G20: combating inequalities, taxation and environmental actions are themes of this week’s meetings

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Last week, G20 foreign ministers met in Rio; This week, Finance Ministers meet in São Paulo. Around 450 delegates are expected from 73 countries. The coordinator of the G20 Finance Track, Tatiana Rosito, reported this Monday (26) that the meetings of finance ministers and presidents of the group’s central banks, scheduled for this week in São Paulo, will focus on discussions on themes such as combating inequalities, international taxation and financing environmental actions. The G20 brings together the world’s main economies, in addition to the European Union and the African Union. Brazil has led the group since December last year — the Brazilian presidency ends in November this year, with the heads of state summit in Rio de Janeiro. (find out more below) Last week, the G20 foreign ministers met in Rio. This week, meetings of finance ministers and central bank presidents are scheduled for the 28th and 29th. Earlier, this Monday, the Ministry of Finance informed that minister Fernando Haddad was diagnosed with Covid-19 and, as a result, will participate in the meetings virtually. When Brazil took charge of the G20, President Lula defined three central axes of discussion: social inclusion with the fight against hunger and poverty; energy transition and sustainable development; global governance reform. According to Tatiana Rosito, based on these three central axes, the country decided to discuss the following topics at meetings of finance ministers and central bank presidents: the relationship between inequalities and economic policies; diagnosis of the global economy (prospects for growth, inflation, job creation and cooperation); international taxation (focus on progressive taxation); national debts and financing sustainable development. “We hope that these discussions, which will take place at ministerial level, will give us the opportunity to exchange ideas, but also to make concrete progress in the formation of consensus that will enable the massive mobilization of domestic and international resources for sustainable, balanced and inclusive growth” , said the coordinator of the G20 Finance Track. G20: US Secretary of State supports Brazil’s demand to reform the UN Security Council SDGs and Paris Agreement In the assessment of the coordinator of the G20 Finance Track, the group is “crucial” to guarantee financing — at a global level — of actions related to the Sustainable Development Goals (SDGs) and the Paris Agreement. The so-called SDGs were defined by the United Nations (UN) and envisage, for example, ensuring clean and affordable energy; universal drinking water; poverty eradication; sustainable cities; and actions against climate change. Defined at the United Nations Conference on Climate Change (COP21), the Paris Agreement provides for the adoption of measures that reduce the emission of greenhouse gases and, consequently, the pace of climate change. “Finance ministers and central bank governors, as a whole, are directly responsible for fiscal, regulatory and financial aspects necessary to allow the implementation of domestic policies and investment incentives”, stated Tatiana Rosito this Monday. “And they are also the representatives of the countries on the boards of international financial institutions and multilateral development banks, fundamental instruments for moving the financial track agenda forward,” she concluded. Preparations begin for the G20, which takes place in Rio in November. What is the G20? The Group of 20, or G20, is an organization that brings together economic ministers and central bank presidents from 19 countries and two regional bodies, the European Union and the African Union. Together, the G20 nations represent about 85% of the entire global economy, more than 75% of world trade and about two-thirds of the world’s population. The G20 has annual rotating presidencies. Brazil is the current president of the group, took office on December 1, 2023 and remains in charge until November 30, 2024. During this period, the country must organize 100 official meetings. The main one will be the Brazil G20 Summit, scheduled for November 18th and 19th, 2024, in Rio de Janeiro. After each Summit, the group publishes a joint statement with conclusions, but countries are under no obligation to include them in their legislation. Furthermore, separate meetings of officials from two countries are an important part of the events. The G20 is made up of the following countries: South Africa; Germany; Saudi Arabia; Argentina; Australia; Brazil; Canada; China; South Korea; U.S; France; India; Indonesia; Italy; Japan; Mexico; UK; Russia; Türkiye; European Union; African Union. The G20 emerged in 1999, after a series of global economic crises in the 1990s. The idea was to bring together leaders to discuss global economic, political and health challenges. At that time, there was a lot of talk about globalization and the importance of a certain proximity to be able to solve problems. The G20 is, in fact, a creation of the G7, which is the group of democratic and industrialized countries, made up of Germany, Canada, the United States, France, Italy, Japan, the United Kingdom and the European Union. The first meeting of G20 leaders took place in 2008. Each year, one of the 19 member countries organizes the event.

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