The 2024 G-20 Summit in Rio De Janeiro, Brazil

The Group of 20 (G-20), a forum of the world’s biggest economies, was called together this year in Rio de Janeiro, Brazil, on 18-19 November 2024. Representing almost 80% of global GDP, the group is key in influencing international economic policies and addressing pressing global challenges. The 2024 summit, themed “Building a Just World and a Sustainable Planet,” focused on making strong, inclusive, and sustainable growth while tackling critical issues such as economic disparities, climate change, and geopolitical tensions.

Expectations peaked as leaders gathered, with many hoping the summit would be a significant turning point for global cooperation. The stakes were immense, with many wondering, “Could the G-20 overcome differences and deliver meaningful solutions,” or “Would it fall into familiar patterns of lofty promises and limited action?”

This article studies the summit’s core issues—climate financing and equitable trade. Its aftermaths reveal both strides and setbacks in the international effort to build a more equitable and sustainable future. 

Key Themes and Discussions  of the G-20 Summit 2024

The 2024 G-20 Summit was held in Rio de Janeiro under Brazilian President Luiz Inácio Lula da Silva’s leadership, with 19 member countries:  Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Türkiye, the UK, and the US, including the African Union (AU) and the EU. Brazil’s leadership was pivotal in encouraging the following priorities: leveraging its robust clean energy and environmental preservation track record.

Economic Equity and Development

Reforming Multilateral Development Banks (MDBs) was one of the most central debates at the summit. President Lula advocated for making MDBs more accessible to developing nations, especially urging them to have affordable and need-based loans to empower their economies that are in transition. This reform agenda aimed to train countries with the financial tools needed to fight poverty, such as implementing policies that prioritize rural populations’ needs and ensuring they have access to basic resources and education.

In addition to this, the agenda was to address food insecurity by adopting resilient agricultural methods that increase productivity while preserving the environment. This includes capitalizing on food production systems that can withstand severe climate impacts and support local food security by 2030. Lastly, implementing sustainable development projects by creating comprehensive strategies that align with local need-based resources or practice capacity building and training among local communities would be beneficial. Such measures emphasize the G-20’s vast role in narrowing economic inequalities worldwide. 

The summit also addressed the groundbreaking initiative “international taxation,” proposing a 2% wealth tax on billionaires—Elon Musk, Jeff Bezos, and many more—mainly to reduce capital disparities and aim to fund climate initiatives in developing countries. This was considered a bold step that sparked debates among member countries about its feasibility and fairness.

Global Decarbonization

A strong emphasis was placed on climate action during the summit. Brazil is known for its leadership skills in renewable energy and hard work to curb deforestation in its famously recognized Amazon forest, positioning itself as a global example of ecological progress. Many discussions revolved around authorizing developing nations to shift from resource exporters like agricultural commodities and minerals to manufacturers of green technologies like solar panels and electric vehicle (EV) batteries. This strategy was not only targeted to reduce greenhouse gas emissions but also addressed systemic inequalities in global value chains​ (GVCs), promoting fair labor practices and equal distribution of goods and benefits among all the stakeholders in this organization.  

Furthermore, wealthier nations in this summit were urged to honor climate finance commitments made at previous summits, highlighting the role of public and private investment in financing climate resilience. This was a critical step for talking about the climate vulnerabilities of the Global South. The vulnerabilities include intense flooding due to seasonal monsoons such as the recent one in India, Kerala Floods, extreme weather events such as cyclones, and food insecurities despite being the lowest contributors to global gas emissions. 

Geopolitical Tensions and Global Cooperation

The ongoing Russia-Ukraine war, escalating US-China trade disputes, and Israel’s war on Gaza these geopolitical contentions were the backdrop of the G-20 summit. Russia’s involvement, supported cautiously by neighboring China, was met with criticism from Western nations led by Joe Biden, outgoing president of the United States. The summit’s declaration refrained from naming Russia, focusing instead on the war’s humanitarian and economic fallout, including food and energy security crises. Leaders broadly welcomed efforts for a durable peace but avoided confrontation. While Russian Foreign Minister Sergey Lavrov represented his country, President Putin was absent, and Ukraine’s President Volodymyr Zelensky was not invited. The conflict was contentious as G-20 nations struggled to balance the focus on economic cooperation with geopolitical realities.  

In addition to the intensifying Middle East crisis, G-20 leaders voiced their deep concern over the worsening humanitarian situation in Gaza and mounting tensions in Lebanon. They called for a complete ceasefire in Gaza and reaffirmed their support for a two-state solution, stressing the Palestinian right to self-determination. However, the declaration avoided condemning Hamas, the terrorist organization, or directly inscribing the release of hostages, portraying a vigilant method to combat geopolitical sensitivities.

Meanwhile, the addition of the African Union (AU) as a permanent member was a landmark decision, showcasing that the organization is slowly moving towards the representation of developing regions in big platforms. This move was celebrated as a step toward a more comprehensive global governance framework, although questions raised about resource distribution and political alignment persisted.

Hunger Eradication

A milestone of the 2024 G-20 Summit was the unveiling of the Global Alliance Against Hunger and Poverty, an ambitious initiative targeting hunger eradication by the year 2030. It was supported by 148 founding members, including 82 countries, the African Union, the EU, and vital international organizations. The Alliance is there to assist 500 million vulnerable people through cash transfer programs in low- and lower-middle-income nations. This will be done through government partnerships, multilateral development banks, and UN agencies. 

Brazilian President Lula da Silva spoke about hunger, saying that it is a political failure rather than a resource issue; he was in favor of more equitable food distribution and access to countries in the Global South. He drew on successful models initiated by himself, like Brazil’s Bolsa Família, which is a social program launched in 2003 by his government aiming to provide financial aid to families on a condition that they ensure their children attend school. The Alliance also is to replicate localized strategies globally. With governance based in Rome and Brasilia, the program highlights a collaborative effort between governments, civil society, and international financial institutions, addressing systemic inequality and setting a standard for future multilateral cooperation. 

Conclusion

The 2024 G-20 Summit in Brazil marked significant strides in addressing pressing global issues, notably the inauguration of the Global Alliance Against Hunger and Poverty and renewed commitments to sustainable development and climate action. Leaders who came to the forum also spoke about current geopolitical tensions, including the Russia-Ukraine war and the escalating Middle East crisis, simultaneously emphasizing the need for durable peace and multidimensional cooperation. The potential of global unity, even amid divisions, was the major achievement underlined. 

However, the summit’s results were tempered by notable errors, such as the dearth of direct condemnation of Russia or clear resolutions of peace in the Middle East. Additionally, future encounters loom with President-elect Donald Trump, who is set to assume office by January 2025. His policies, including potential tariff hikes and reduced US support for Ukraine, could disrupt global economic stability and agreements reached during the G-20 Rio de Janeiro summit. 

The G-20’s efforts reflect progress but accentuate the fragility of multilateralism in a polarized world, raising questions about its resilience in the facade of ever-changing geopolitical dynamics.

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