: - Government Subsidies by type of program - 7. Climate Change Mitigation and Adaptation Expenditures — Low - Conceptual and Accounting Frameworks: No (In development based on SEEA-CF, the GFSM 2014, the 2008 SNA and the Classification of Environmental Activities) - Reporting Templates: - Review of COFOG under the UNSD initiative - Ad hoc taxonomy efforts by economies - Source data: - Current and capital government and private expenditures by purpose - Environmental Goods and Services Account - SUTs / input-output tables with significant product detail - 8. Distribution of Household Income, Consumption and Savings — Moderate - Conceptual and Accounting Frameworks: SNA - Reporting Templates: No (In Development) - Source data: - Household Sector Accounts - EG DNA guidelines - Household Survey or Administrative data on incomes and consumption - 9. Distribution of Household Wealth — Low - Conceptual and Accounting Frameworks: No (In development based on SNA) - Reporting Templates: No (In Development) - Source data: - Household Sector Accounts - Household Survey or Administrative Data on Wealth - 10. Fintech Credit — Low - Conceptual and Accounting Frameworks: No (In development based on 2008 SNA and review of the International Standard Industrial Classification (ISIC)) - Reporting Templates: No (In Development) - Source data: Fintech credit flows and stocks - 11. Digital Money — Low - Conceptual and Accounting Frameworks: No (In development based on 2008 SNA/BPM6 updates) - Reporting Templates: No - Source data: - Estimates of the transactions and stocks of digital money by counterpart institutional unit and by country - 12. Fintech-enabled Financial Inclusion — Low - Conceptual and Accounting Frameworks: No (In development based on the Financial Access Survey (FAS) Guidelines and Manual 2019, Monetary and Financial Statistics Manual and Compilation Guide 2016 (MFSMCG 2016), and other sources) - Reporting Templates: No (In Development) - Source data: - Supervisory data - Administrative data on fintech companies - Household survey - Global Findex - Other sources to be explored ### Progress on closing the data gaps (summary as of September 30, 2023) - Overall note: - Table 4 reports progress by number of economies across the reporting categories for each recommendation (recommendations 13 and 14 excluded). - Climate change statistics show notable progress: recommendation 1—GHG Emissions Accounts and National Carbon Footprints reported 29 per cent of economies that have closed the data gap; recommendation 2—Energy Accounts reported 48 per cent of economies reported the data gap closed. - More progress is needed on digitalization and financial innovation (recommendations 11 and 12). - Table 4 excerpt — By number of economies (as of September 30, 2023): - 1. GHG Emissions Accounts and National Carbon Footprints - Data Gap is Closed: 7 - Data gap is being addressed: 9 - Data Gap is not Material for the Economy: 1 - Data gap is not an immediate priority area for the national authorities, given available resources: 1 - Unable to assess at this time, further consultation with national stakeholders is required: 7 - 2. Energy Accounts - Data Gap is Closed: 11 - Data gap is being addressed: 10 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 0 - Unable to assess at this time, further consultation with national stakeholders is required: 4 - 3. Carbon Footprints of FDI - Data Gap is Closed: 0 - Data gap is being addressed: 15 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 2 - Unable to assess at this time, further consultation with national stakeholders is required: 8 - 4. Climate Finance - Data Gap is Closed: 0 - Data gap is being addressed: 20 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 0 - Unable to assess at this time, further consultation with national stakeholders is required: 5 - 5. Forward Looking Physical and Transition Risk Indicators - Data Gap is Closed: 0 - Data gap is being addressed: 14 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 0 - Unable to assess at this time, further consultation with national stakeholders is required: 11 - 6. Climate-Impacting Government Subsidies - Data Gap is Closed: 0 - Data gap is being addressed: 10 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 2 - Unable to assess at this time, further consultation with national stakeholders is required: 13 - 7. Climate Change Mitigation and Adaptation Expenditures - Data Gap is Closed: 0 - Data gap is being addressed: 9 - Data Gap is not Material for the Economy: 0 - Data gap is not an immediate priority area for the national authorities, given available resources: 3 - Unable to assess at this time, further consultation with national stakeholders is required: 13 *Source: third-phase-of-the-data-gaps-initiaitve-first-progress-report (DGI-3 progress report, as of September 30, 2023).* ### 8. Distribution of Household Income, ### 8. Distribution of Household Income, Consumption and Savings ### Overview and rationale - Gross Domestic Product (GDP) measures aggregate economic activity but "says" little about distribution across the population. - There is a need for statistics that measure the distribution of income across households, as well as distributional measures on consumption and wealth, to provide a more comprehensive overview of material well-being across household groups. - The G20 FMCBGs identified this as a Data Gap; the G20 DGI-3 is leveraging international work to "go beyond GDP" in distributional analysis. ### International standards, workstreams, and participation - Over the last ten years, international standards and guidelines have been developed for distributional household income, consumption and saving estimates consistent with national accounts concepts. - Expert Group on Disparities in National Accounts has produced work that several G20 economies now leverage to publish distributional estimates of household income, consumption, and saving. - The OECD launched the Expert Group on Distributional Household Wealth, building on work by the European Central Bank and several countries. - Around 40 G20 and non-G20 countries and five international organizations are working with both Expert Groups to improve quality, granularity, timeliness of results and enhance measurement methodology. ### Key comparative findings and analytical measures - Cross-country comparisons can show how sources of household income differ by quintile and by country: - Example: France vs Mexico - In France, social benefits (colored blue in source charts) are the most important source of income in the lowest quintile due to high social transfers and taxes. - In Mexico, social benefits are lower across all quintiles; current transfers (mainly remittances, colored pink) are a notable source of income for the lowest quintile and appear across all quintiles. - Operating surplus and mixed income (colored green) — which include income from households producing goods and services and imputed rent from owner-occupied housing — are higher in Mexico than in France, reflecting a larger informal economy in Mexico. - Disparity measure used: the ratio of adjusted disposable income per household by quintile against the average adjusted disposable income for all households in the country. - The higher the ratio, the greater the disparity. - The disparity measure starts below 0.5 and increases up to: - around 2.0 for Australia, Canada, France, The Netherlands, New Zealand, and Sweden (meaning four times the average of the QNT1). - around 2.5 for the USA and Mexico (meaning those in the top income quintile have on average five times more adjusted disposable income than those in the lowest income quintile in the USA and Mexico). - Another inequality metric: ratio of highest to lowest quintile values for a specific income or consumption item. - Results indicate inequality is generally more pronounced in income than in consumption across the set of countries analyzed. - Exception: USA, where consumption disparity is on par with income disparity. ### Implications for policy and measurement - Combining consistent measures of income, consumption and wealth will provide a more comprehensive understanding of distributional impacts and household conditions. - Country-level differences in social transfers, remittances, and the size of informal sectors materially affect distributional profiles and thus policy approaches. - Developing and harmonizing distributional statistics aligned with national accounts concepts supports policymaking that targets distributional outcomes, including assessing whether government programs (e.g., income support programs) have the desired distributional impact. *Source: third-phase-of-the-data-gaps-initiaitve-first-progress-report - 8. Distribution of Household Income, Consumption and Savings* ### 2024. The NCRA will identify and prioritize the most valued areas that are of national significance and at risk of ### third-phase-of-the-data-gaps-initiaitve-first-progress-report - 2024. The NCRA will identify and prioritize the most valued areas that are of