The two-day G20 summit, commencing November 18th in Rio de Janeiro, brings together leaders from 19 member countries, the African Union, and the European Union. This crucial meeting, hosted by Brazil as part of its rotating presidency, focuses on addressing the complex economic, political, social, and environmental challenges facing our planet. Representing 85% of the global GDP, the G20’s discussions hold significant weight in shaping the global landscape.
The G20’s origins trace back to the Asian financial crisis of 1999, initially serving as a platform for central bank governors and finance ministers to address international economic concerns. The 2008 global financial crisis elevated its status, transforming the G20 into the premier forum for international economic cooperation, involving heads of state.
One significant development at this summit is the unanimous approval of the African Union’s permanent membership, a proposal championed by India. This inclusion broadens the G20’s representation, encompassing approximately two-thirds of the world’s population, over 75% of global trade, and the aforementioned 85% of global GDP.
But what precisely does the G20 accomplish? Since the 2008 Washington Summit, each G20 meeting has targeted specific goals. The group addresses a wide array of issues: sector reforms, global climate agreements, financial crises, global warming, humanitarian crises, conflicts, pandemics, and more—all aimed at fostering global development. The Rio summit, under the theme “building a fair world and a sustainable planet,” prioritizes Brazil’s foreign policy goals, emphasizing climate change, sustainable development, and global hunger eradication.
The summit’s agenda, as outlined by Ambassador Mauricio Lyrio, centers around three key pillars: social inclusion, reform of international institutions, and energy transitions. The opening ceremony features the launch of the Global Alliance Against Hunger and Poverty, a Brazilian initiative aiming to accelerate efforts towards achieving the Sustainable Development Goals by 2030. This alliance, already boasting significant membership, highlights Brazil’s commitment to tackling global hunger and poverty.
Discussions among heads of state will delve into global governance reform, a central tenet of Brazil’s G20 presidency. This includes modernizing key international institutions like the United Nations, the International Monetary Fund, the World Bank, and the World Trade Organization to better reflect contemporary realities and promote fairer, more efficient governance. This reform initiative targets institutions established under the Bretton Woods system.
The final day will focus on energy transitions, recognizing the pressing need to address the climate crisis. The G20 nations, responsible for the majority of global carbon emissions, will strategize on promoting a greener, more sustainable global economy. Brazil aims to showcase its leadership on environmental issues, advocating for approaches tailored to local contexts while ensuring access to clean energy sources. The Rio G20 Summit promises to be a pivotal moment in shaping global cooperation and addressing critical challenges for a more equitable and sustainable future.
