The two-day G20 summit commences on Monday in Rio de Janeiro, bringing together leaders from 19 member nations, the African Union, and the European Union. As part of its rotational presidency, Brazil is hosting the event on November 18 and 19. The G20, representing 85% of the global GDP, will address pressing economic, political, social, and global challenges.
What is the Group of Twenty?
The Group of Twenty serves as a platform for international economic cooperation, focusing on global economic issues and enhancing the global economic framework.
It was established in 1999 in response to the Asian financial crisis, initially as a forum for central bank governors and finance ministers to address international financial and economic issues. Following the 2008 global financial crisis, the G20 was elevated in 2009 to include heads of state and recognized as the leading forum for international economic cooperation.
African Union as part of G20
India recently proposed granting the African Union permanent membership, a motion unanimously supported by G20 members. As a result, the African Union now holds a permanent seat in the G20.
The group currently includes 19 countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, the United Kingdom, and the United States—along with two regional bodies: the European Union and the African Union.
Role of the G20
The G20 represents approximately two-thirds of the global population, over 75% of international trade, and 85% of the world’s GDP. Its discussions encompass a broad range of topics, including financial sector reforms, climate change, economic crises, pandemics, and global development challenges.
The theme of the Rio summit is “building a fair world and a sustainable planet,” with Brazil aiming to leave a significant mark in global diplomacy. The primary topics of discussion include climate change, sustainable development, and combating world hunger.
Core agenda items for Rio summit
Ambassador Mauricio Lyrio outlined three core agenda items for the summit: social inclusion, reforming international institutions, and energy transitions. The event’s opening on November 18 will unveil the Global Alliance Against Hunger and Poverty, an initiative led by Brazil to accelerate progress on eradicating hunger and poverty by 2030. According to official materials, the alliance already includes several member countries, with expectations of further expansion.
Later on November 18, leaders will focus on reforms in global governance, particularly the modernization of institutions such as the United Nations, International Monetary Fund, World Bank, and World Trade Organization.
Strategies for transitioning to a greener economy
This effort aims to align these bodies with contemporary realities and foster fairer, more effective governance. Ambassador Lyrio highlighted the importance of revisiting the Bretton Woods institutions as part of this reform.
On November 19, discussions will center on energy transitions amid the escalating climate crisis. With G20 nations accounting for the majority of global carbon emissions, the summit seeks to outline strategies for transitioning to a greener, more sustainable economy. Brazil intends to assert itself as a global leader on environmental issues, advocating for solutions grounded in local realities and expanded access to clean energy.
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