national significance and at risk of ### National Climate Risk Assessment (NCRA) — Australia - The NCRA will identify and prioritize the most valued areas that are of national significance and at risk of climate change, related to environment, biodiversity, health, infrastructure agriculture, and the economy. - The NCRA will deliver a shared national framework to inform national priorities for climate adaptation and resilience actions and will enable consistent monitoring of climate risk across all jurisdictions. - The NCRA will deliver: - a baseline of current climate risks, - consideration of new and emerging risks, - evidence-based assessments. - The NCRA will draw on expertise through the Australian Climate Service (ACS), a partnership between the Bureau of Meteorology, Geoscience Australia, Commonwealth Scientific and Industrial Research Organisation and the ABS. ### Australia — Progress on Selected Recommendations - Rec 6: Climate-Impacting Government Subsidies - Some information available through Government Finance Statistics; more detailed information requires further assessment and consultation. - Rec 7: Climate Change Mitigation and Adaptation Expenditures - Unable to assess at this stage; further consultation required. Data sources not developed in Australia; limited information may be available from existing data collections. - Rec 8 & Rec 9: Distribution of Household Income, Consumption and Savings and Distribution of Household Wealth - Data gaps being addressed. - Australian National Accounts release on distribution integrates ABS micro and macro data; latest release reference period was for 2021-22 financial year. - Rec 10: Fintech Credit - Data gap partially addressed. RBA participating in FSB NMEG pilot; able to populate part of template for ‘balance sheet platform’ lenders using available data on finance companies. Marketplace lenders sector not material in Australia; data will not be provided for these lenders. - Rec 11: Digital Money and Rec 12: Fintech-enabled Financial Inclusion - Economy unable to assess at time of drafting; further consultation with national stakeholders required. ### Brazil — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Data gap being addressed. Development of air emission accounts ongoing; further consultation required. - Rec 2: Energy Accounts - Data gap being addressed. Energy Accounts published for 2015-2018 but only with biomass products. Production/publication of new Energy Accounts with all energy products will resume after National Accounts base change concludes. - Rec 3: Carbon Footprints of FDI - Data gap being addressed. Brazil compiles annual FDI stocks and flows and participates in CDIS. Sectoral breakdowns available; publication of MNEs data under consideration. GHG emissions estimated for Industry, Agriculture and Livestock, Energy, Residuals and Land Use Change; further steps needed to extend to FDI recipient economic sectors. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Data gap being addressed. Work will build on DGI-2 experience. Availability of data on securities features yet to be verified. Data on listed shares not available. - Rec 5: Forward Looking Physical and Transition Risk Indicators - Data gap being addressed. Preliminary forward-looking physical risk indicators compiled; further consultation required. - Rec 6: Climate-Impacting Government Subsidies - Data gap being addressed. Brazil produces data for IMF Climate Change Indicators Dashboard; aims to improve methodology as guidance develops. - Rec 7: Climate Change Mitigation and Adaptation Expenditures - Data gap being addressed. Brazil publishes government environmental expenditure and intends to compile mitigation and adaptation expenditure. Expansion beyond general government depends on required coverage and methodology. - Rec 8: Distribution of Household Income, Consumption and Savings - Data gap being addressed with experimental studies at income quintile level. IBGE planning release aligned with SNA 2025 update methodological review. - Rec 9: Distribution of Household Wealth - Data gap being addressed but not closable in short/medium term; long-term initiative. Current focus on measuring non-financial balance sheet, compiling capital stock and consumption of fixed capital to calculate net aggregates; involves multiple stakeholders. - Rec 10: Fintech Credit - Data gap being addressed. Regulated fintech credit entities can grant credit directly; BCB reports data on outstanding loans when loans kept on balance sheets. Challenges: - loans sold with no risk retention removed from balance sheets, - identifying non-regulated fintech entities (no official register), - scarce BCB resources limiting deadlines. - Some framework-requested data (e.g., total financial assets of non-regulated fintech credit entities) not in BCB information gathering scope. - Rec 11: Digital Money - Data gap being addressed. BCB publishes some crypto-asset data in trade balance of goods via FX contract monitoring. June 2023 presidential decree assigned BCB mandate to regulate and supervise crypto-assets; when regulation in force BCB expected to cover other crypto-asset transactions with settlements outside FX market. - Rec 12: Fintech-enabled Financial Inclusion - Data gap being addressed. Task team collecting stocktaking survey information from all jurisdictions to develop methodologies, guidelines, templates. ### Canada — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Data gap being addressed. Canada disseminates SUTs and partially meets air emission accounts target producing account for three pollutants for 2009-2020. Consumption-based carbon footprint not currently produced. Commitment dependent on upcoming workshops and consultations. - Rec 2: Energy Accounts - Data gap being addressed. Canada compiles and disseminates “use side” of energy accounts; some fuels in workplan not included. Commitment dependent on future clarifications. - Rec 3: Carbon Footprints of FDI - Data gap being addressed; commitment dependent on future clarifications. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Data gap being addressed; commitment dependent on future clarifications. - Rec 5: Forward Looking Physical and Transition Risk Indicators - Unable to assess at this stage; further consultation required. Scope unclear; commitment to be reassessed once guidance/methodology known. - Rec 6: Climate-Impacting Government Subsidies - Unable to assess at this stage; further consultation required. Additional guidance needed for meaningful, comparable estimates; alignment with SNA, GFSM, COFOG, SEEA required. - Rec 7: Climate Change Mitigation and Adaptation Expenditures - Data gap being addressed. Commitment dependent on future clarifications; Canada will commit to estimates of climate mitigation current and capital expenditures but not yet to adaptation expenditures. - Rec 8: Distribution of Household Income, Consumption and Savings - Data gap being addressed. Canada disseminates distribution at income quintile level. Decile-level breakdown challenged by lack of demand and data acquisition difficulties for consumption and saving at decile level. - Rec 9: Distribution of Household Wealth - Data gap being addressed. Canada disseminates distribution of wealth across households at wealth quintile level for 2021, 2022, 2023. Decile-level breakdown not in clear demand. - Rec 10: Fintech Credit - Data gap being addressed; commitment dependent on future consultations. - Rec 11: Digital Money - Data gap being addressed; commitment dependent on future clarifications. - Rec 12: Fintech-enabled Financial Inclusion - Data gap being addressed; commitment dependent on future clarifications. ### China — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Data gap being addressed. Ministry of Ecology and Environment on track for Fourth National Communications and Third Biennial Update Reports including GHG inventories for 2017 and 2018; preparing Fourth Biennial Update Report, First Biennial Transparency Report, and national GHG inventories for 2020 and 2021. - NBS compiled and released input-output tables for 2010, 2012, 2015, 2017, 2018, and 2020; published output and use tables for 2012 in printed form, and SUTs for 2017, 2018, and 2020. - Rec 2: Energy Accounts - Data gap being addressed. Annual energy balance sheets disclosed in “China Energy Statistical Yearbook”. Authorities will further assess conversion into energy accounts given resources. - Rec 3: Carbon Footprints of FDI - Data gap being addressed. Economy aims to address second-best target but unable to assess progress; coordinated work needed with several departments. For services data, SAFE promoting work on data collection/system establishment and plans to compile/disseminate data on services by ownership from fourth quarter of 2024. