RIO DE JANEIRO G20 SUMMIT, 2024
The 2024 G20 Rio de Janeiro summit is the ongoing 19th meeting of Group of Twenty (G20), a Heads of State and Government meeting took place at the Museum of Modern Art in Rio de Janeiro from 18–19 November 2024.
It is the first G20 summit to be held in Brazil.
It also marks the first full G20 summit with the African Union as a member, having joined during the G20 during the previous summit in 2023.
AGENDA PRIORITIES
G20 Brazil has put three main agenda priorities for the G20 dialogue in 2024:[2]
- Social inclusion and the fight against hunger
- Energy transition and sustainable development in its social, economic and environmental aspects
- Reform of the global governance institutions
ABOUT G20
- G-20, was established as a group of finance ministers and central bank governors from 19 individual countries and European Union. It was established in 1999.
- G20 was elevated to a forum of Heads of State/Government in 2008 to effectively respond to the global financial crisis of 2008.
- G-20 is a forum, not a legislative body, its agreements and decisions have no legal impact, but they do influence countries’ policies and global cooperation.
- G20 members represent around 80% of global GDP, over 75% of global trade, and 66% of the world’s population.
- G20 members contribute 79% of the world carbon emissions and hence this platform assumes significance in shaping the discussion on climate change.
- The G20 consists of 2 parallel tracks – the Finance track, led by Finance Ministers and Central Bank Governors and the Sherpa track.
- A sherpa is the personal representative of a head of state or head of government who prepares an international summit, such as the annual G20 summits.
- Basically, Sherpa track clears the way for a head of state at a major summit.
FIVE KEY TAKEAWAYS
1. No Climate Breakthrough
- There were high expectations that the G20 leaders would help to restart the stalled UN climate talks happening in Azerbaijan.
- However, the final declaration was underwhelming.
- In the declaration, the G20 acknowledged the need for climate finance to scale up from billions to trillions of dollars, but it failed to specify who would provide the funds.
- Additionally, the G20 did not reiterate the commitment made at the COP28 climate talks in Dubai last year for a “just, orderly, and equitable transition” away from fossil fuels.
- Mick Sheldrick, co-founder of the Global Citizen campaign, criticized the lack of progress, stating, “They haven’t stepped up to the challenge.”
2. Ukraine War
- The war in Ukraine was one of the central topics of the summit.
- Just before the summit, the United States had granted Ukraine approval to use long-range American missiles to strike Russian territory, raising tensions.
- In response, Russia warned that it would take action if its territory was hit.
- Chinese President Xi Jinping, along with Brazil, has been pushing for peace talks between Ukraine and Russia.
- He called on the G20 to support efforts to “cool” the war.
- The G20 leaders, in their final statement, welcomed “constructive initiatives” aimed at securing a comprehensive, just, and durable peace in Ukraine.
- While they condemned the “threat or use of force to seek territorial acquisition,” they made no direct mention of Russian aggression in their statement, reflecting the differing perspectives within the group.
3. Lebanon, Gaza Ceasefire Calls
Leaders of the G20, representing diverse political views, made calls for comprehensive ceasefires in both Gaza and Lebanon:
- In Gaza, the G20 leaders expressed support for a US-proposed UN resolution calling for a permanent ceasefire in exchange for the release of all hostages held by Hamas.
- In Lebanon, the G20 urged for a ceasefire that would allow civilians to return safely to their homes along the Blue Line, the demarcation between Lebanese and Israeli
- These calls for ceasefire reflected the G20’s desire for peace in the Middle East and its commitment to de-escalating conflicts in these regions.
4. Tax the Super-Rich
- A significant outcome of the summit was the endorsement of taxing ultra-wealthy individuals.
- The G20 leaders agreed to work together to ensure that ultra-high-net-worth individuals are effectively taxed across nations.
- This was considered a victory for Brazilian President Luiz Inácio Lula da Silva, who had prioritized the issue.
- However, the declaration stressed that such international cooperation on tax policies should be done “with full respect to tax sovereignty” and should include debates on tax principles and measures to combat tax avoidance. Gabriel Zucman, an economist specializing in inequality, who had been consulted by Brazil for the G20 presidency, hailed the decision as “historic”, signaling a strong step toward addressing global wealth inequality.
5. Alliance Against Hunger
- One of the main issues championed by President Lula was the creation of a global alliance against hunger.
- At the summit, 82 countries signed on to the initiative, making it a major success for Brazil’s presidency.
- The alliance seeks to unite international efforts in the fight against hunger and secure financing for anti-hunger programs.
- The alliance aims to reduce hunger for half a billion people by the end of the decade and replicate successful programs from different countries.
- Lula, who grew up in poverty, referred to hunger as a “scourge that shames humanity” and expressed the urgency of addressing this issue globally.
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