December 26, 2024
The 2024 G20 Summit in Rio de Janeiro | Epthinktank

The 2024 G20 Summit in Rio de Janeiro | Epthinktank

Written by Marc Jütten and Kadri Paris.

Leaders met in Rio de Janeiro on 18-19 November 2024 for the 19th summit of the G20, hosted by the Brazilian G20 presidency. The meeting was overshadowed by events that are further increasing divisions among the world’s leading and emerging economies: Russia’s war of aggression against Ukraine, which entered its 1 000th day, the escalating conflict in the Middle East, and the election to a second term of President Donald Trump, whose ‘America First’ approach to foreign policy includes threats to impose tariffs on imports. The G20 leaders adopted a declaration addressing pressing global issues, including combating hunger, reforming international institutions, and climate change.

Background

The G20 is an intergovernmental forum for international economic cooperation between the world’s leading economies. It consists of 19 countries, the African Union and the EU. The G20 countries together account for more than 80 % of the world’s GDP, 75 % of global trade and two thirds of the world’s population. The G20 Summit represents the conclusion of the work carried out by the country holding the group’s rotating presidency, with a leaders’ declaration adopted at the end of the summit. In 2023, the G20 decided to grant permanent member status to the African Union.

Brazil’s G20 presidency

Brazil took over the annual G20 presidency from India on 1 December 2023. After years of ‘quasi-isolationism’ under President Lula’s predecessor Jair Bolsonaro, the presidency provided an opportunity to show to the world that Brazil is back on the international stage as a promoter of the Global South to tackle global challenges. Under the theme ‘Building a Just World and a Sustainable Planet’, the Brazilian government established the following three G20 priorities:

  • The fight against hunger, poverty and inequality
  • The three dimensions of sustainable development (economic, social and environmental)
  • The reform of global governance

These priorities provide a certain continuity with the topics chosen by the Indian G20 presidency (green development, inclusive growth, progress on the UN SDGs, technological transformation, multilateral institutions for the 21st century, and women-led development). President Lula emphasised that the Brazilian G20 presidency places the poor, and ‘those who have always been invisible’, at the centre of the international agenda. This stance is symbolised by the initiatives for a two per cent tax on the world’s billionaires for climate action and poverty relief, and the Global Alliance against Hunger and Poverty.

Key takeaways from the summit: The G20 Rio de Janeiro Leaders’ Declaration

As in previous years, the G20 leaders committed to a series of actions and goals in a wide-ranging 85‑paragraph-long leaders’ declaration. Some of the key takeaways are:

Ukraine: Against the background of President Biden’s authorisation to allow Ukraine to use long-range US missiles (ATACMS) and the fact that Russia’s war of aggression against Ukraine entered its 1 000th day during the summit, the media focused on the question of how the G20 leaders would address the issue. Compared to previous declarations, in particular the G20 Bali leaders’ declaration, the declaration issued on 19 November refers to Russia’s war of aggression against Ukraine in the weakest possible terms. In fact, the document does not even mention Russia, but highlights the human suffering and negative added impacts of the war with regard to global food and energy security, supply chains, macro-financial stability, inflation and growth. Moreover, leaders welcomed all relevant and constructive initiatives that support a comprehensive, just, and durable peace. Russian President Vladimir Putin did not attend the summit, and was represented by Foreign Minister Sergey Lavrov. Ukraine’s President, Volodymyr Zelenskyy, was not invited to attend the meeting.

Middle East: On the other key geopolitical issue, the escalating conflict in the Middle East, G20 leaders expressed their deep concern about the catastrophic humanitarian situation in the Gaza Strip and the escalation in Lebanon. Moreover, leaders called for a comprehensive ceasefire in Gaza. However, the declaration does not contain a condemnation of Hamas nor a call for the release of all hostages. Leaders affirmed the Palestinian right to self-determination and reiterated their commitment to the vision of the two-state solution.

Climate:The G20 summit took place while the 2024 United Nations Climate Change Conference (COP29) was being held in Baku, Azerbaijan (from 11 to 22 November 2024). Hopes were high that G20 leaders would give a strong impetus to the difficult UN climate talks. However, the declaration does not go beyond the G20 New Delhi Leaders’ Declaration. In particular, it remains unclear from which sources the scaling-up of climate finance from billions to trillions should come. The reference of ‘transitioning away from fossil fuels’, to which all nations agreed last year at COP28 in Dubai, did not find its way into the text.

Hunger:Probably the most concrete result of the Brazilian G20 presidency was the launch of the Global Alliance against Hunger and Poverty. The alliance was created with 148 founding members, among them 82 countries, the African Union, the EU and international organisations. The alliance pursues the goal of reaching 500 million people with cash transfer programmes in low- and lower-middle-income countries by 2030.

Tax on the super-rich: Regarding the Brazilian presidency’s initiative for a two per cent tax on the world’s billionaires, leaders agreed for the first time to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed.

Position of the EU

Charles Michel, President of the European Council, and Ursula von der Leyen, President of the European Commission, represented the EU at the G20 summit. In his speech, Charles Michel stressed that the world needs a robust and effective multilateral system more than ever. With a view to the agenda of the Brazilian G20 presidency, he recalled that trade was a powerful tool to fight poverty and called for reform of the World Trade Organization (WTO), including the dispute resolution mechanism. Von der Leyen stressed, among other things, that the EU fully supports the Global Alliance against Hunger and Poverty and that the EU is committed to making the fight against poverty a priority for ‘domestic policies’.

Some observers saw the opportunity for the EU and Mercosur to advance talks on the EU-Mercosur trade agreement on the margins of the G20 summit, as key leaders from both sides were participating. However, it seems that, instead, resistance might grow, with French President Emmanuel Macron reiterating that France would not sign the agreement as it stands. Following his bilateral meeting with Argentine President Javier Milei, Macron reported that Milei was not satisfied with the deal either.

The tenth G20 Parliamentary Speakers Summit took place on 7-8 November in Brasilia, on the topic of ‘Parliaments for a just world and a sustainable planet’. It concluded with the adoption of a joint statement. A parliamentary forum on gender equality and women’s empowerment preceded the summit.

Outlook

On 1 December 2024, South Africa, another key state from the Global South and the third BRICS country in a row, takes over the G20 baton. The three consecutive G20 presidencies by countries from the Global South present an opportunity to push for the interests of developing and emerging countries on the world stage. It will also be the first time that the African continent hosts the G20. The theme for South Africa’s G20 presidency will be ‘Fostering Solidarity, Equality, and Sustainable Development’ and will address critical global challenges, with a strong focus on Africa’s development in alignment with the African Union’s Agenda 2063.

Looking further into the future of the G20, some experts such as Markus Engels from the Global Solutions Initiative (GSI) are of the opinion that the forum could take the lead in driving multilateralism forward. However, for this to happen the G20 system would need to be strengthened in three areas: the G20 needs to become a decision-making body rather than just an advisory one; the G20’s representativeness needs to be further improved; and the G20 organisation needs to be consolidated and professionalised, including having a permanent secretariat.


Read this ‘at a glance’ note on ‘The 2024 G20 Summit in Rio de Janeiro‘ in the Think Tank pages of the European Parliament.

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