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Data gap being addressed. Various governmental departments and market participants collecting green bond statistics; discrepancies persist between statistical results. For green equity, CSRC and exchanges undertaking statistics work despite lack of unified standards. - Rec 5, Rec 6, Rec 7: Forward Looking Physical and Transition Risk Indicators; Climate-Impacting Government Subsidies; Climate Change Mitigation and Adaptation Expenditures - Unable to assess at this stage; further consultation required. - Rec 8 & Rec 9: Distribution of Household Income, Consumption and Savings and Distribution of Household Wealth - Data gaps not immediate priorities given resources. NBS focused on monitoring development of global methods; lacks foundation for wealth distribution accounts and does not plan to carry out wealth distribution statistics. - Rec 10: Fintech Credit - Unable to assess at this stage; further consultation required. - Rec 11: Digital Money - Data gap being addressed. China has prohibited activities related to crypto assets (no data collection on stablecoins/payable crypto assets). e-CNY centralized management with two-tier operation, managed anonymity for small amounts; e-CNY in pilot phase complicates data collection. Economy collaborating with tier-two institutions to collect e-CNY related data and adjusting collection/metrics framework. - Rec 12: Fintech-enabled Financial Inclusion - Data gap being addressed. e-CNY wallets categorized by KYC level; anonymous wallet requires no identity information but data classification based on gender and income may fall short of economic targets. Other wallet categories collect identity and pertinent data supporting statistics; continued improvement of data collection and management needed. ### France — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Data gap closed. Air emission accounts compiled for 2008 to current year -2 per European regulation 691/2011. 2008 to 2021 air emissions accounts published on Eurostat and Ministry of Ecological Transition websites in fourth quarter of 2023. Carbon footprint of final demand calculated for over 10 years and published by Ministry and INSEE. - Ongoing work to improve France’s footprint estimation using Figaro model and to disseminate "augmented economic accounts". - Rec 2: Energy Accounts - Data gap closed. Energy accounts regularly published. - Rec 3: Carbon Footprints of FDI - Data gap being addressed. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Data gap being addressed. - Rec 5: Forward Looking Physical and Transition Risk Indicators - Data gaps partially addressed by Eurosystem indicators on exposure to physical risk and carbon footprint of financial institutions; remaining gaps include: - forward looking climate data on acute and chronic risk fit for assessing potential damages (good for river floods/windstorms; less so for other perils), - data on emissions (public and private sources exist in Europe but further regulatory initiatives needed). - Rec 6: Climate-Impacting Government Subsidies - Data gap being addressed. In 2023 France reported voluntary estimate of fossil fuel subsidies for 2016-2022 to OECD used for SDG indicator 12.c.1. - Rec 7: Climate Change Mitigation and Adaptation Expenditures - Data gap being addressed. Within European environmental economic accounts, work focuses on mitigation expenditures (not adaptation). Currently only capital expenditure related to renewable energy production is available; expenditures for energy savings/management (e.g., building refurbishment) missing. Reporting to Eurostat voluntary. - Rec 8: Distribution of Household Income, Consumption and Savings - Data gap being addressed. France developing tools to allocate net national income to households; annual estimates of income, consumption and saving will be available after 2024. Timeliness target of at most 18 months depends on micro sources; achievement uncertain. - Rec 9: Distribution of Household Wealth - Data gap being addressed. Banque de France produces quarterly experimental Distributional Wealth Accounts (DWA) with decile breakdowns reconciled with national accounts; ECB and Banque de France expected to publish series by end-2023. INSEE improving wealth information using administrative data; complements next HFCS. - Rec 10: Fintech Credit - Data gap not an immediate priority given resources. - Rec 11: Digital Money - Unable to assess at this stage; further consultation required. No legal framework allowing Banque de France to collect cryptocurrency market data. - Rec 12: Fintech-enabled Financial Inclusion - Unable to assess at this stage; further consultation required. ### Germany — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Data gap closed. DESTATIS publishes SUTs, Air Emission Accounts and Consumption-based Carbon Footprints data. - Rec 2: Energy Accounts - Data gap closed. DESTATIS publishes Energy Accounts data. - Rec 3: Carbon Footprints of FDI - Data gap not an immediate priority due to resource and data limitations; not part of NSO work program. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Data gap being addressed. Bundesbank responsible. ESCB Centralized Securities Database (CSDB) contains green debt securities data from December 2020. Granular CSDB data usable within ESCB. ESG data for German green bonds mainly from commercial providers; CSDB coverage planned to expand to green listed shares and green investment fund shares. Bundesbank to publish aggregate graphs on green bonds for Germany and EU-27. Bundesbank has access to company-level GHG emissions from commercial vendors via joint procurement and exploring company report extraction. - Rec 5: Forward Looking Physical and Transition Risk Indicators - Data gap being addressed. Bundesbank published study on constructing forward-looking climate-related physical risk indicators. Transitional risk indicators not yet closely examined. Achievement depends on coverage and availability of underlying data. - Rec 6: Climate-Impacting Government Subsidies - Data gap not an immediate priority. DESTATIS building reporting on environment-related subsidies and other transfers (ESST) within environmental economic accounts; target t+18 achievable at maximum; t+12 provisional account from budget plan figures planned. Federal Statistical Office does not plan separate reporting for climate-damaging subsidies beyond SDG 12.c.1 reporting. Preliminary accrual results of environmental taxation by sector available at t+18 (preliminary). - Rec 7: Climate Change Mitigation and Adaptation Expenditures - Data gap not an immediate priority. DESTATIS planning to develop mitigation and adaptation accounts similar to EPEA starting with government expenditures based on new classification of environmental functions. Challenges include attribution of expenditure and exclusion of public transport under CEF. - Rec 8: Distribution of Household Income, Consumption and Savings - Data gap not an immediate priority due to limited DESTATIS resources; Eurostat data could be an alternate. - Rec 9: Distribution of Household Wealth - Data gap being addressed. German DWA compiled per ECB Expert Group method; planned release via ECB Statistical Data Warehouse and Bundesbank homepage at end of 2023. - Rec 10: Fintech Credit - Unable to assess at this stage; further consultation required. Bundesbank responsible. - Rec 11 & Rec 12: Digital Money and Fintech-enabled Financial Inclusion - Data gaps being addressed. Bundesbank responsible; work recently started. Aim to provide as many data points as possible depending on final definitions and national data availability. ### India — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Data gap being addressed. India submits National Communications and Biennial Update Report (BUR) to UNFCCC; next report anticipated this year. Transition to Biennial Transparency Report (BTR) under Paris Agreement ongoing. - Rec 2: Energy Accounts - Data gap being addressed. Ministry of Statistics & Programme Implementation compiled asset accounts and physical SUTs for energy for 2015-16 to 2019-20 using Energy Statistics publication. Energy Statistics-2023 included revisions necessitating revision of physical SUTs for all years; India plans to revise accordingly. - Rec 3: Carbon Footprints of FDI - Data gap being addressed. Internal stakeholder deliberations underway. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Data gap being addressed. Government announced sovereign green bonds in February 2022. January 2023 issuance: first tranche worth INR 80 billion. February 2023 announced another INR 80 billion tranche. - Rec 5–7: Forward Looking Physical and Transition Risk Indicators; Climate-Impacting Government Subsidies; Climate Change Mitigation and Adaptation Expenditures - Data gaps being addressed. Internal stakeholder deliberations underway. - Rec 8 & Rec 9: Distribution of Household Income, Consumption and Savings and Distribution of Household Wealth - Data gaps not immediate priorities. No full-fledged survey conducted due to sensitivity and high non-response on income/savings. Pilot surveys conducted but results unsatisfactory. - Rec 10: Fintech Credit - Data gap being addressed. Digital lending ecosystem growth noted; RBI-registered NBFIs undertake balance sheet lending (BSL) and marketplace lending (MPL); Fintechs act as Lending Service Providers (LSPs) and are not registered with RBI nor allowed to lend from own balance sheets. Guidelines on Digital Lending issued by RBI on September 02, 2022 define digital lending as remote and automated lending by RBI Regulated Entities; Fintechs not included in lending definition as they do not lend on own balance sheets. No regular data collection on FinTech credit currently; future reporting expected through supervisory channels. - Rec 11: Digital Money - Unable to assess at this stage; further consultation required. Distinction between CBDC and crypto-assets emphasized; crypto-assets/stablecoins data could be collected as market surveillance; CBDC data points can form macro-economic indicators. - Rec 12: Fintech-enabled Financial Inclusion - Data gap being addressed. India publishes entity-wise Prepaid Payment Instruments (PPI) statistics and bank-wise mobile and internet banking statistics. ### Indonesia — Summary by Recommendation - Rec 1 & Rec 2: GHG Emission Accounts and National Carbon Footprints; Energy Accounts - Data gaps being addressed. Economy conducting in-depth study and inter-ministerial collaboration to assess and reconcile multiple data sources. - Rec 3 & Rec 4: Carbon Footprints of FDI; Climate Finance (Green Debt and Equity Securities Financing) - Unable to assess at this stage; further consultation required. Coordination between G20 SFWG and G20 DGI needed to align disclosure standards with DGI data needs. - Rec 5: Forward Looking Physical and Transition Risk Indicators - Unable to assess at this stage; further consultation required. - Rec 6: Climate-Impacting Government Subsidies - Data gap being addressed; data still in calculation process. - Rec 7: Climate Change Mitigation and Adaptation Expenditures - Data gap being addressed. Data provided in Climate Budget Tagging. - Rec 8: Distribution of Household Income, Consumption and Savings - Data gap being addressed. Underlying distribution from household survey exercised; granular administrative data access empowered via Memorandum of Understanding; more collaboration and OECD technical assistance needed. - Rec 9: Distribution of Household Wealth - Data gap being addressed. Granular administrative data access enabled via Memorandum of Understanding; more collaboration and OECD technical assistance needed. - Rec 10: Fintech Credit - Data gap being addressed. Some Fintech Credit data already published; task team to further improve data aiming to fully close gap. - Rec 11: Digital Money - Unable to assess at this stage; further consultation required. Project Garuda white paper and consultative paper issued on Digital Rupiah design; timeline for issuance not decided. Digital Rupiah could capture granular real-time data; Bank Indonesia prohibits crypto assets as means of payment (recognized as investment). Further discussion needed on crypto asset data with authorities. - Rec 12: Fintech-enabled Financial Inclusion - Data gap being addressed. Supply-side statistics on phone/SMS/mobile/internet banking transactions insufficient to express financial inclusion penetration. Financial inclusion measured via national survey coordinated by National Financial Inclusive Council, BI and OJK. Indonesia's financial inclusion level in 2022: 85.1% adult use formal financial institution products or services. ### Italy — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Data gap closed. ISTAT publishes SUTs 2010-2019 (break in series in 2015), Air Emission Accounts 2008-2021 and consumption-based carbon footprints 2008-2020 (2020 provisional). - Rec 2: Energy Accounts - Data gap closed. ISTAT disseminates Physical Energy Flow Accounts (PEFA) 2008-2020. - Rec 3: Carbon Footprints of FDI - Data gap being addressed. Most required information available and published: - FDI positions and flows by economy and industry for 2005-2022, - Foreign affiliates statistics 2008-2020, - Trade in goods statistics by enterprise characteristics for 2021. - First services trade by enterprise characteristics (2022) to be produced in 2024. Carbon emissions of MNEs by ownership yet to be produced; methodology lacking. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Data gap being addressed; extent of closure depends on task team harmonized methodological choices for identifying green shares. - Rec 5: Forward Looking Physical and Transition Risk Indicators - Data gap being addressed. Target seems overly ambitious due to unavailable required data for significant geographical and sectoral breakdowns (reliable forward-looking scenarios with geographical breakdown missing). - Rec 6 & Rec 7: Climate-Impacting Government Subsidies and Climate Change Mitigation and Adaptation Expenditures - Data gaps being addressed. - Rec 8: Distribution of Household Income, Consumption and Savings - Data gap being addressed. Bank of Italy and ISTAT joint project to estimate joint distribution via statistical matching. Annual experimental estimates of income distribution 2015-2020 produced and disseminated via Eurostat. Work ongoing to produce experimental estimates of consumption distribution and extend estimates. - Rec 9: Distribution of Household Wealth - Data gap being addressed. Joint Bank of Italy and ISTAT project to refine DWA methodology using administrative data on real estate ownership, debt, and bank supervisory statistics. - Rec 10: Fintech Credit - Data gap being addressed. Bank of Italy to implement data collection starting December 2023; data expected during 2024 covering requirements of task team template. - Rec 11: Digital Money - Data gap being addressed. Economy aims to address target; final decision depends on data collection exercise within task team. - Rec 12: Fintech-enabled Financial Inclusion - Data gap being addressed. Economy aims to address target; depends on data collection framework aspects to be defined by task team. ### Japan — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Data gap being addressed. Japan released air emission accounts in 2022 (CO2, CH4 and N2O for 1991-2020) available in Japanese. Participating ministries still to agree on work plan implementation timelines, data sources, and statistical infrastructure access to administrative data. - Rec 2: Energy Accounts - Data gap closed. Japan releases annual database for SEEA-CF based energy accounts covering natural energy inputs, energy products, residuals consistent with SEEA-CF methodology. - Rec 3: Carbon Footprints of FDI - Data gap being addressed with varying target progress. Japan published FDI positions and flows by region and industry. Mandatory GHG Accounting and Reporting System requires emitters above threshold to report domestic emissions; from 2023 emitters may additionally report overseas emissions. Progress on activities of foreign-controlled firms, overseas activities of MNEs, and imports/exports by enterprise characteristics difficult to assess due to lack of clarity on needed data. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Data gap being addressed. 2022 Japan Exchange Group launched sustainable bonds database covering green bonds, social bonds, sustainability-linked-bonds. Ministry of the Environment runs database for green bonds/loans and sustainability-linked instruments since 2018 covering public and private placements. - Rec 5–7: Forward Looking Physical and Transition Risk Indicators; Climate-Impacting Government Subsidies; Climate Change Mitigation and Adaptation Expenditures - Unable to assess at this stage; further consultation required. Cross-ministerial definitions not fully agreed; statistical capacities/infrastructures need improvement for administrative data access. - Rec 8: Distribution of Household Income, Consumption and Savings - Data gap being addressed. Japan considering estimation methodology based on OECD Expert Group on Disparities in a National Accounts framework. - Rec 9: Distribution of Household Wealth - Data gap being addressed. Japan considering methodology based on OECD Expert Group on Distribution of Household Wealth. - Rec 10: Fintech Credit - Unable to assess at this stage; further consultation required. - Rec 11: Digital Money - Unable to assess at this stage; further consultation required. Selection of target subject to further discussion; CBDC experiments ongoing but no plan to issue CBDC. Japan has long crypto regulatory experience with registration system for Crypto Asset Exchange Service Providers since April 2017 and regulatory framework for stablecoin issuers/service providers established June 2023. - Rec 12: Fintech-enabled Financial Inclusion - Unable to assess at this stage; further consultation required. ### Republic of Korea — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Unable to assess at this stage; further consultation required. National GHG inventory and air emission accounts for 2005-2015 available; inter-ministerial collaboration and further research required to disseminate data (e.g., ISIC classes) and develop air emission accounts. - Rec 2: Energy Accounts - Unable to assess at this stage; further consultation required. Korea Energy Economics Institute publishes energy balance; further collaboration and data needed to produce SUTs of energy. - Rec 3: Carbon Footprints of FDI - Data gap being addressed. Economy working on data production; expects few years to complete checks/verifications and produce reliable data. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Unable to assess at this stage; further consultation required. K-Taxonomy developed as voluntary guideline; further consultations needed on definition of “green finance” and methods of calculation for listed shares. - Rec 5: Forward Looking Physical and Transition Risk Indicators - Data gap being addressed. Government guideline on green bond established following Korean-Taxonomy. Listed green bond data in exchange (KRX) available. Further consultations needed on definitions and calculation methods. - Rec 6 & Rec 7: Climate-Impacting Government Subsidies and Climate Change Mitigation and Adaptation Expenditures - Unable to assess at this stage; further consultation required. - Rec 8: Distribution of Household Income, Consumption and Savings - Data gap being addressed. Korea collected income, consumption, and savings by household group for 2018-21. - Rec 9: Distribution of Household Wealth - Data gap being addressed. Korea preparing wealth distribution statistics related to income, consumption, and savings. - Rec 10: Fintech Credit - Unable to assess at this stage; further consultation required. Rapid fintech growth makes collecting fintech credit data necessary; decisions on subjects and methods not yet established. - Rec 11: Digital Money - Unable to assess at this stage; further consultation required. Economy cannot meet target or second-best target at this stage but aims to provide as many data points as possible depending on final definitions and national data availability. - Rec 12: Fintech-enabled Financial Inclusion - Data gap being addressed. BOK publishes Electronic Banking data and periodically disseminates statistics on number of customers of internet/mobile banking, value/volume of transactions, and electronic pre-paid payment instruments. ### Mexico — Summary by Recommendation - Rec 1: GHG Emission Accounts and National Carbon Footprints - Data gap being addressed. Mexico has GHG inventory with IPCC classification; compilation of accounts with ISIC classification must be agreed by international bodies. Mexico developing accounts for air pollutant emissions per SCAE-CF and “criteria pollutants” with North American Industrial Classification System. - Rec 2: Energy Accounts - Data gap being addressed. Ministry of Energy has energy supply and use table; data needs improvement to meet recommendation requirements. - Rec 3: Carbon Footprints of FDI - Unable to assess at this stage; further consultation required. Multiple stakeholders discuss carbon footprint unit information with Central Bank, Ministry of Economy and Ministry of Environment. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) - Data gap being addressed. Work plan developed with objectives aligned to G20 DGI-3 for Q4 2024. Review of federal and private taxonomies using "green" in financial contexts will be conducted; first version of definition of "green" financial instruments expected by end of Q3 2023. Methodologies to collect/generate information to be developed by end of 2023 and operational implementation in 2024. - Rec 5: Forward Looking Physical and Transition Risk Indicators - Unable to assess at this stage; further consultation required. Mexico has SEEA-CF and pilot ecosystem accounts with stakeholders to develop statistical/geographic information with geographic and sectoral breakdown aligned to international framework. - Rec 6: Climate-Impacting Government Subsidies - Unable to assess at this stage; further consultation required. Responsibility of Ministry of Finance; greening of public finances recently deepened; challenge to classify spending/subsidies by climate impact. - Rec 7: Climate Change Mitigation and Adaptation Expenditures - Unable to assess at this stage; further consultation required. Currently not possible to differentiate public sector expenditures on adaptation vs mitigation given available sources. Mexico able to jointly evaluate potential using environmental and ecosystem accounts and public programs (e.g., National Climate Change Strategy) and Sustainable Taxonomy initiative to identify expense actions linked to mitigation/adaptation. - Rec 8: Distribution of Household Income, Consumption and Savings - Data gap being addressed. Mexico participates in EG DNA and shared OECD biennial experimental statistics on distribution by quintiles according to National Accounts totals; datasets not published nationally. Household Institutional Sector macro statistics being updated with base year change from 2013 to 2018 leading to updated results to be shared in Q1 2024. Work underway on nowcast models for annual estimates and to improve microdata bias corrections. - Rec 9: Distribution of Household Wealth - Data gap being addressed. Mexico recently joined EG DHW; studying recurring survey and administrative sources to estimate wealth distribution by quintile and develop methodology adhering to international templates. Work program underway exploiting National Survey on Household Finances. *Italic line: third-phase-of-the-data-gaps-initiaitve-first-progress-report - 2024. The NCRA will identify and prioritize the most valued areas that are of national significance and at risk of — PDF chapter/section* ### 2019. The lack of data from administrative records in this area impedes the development and full implementation of ### third-phase-of-the-data-gaps-initiaitve-first-progress-report - 2019. The lack of data from administrative records in this area impedes the development and full implementation of ### Mexico — fintech, digital money, household wealth - Rec 10: Fintech Credit — The data gap is being addressed. Mexico is currently developing a data reporting requirement for all regulated fintech companies that channel credit through digital platforms. - Rec 11: Digital Money — The data gap is being addressed. Regulated Fintech companies that deal with virtual assets must be authorized by the Bank of Mexico, enabling data collection from regulated Fintech companies. Data collection for non-regulated fintech firms will be on a voluntary basis. - Rec 12: Fintech-enabled Financial Inclusion — The data gap is being addressed. The economy expects difficulties obtaining internet and mobile banking transactions and e-wallets from non-regulated institutions; for regulated Fintech firms, data access will be possible. - Administrative-records note — Lack of data from administrative records impedes full implementation of the suggested international methodology; INEGI is holding meetings with tax authorities to establish collaboration agreements to close information data gaps necessary for household wealth estimates. ### Russia — environmental accounts, climate finance, fintech - Rec 1: GHG Emission Accounts and National Carbon Footprints — Unable to assess at this stage; further consultation required. ROSSTAT and Federal Service for Supervision of Natural Resources responsible. Bank of Russia will develop by the end of 2023 data on indicators of external trade in goods and services by type of economic activity for input-output tables. - Rec 2: Energy Accounts — Unable to assess at this stage; further consultation required. ROSSTAT responsible. - Rec 3: Carbon Footprints of FDI — The data gap is being addressed. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) — The data gap is being addressed. At the end of the first half of 2023 the Bank of Russia released its first publication of data on sustainable development debt issues, including domestic green debt securities, presented as data tables with breakdowns by issuer/holder sector, maturity, interest rate, and other information. - Rec 5: Forward Looking Physical and Transition Risk Indicators — Unable to assess at this stage; Bank of Russia at initial stage of development; in 2023 economy will conduct initial consultations and make preliminarily list of such indicators and data providers. - Rec 6: Climate-Impacting Government Subsidies — Unable to assess at this stage; ROSSTAT plans to release official data at the end of third quarter 2023 after adaptation of methodological guidelines. - Rec 7: Climate Change Mitigation and Adaptation Expenditures — Unable to assess at this stage; competence of the Ministry of Economic Development. - Rec 8: Distribution of Household Income, Consumption and Savings — The data gap is not an immediate priority given available resources. ROSSTAT responsible. - Rec 9: Distribution of Household Wealth — The data gap is not an immediate priority; ROSSTAT responsible; Bank of Russia will contribute to reviewing reporting templates and methodology. - Rec 10: Fintech Credit — Unable to assess at this stage; Bank of Russia notes insufficient methodological elaboration; inclusion in new SNA and BOP/IIP manuals planned but currently only general formulations. - Rec 11: Digital Money — Unable to assess at this stage; Russia plans to take part in stocktaking exercise and review reporting templates and methodology prepared from workshop outcomes. - Rec 12: Fintech-enabled Financial Inclusion — Unable to assess at this stage; Bank of Russia developed financial inclusion indicators (available in Russian) including supply-side data (measured annually) and demand-side data (once in 3 years). Indicators revised annually; Bank will take part in stocktaking exercise and review templates; economy will revise indicators if needed with aim for the second-best target; data collection should be balanced by costs on providers. ### Saudi Arabia — energy accounts, green finance, fintech inclusion - Rec 1: GHG Emission Accounts and National Carbon Footprints — Unable to assess at this stage; economy developing reliable reporting procedures; further interactions required to take stock of historical data. - Rec 2: Energy Accounts — The data gap is being addressed. Some data on energy inputs used in power generation and on energy products could be sourced; residual estimation methods still to be developed. - Rec 3: Carbon Footprints of FDI — The data gap is being addressed. Regulations and mechanisms being established to gather robust data on carbon footprints. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) — The data gap is being addressed. National Debt Management Center working to structure the Kingdom's Green Financing Framework; methodological guidance still being drafted. - Rec 5: Forward Looking Physical and Transition Risk Indicators — Unable to assess at this stage; further consultation required. - Rec 6: Climate-Impacting Government Subsidies — Unable to assess at this stage; further consultation required. - Rec 7: Climate Change Mitigation and Adaptation Expenditures — Unable to assess at this stage; economy working on addressing the data gap; further consultation required. - Rec 8: Distribution of Household Income, Consumption and Savings — The data gap is being addressed. Saudi General Authority for Statistics completed financial accounts for institutional sectors for 2018, 2019, 2020 and 2021; work in progress to publish Financial Accounts for 2022 at the end of 2023. - Rec 9: Distribution of Household Wealth — The data gap is being addressed. Kingdom is developing a wealth survey and conducting studies and consultations. - Rec 10: Fintech Credit — The data gap is being addressed. SAMA developed specialized Prudential Returns to capture FinTech credit data feeding into a data warehouse; SAMA supports reporting as part of FSB annual monitoring (aligned with Preliminary Credit Fintech Template). - Rec 11: Digital Money — Unable to assess at this stage; extent of data gaps requires further stakeholder dialogue. - Rec 12: Fintech-enabled Financial Inclusion — The data gap is being addressed. Data of e-wallets and mobile/internet banking transactions collected based on Financial Access Survey IMF guidance; work ongoing to improve coverage and quality. ### South Africa — natural capital accounting, energy, household surveys, fintech regulation - Rec 1: GHG Emission Accounts and National Carbon Footprints — The data gap is being addressed. Environmental-Economic Accounting Directorate at Statistics South Africa has limited resources (3 staff members). Compilation of the first Air Emissions Account started in the 2023/2024 financial year; expected release towards Q4 of 2025/2026. Strategy presented to Cabinet in 2022; fiscal resources remain key risk. - Rec 2: Energy Accounts — The data gap is being addressed. National Energy Balances/Energy Accounts compiled and published annually with a current time lag of 2 years. Historical Energy Balances available from 1992 – 2020. - Rec 3: Carbon Footprints of FDI — The data gap is being addressed. South Africa compiles annual and quarterly FDI positions and flows broadly consistent with BPM6; foreign liability stocks by kind of economic activity compiled, but industry detail for FDI flows not compiled. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) — The data gap is being addressed. Establishing a database for green bond issuance according to DGI-2 recommendation 7 templates. - Rec 5: Forward Looking Physical and Transition Risk Indicators — The data gap is being addressed. Work underway to identify data gaps and develop climate scenario analysis; initiatives in early stages. - Rec 6: Climate-Impacting Government Subsidies — Unable to assess at this stage; further consultation required. - Rec 7: Climate Change Mitigation and Adaptation Expenditures — Unable to assess at this stage; currently collecting climate finance information on bilateral/multilateral expenditure and published in Biennial Update Reports to UNFCCC; developed climate tagging process and National Treasury taxonomy to track private climate finance. - Rec 8: Distribution of Household Income, Consumption and Savings — The data gap is being addressed. Official household statistics have a 7-year data gap; last published Income, Consumption and Savings data was 2015. Latest Income and Expenditure Survey 2022/23 runs until end 2023; results to be published in 2024. - Rec 9: Distribution of Household Wealth — Unable to assess at this stage; work underway to assess household wealth indicators from national surveys and central bank Integrated Economic Accounts. - Rec 10: Fintech Credit — Unable to assess at this stage. Fintech-related data availability limited. Regulations effective from October 2022 declared crypto assets as a financial product under FAIS Act to enable monitoring; meaningful results might not be available by Q4 2024 as service providers obliged to register between June and November 2023. Pilot template circulated to Fintech Unit (SARB) and FSAC but feedback not provided due to lack of data. - Rec 11: Digital Money — Unable to assess at this stage. SARB experimenting with digital payment features (project Khoka 2) and cross-border CBDC work (project Dunbar); SARB maintaining a conservative approach. - Rec 12: Fintech-enabled Financial Inclusion — Unable to assess at this stage. Statistics on fintech-enabled services for SMEs remain a challenge; recent Fintech-related legislation should improve future access. Periodic surveys being revised to include required items; implementation will take time. ### Türkiye — SUTs, energy accounts, green finance, fintech inclusion - Rec 1: GHG Emission Accounts and National Carbon Footprints — The data gap is being addressed. No current study on SUTs and consumption-based carbon footprints; air emission accounts can be compiled using UNFCCC inventories combined with energy accounts/statistics and other data; disaggregation depends on source data availability. - Rec 2: Energy Accounts — The data gap is closed, and data are published. - Rec 3: Carbon Footprints of FDI — Unable to assess at this stage; no study on this subject. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) — The data gap is being addressed. CMB published "Guidelines on Green Debt Instruments, Sustainable Debt Instruments, Green Lease Certificates and Sustainable Lease Certificates" in 2022; preparatory work to produce and share data at national level; national taxonomy work initiated; interim taxonomy/criteria guideline for banking sector drafted to calculate green asset ratio. - Rec 5: Forward Looking Physical and Transition Risk Indicators — The data gap is being addressed. Climate Risks Sub-Working Group planned by BAT and PBAT with BRSA to evaluate exposure by sector/sub-sector using NACE codes, potentially including geographical dimensions; alternatives to produce/share geographic loan location, carbon emission, ESG rating, and disaster data evaluated. - Rec 6 & Rec 7: Climate-Impacting Government Subsidies and Climate Change Mitigation and Adaptation Expenditures — Unable to assess at this stage; further consultation required. - Rec 8 & Rec 9: Distribution of Household Income, Consumption and Savings and Distribution of Household Wealth — The data gap is being addressed. - Rec 10: Fintech Credit — The data gap is being addressed. Central Bank coordinates studies on fintech credit reporting with regulatory/stakeholder institutions. - Rec 11: Digital Money — Unable to assess at this stage; legal framework for data collection needs development. - Rec 12: Fintech-enabled Financial Inclusion — The data gap is being addressed. Joint regulatory effort to collect and publish related statistics; publicly available statistics exist from Banking Association but not sector-wide; process initiated to produce more inclusive statistics and pilot data collection from banks. ### United Kingdom — emissions accounts, energy accounts, fintech - Rec 1: GHG Emission Accounts and National Carbon Footprints — The data gap is closed. Air emissions published by ONS and Carbon footprints published by UK Government; air emissions accounts meet high-quality standards and are assessed as national statistic. - Rec 2: Energy Accounts — The data gap is closed. UK produces PEFA at current year –3 (second-best target) instead of –2 suggested by DGI-3; PEFA assessed as national statistic. - Rec 3: Carbon Footprints of FDI — Unable to assess at this stage; elements met by ONS, others need work and consultation with other government departments. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) — The data gap is being addressed. Bank of England started work on issuance information to collect green finance for debt securities; original collection no longer meets proposed template changes; short-to-medium-term solution introduced to collect all three forms of debt in aggregate; breakdown collection longer-term. - Rec 5: Forward Looking Physical and Transition Risk Indicators — The data gap is being addressed. UK statutory requirements to report on climate adaptation risks every 5 years; as part of 4th climate risk assessment UK developing physical risk indicators (1st target). - Rec 6: Climate-Impacting Government Subsidies — The data gap is being addressed. Exploratory work planned; final definition not agreed; international guidance and alignment with SNA review welcome. - Rec 7: Climate Change Mitigation and Adaptation Expenditures — Unable to assess at this stage; more information needed via workshops and stakeholder engagement. - Rec 8 & Rec 9: Distribution of Household Income, Consumption and Savings and Distribution of Household Wealth — Unable to assess at this stage; planning to work towards second-best target with possible 2026 delivery under discussion. - Rec 10: Fintech Credit — The data gap is being addressed. Second-best target suggested as planned work only partially addresses the recommendation once complete; testing revised Financial Services Survey questionnaire with businesses includes checking FinTech data provision. - Rec 11: Digital Money — The data gap is not an immediate priority. - Rec 12: Fintech-enabled Financial Inclusion — Unable to assess at this stage; availability of data under investigation. ### United States — environmental accounts strategy, FDI, distributional stats, fintech - Rec 1: GHG Emission Accounts and National Carbon Footprints — The data gap is being addressed. In April 2023 BEA published a proof-of-concept air emissions account for 2012-2017. This research is part of the U.S.'s 2023 National Strategy to Develop Statistics for Environmental-Economic Decisions outlining development/production of these accounts by 2032, conditional on permanent funding and with intermediate pilot products earlier. - Rec 2: Energy Accounts — The data gap is being addressed. SEEA-based Energy Accounts are part of the 2023 National Strategy with plan for development/production by 2032, conditional on funding. - Rec 3: Carbon Footprints of FDI — Unable to assess at this stage; U.S. has closed this data gap for nearly all target items. BEA publishes annual FDI positions and flows by economy consistent with BD4 and BPM6 and by industry consistent with BD4. United States does not currently publish estimates of carbon emissions of MNEs by ownership and is unable to assess that item at this time. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) — The data gap is being addressed. Target requires security-level database and “green” criteria. U.S. has a security-level database for cross-border securities only; ambition to construct domestic holdings database but no delivery date. - Rec 5: Forward Looking Physical and Transition Risk Indicators — The data gap is being addressed. FSOC Climate-Related Financial Risk Committee (CFRC) developing initial set of climate-related financial risk indicators and progressing on priority climate-related data sets and interagency data sharing. - Rec 6 & Rec 7: Climate-Impacting Government Subsidies and Climate Change Mitigation and Adaptation Expenditures — Data gaps are not immediate priorities given resources; U.S. concerned concepts/guidelines not sufficiently outlined. BEA researchers have begun preliminary feasibility work and pilot work on environmental goods and services; permanent funding not yet allocated to transition research accounts into official products. - Rec 8: Distribution of Household Income, Consumption and Savings — The data gap is being addressed. BEA published prototype distribution of household income since March 2020; latest release December 2022 covers 2000-2021. BLS published prototype distributional personal consumption expenditures covering 2017-2020. Work ongoing to improve methodology and timeliness. - Rec 9: Distribution of Household Wealth — The data gap is being addressed. FRB publishes quarterly statistics on distribution of household wealth with timeliness approximately twelve weeks. Data show levels/composition/share by five percentile groups (top 0.1 percent; remaining 0.9 percent of top 1; next 9 percent; next 40 percent; bottom half) and by income, age, generation, education, and race. - Rec 10: Fintech Credit — The data gap is being addressed. U.S. engaged with FSB workgroup on fintech credit and anticipates reporting on best-effort basis in FSB NBFI monitoring exercise. - Rec 11: Digital Money — Unable to assess at this stage; ability to meet target depends on specifics of common statistical reporting framework; low feasibility to initiate new data collections in near term. - Rec 12: Fintech-enabled Financial Inclusion — The data gap is being addressed. Government agencies collect some relevant statistics; further consultation required to determine relevant indicators; participation in recommendation 12 workshop will inform U.S. position. ### European Union — SEEA implementation, sustainable debt securities, forward-looking indicators - Rec 1: GHG Emission Accounts and National Carbon Footprints — The data gap is closed. EU implemented SEEA air emission accounts and consumption-based CO2 emissions. - Rec 2: Energy Accounts — The data gap is closed. EU implemented SEEA energy accounts through environmental accounts legislation. - Rec 3: Carbon Footprints of FDI — The data gap is not an immediate priority; no major work at EU level. - Rec 4: Climate Finance (Green Debt and Equity Securities Financing) — The data gap is being addressed. ECB disseminates data on issuances and holdings of sustainable debt securities monthly (issuances) and quarterly (holdings) with sustainability categories; ECB plans to extend with assurance level breakdown by end of 2023. - Rec 5: Forward Looking Physical and Transition Risk Indicators — The data gap is being addressed. First-best target being aimed for, outcome depends on confidentiality; ESCB published first analytical indicators January 2023; enhancements underway with forward-looking indicators expected in 2024. - Rec 6: Climate-Impacting Government Subsidies — The data gap is being addressed. Only voluntary collection at Eurostat currently; proposal for compulsory collection under discussion. - Rec 7: Climate Change Mitigation and Adaptation Expenditures — The data gap is not an immediate priority. Eurostat publishes mitigation/adaptation data but not current and capital expenditures comprehensively. - Rec 8: Distribution of Household Income, Consumption and Savings — Data gap being addressed; second-best target largely met; Eurostat publishes data for all EU Member States for 2015 and most for 2020. - Rec 9: Distribution of Household Wealth — The data gap is being addressed. ECB aims to publish quarterly Distributional Wealth Accounts by end of 2023 for euro area and most euro area countries. - Rec 10–12: Fintech Credit, Digital Money, Fintech-enabled Financial Inclusion — Rec 10 and Rec 11 unable to assess at this stage; Rec 12 being addressed with statistical work covering payment services and large-value/retail payment systems; data in ECB Data Portal; SPACE survey as prospective source. ### Non-G20 FSB Members — selected economies Hong Kong - Rec 1: GHG Emission Accounts and National Carbon Footprints — Unable to assess at this stage; Environment and Ecology Bureau publishes annual GHG emissions by sector and carbon intensity. - Rec 2: Energy Accounts — Unable to assess at this stage; Electrical and Mechanical Services Department publishes annual energy end-use data and consumption indicators. - Rec 3: Carbon Footprints of FDI — The data gap being addressed. Annual FDI positions and flows by selected major economy available since 1998; by major economic activity since 2004. - Rec 4: Climate Finance — The data gap being addressed. Statistics on green and sustainable debt reported in HKMA quarterly bulletin. - Rec 5: Forward Looking Physical and Transition Risk Indicators — The data gap being addressed. HKMA launched green and sustainable finance (GSF) Data Portal; Hong Kong Observatory publishes climate projections. - Rec 6: Climate-Impacting Government Subsidies — The data gap being addressed. GSF Data Portal centralizes sources; examples of funding/subsidy scheme figures disclosed in Controlling Officer's reports. - Rec 7: Climate Change Mitigation and Adaptation Expenditures — The data gap being addressed. Climate Action Plan 2050 announced plans to allocate about HKD 240 billion in next 15 to 20 years for mitigation/adaptation measures; GSF Data Portal centralizes data. - Rec 8 & Rec 9: Distribution of Household Income/Wealth — Not immediate priority; household survey data available but national accounts household income total and national accounts balance sheet not available; household wealth sensitive and likely unreliable from survey reporting. - Rec 10: Fintech Credit — Unable to assess at this stage. - Rec 11: Digital Money — The data gap is being addressed. HKMA targeting regulation for stablecoins in 2024; licensing of stablecoin issuers planned later in 2024/2025. - Rec 12: Fintech-enabled Financial Inclusion — Data gap not material; HKMA publishes stored value facilities statistics quarterly; informal collection of banks' mobile/internet banking transaction statistics for internal monitoring with consideration to formalize and publish. The Netherlands - Rec 1 & Rec 2: GHG Emission Accounts and Energy Accounts — Data gaps closed; data published. - Rec 3: Carbon Footprints of FDI — Unable to assess at this stage; FDI positions and flows data available; assessing requirements underway. - Rec 4: Climate Finance — The data gap being addressed; work coordinated within ESCB. - Rec 5: Forward Looking Indicators — Unable to assess at this stage; work coordinated within ESCB. - Rec 6 & Rec 7: Subsidies and Expenditures — Unable to assess at this stage; assessment in progress. - Rec 8: Distribution of Household Income, Consumption and Savings — Data gap closed. Economy publishes data in line with primary target with timeliness of +22 months after reference period; investigating timeliness improvements. - Rec 9: Distribution of Household Wealth — The data gap being addressed. Wealth distributions at quintile level published; realistic possibility to close second-best target once reporting template finalized. Publication timeliness +22 months; investigating improvements. - Rec 10: Fintech Credit — The data gap being addressed. Fintech credit included in DNB's multi-annual statistics program. - Rec 11 & Rec 12: Digital Money and Fintech-enabled Inclusion — Unable to assess at this stage; assessment in progress. Singapore - Rec 1: GHG Emission Accounts and National Carbon Footprints — Data gap not material. SUTs available for periods between 2010 to (current year - 4). - Rec 2 & Rec 3: Energy Accounts and Carbon Footprints of FDI — Data gaps being addressed. - Rec 4–Rec 7 & Rec 10–Rec 11: Climate Finance, forward-looking indicators, subsidies, expenditures, fintech credit, digital money — Unable to assess at this stage; further consultation required. - Rec 8 & Rec 9: Distribution of Household Income/Wealth — Unable to assess at this stage; further consultation required. - Rec 12: Fintech-enabled Financial Inclusion — Data gap not material. Spain - Rec 1 & Rec 2: GHG Emission Accounts and Energy Accounts — Data gaps closed. Spain compiles/disseminates annual SUTs since 1995 and annual air emissions accounts since 2008; physical energy flow accounts published. - Rec 3: Carbon Footprints of FDI — The data gap is being addressed. Development/dissemination of annual FDI positions and flows by economy and industry achievable; timeline for estimates of carbon emissions by MNEs by ownership appears too ambitious. - Rec 4: Climate Finance — The data gap is being addressed. Efforts coordinated in Europe by ECB; experimental indicators on sustainable finance published January 2023. - Rec 5: Forward Looking Indicators — The data gap is being addressed. Coordination via Eurosystem; uncertainty on measuring forward-looking transition risks; Spain participated in Eurosystem group on transition and physical risk indicators focused on financial institutions’ exposures to non-financial corporations. - Rec 6: Climate-Impacting Government Subsidies — The data gap is being addressed. Expect to close once new EU regulation on European Environmental Accounts is adopted. National pilot project provided data successfully. - Rec 7: Climate Change Mitigation and Adaptation Expenditures — The data gap is being addressed. Spain compiles mitigation and adaptation expenditures jointly, distinguishes current and capital expenditures but not yet able to comply with target; working on breakdown. - Rec 8: Distribution of Household Income, Consumption and Savings — Data gap not immediate priority. Work for national accounts benchmark in 2024 noted; limited resources. - Rec 9: Distribution of Household Wealth — The data gap is being addressed. Banco de España collaborating with ECB to produce quarterly experimental Spanish Distributional Wealth Accounts reconciled with national accounts; expected publication before end 2023; reporting template for REC 9 still being designed. - Rec 10: Fintech Credit — The data gap is being addressed. Lack of precise definition and regulation of Fintech entities complicates recommendation. Bank of Spain developing experimental statistical dataset of individual financial statements from Fintech firms; granular information available for research via data laboratory; contacts with Fintech associations and crowdfunding register ongoing. - Rec 11: Digital Money — Data gap not material; holdings of digital currencies not considered significant by ad hoc surveys. - Rec 12: Fintech-enabled Financial Inclusion — The data gap is being addressed. Initial workshop pending and indicators not yet agreed; possible regulatory changes to data collection may be necessary. Switzerland - Overall status — Unable to assess at this stage; further consultation with national stakeholders is required. *Source: third-phase-of-the-data-gaps-initiaitve-first-progress-report - 2019. The lack of data from administrative records in this area impedes the development and full implementation of the suggested international methodology to address this data gap.* ### Annex 3. List of Planned DGI-3 Workshops ### Annex 3. List of Planned DGI-3 Workshops ### Timeline grid and activity years - Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 - 12345678910111213141516171819 - Activities (Workshops) 20232024202520262027 ### Recommendations 1, 2 and 3: Greenhouse Gas Emissions Accounts, Energy Accounts and Carbon Footprints - Workshop 1 - Results of Stocktaking (virtual) - Workshop 2 - Technical Support - Air Emissions and Energy Accounts (virtual) - Workshop 3 - Technical Support - Trade Statistics (virtual) - Workshop 4 - Technical Support - Trade Statistics (virtual) - Workshop 5 - Technical Support - Air Emissions and Energy Accounts (virtual) - Workshop 6 - Technical Support - Air Emissions and Energy Accounts (virtual) - Workshop 7 - Technical Support & Review Footprint Estimates (virtual) - Workshop 8 - Technical Support & Review Footprint Estimates (virtual) ### Recommendation 4: Climate Finance - Workshop 1 - Initial discussion on reporting templates (virtual) - Workshop 2 - Finalisation of reporting templates (in-person) - Workshop 3 - Methodological framework (virtual) - Workshop 4 - Technical support with intermediate targets (in-person) - Workshop 5 - Technical support with final targets (in-person) ### Recommendation 5: Forward Looking Physical and Transition Risk Indicators - Workshop 1 - Feedback on concept note (virtual) - Workshop 2 - Experimental estimates & methodological framework (in-person) - Workshop 3 - Finalize methodology, share compilation experiences (in-person) ### Recommendations 6 and 7: Climate Change Related expenditures - Workshop 1 - Discuss survey results (virtual) - Workshop 2 - Review draft methodological framework (virtual) - Workshop 3 - Refine methodological framework & guidance (in-person) - Workshop 4 - Technical support (in-person) ### Recommendations 8 and 9: Income, Consumption, Savings and Wealth Distributions - Workshop 1 - Institutional sector and distributional accounts (in-person) - Workshop 2 - Institutional sector and distributional accounts (in-person) ### Recommendation 11: Digital Money - Workshop 1 - Outline scope and objectives of recommendation (in person) - Workshop 2 - Discuss draft methodology & reporting templates (in person) - Workshop 3 - Finalize methodological framework & reporting templates (in person) ### Recommendation 12: Financial Inclusion - Workshop 1 - Determine concepts, definitions, indicators and report forms (in person/virtual) ### Recommendation 13: Access to Private and Administrative Data - Workshop 1 - Present survey results and share experiences with data sharing tools and initiatives (virtual) ### Recommendation 14: Data Access and Data Sharing, including the Possible Development of an International Microdata Standard - Workshop 1 - Discuss developing a data reuse modalities (virtual) - Workshop 2 - Develop proposal for microdata sharing standards (virtual) - Workshop 3 - Outline way forward (virtual) *Source: Annex 3. List of Planned DGI-3 Workshops (third-phase-of-the-data-gaps-initiaitve-first-progress-report).* --- _Source: https://www.imf.org/-/media/files/news/seminars/dgi/documents/third-phase-of-the-data-gaps-initiaitve-first-progress-report.pdf_