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The Group of 20, also known as G20, is a coalition of nations with the world’s largest economies that come together to address global challenges. As a group, they represent the nations that make up approximately 85% of the world's total GDP and 75% of international trade. The group coordinates responses to global crises and attempts to facilitate collaboration on major policy issues not only economically centered, but also on matters such as global health and climate change.
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UN Secretary-General António Guterres arrived in Rio de Janeiro, Brazil, ahead of the 2024 G20 summit that will take place on November 18 and 19. He had a simple message: “G20 leaders must lead.”
In addition to its two regional members (the African Union and the European Union), the current members of the G20 are: Argentina, Austria, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States.
International organizations, such as the World Bank, the World Trade Organization (WTO), the International Monetary Fund (IMF), and the United Nations, also participate in the meeting.
Following the 1997 Asian financial crisis, which devastated several Southeast Asian nations and spurred fears of global chaos, the G20 emerged in 1999 as a space for those from developed and emerging economies to debate global financial matters.
Following the 2008 financial crash, it developed more into a forum specifically for global leaders to meet in efforts to discuss and solve the world’s economic qualms. The G20 summit is considered one of the world’s most important events.
Luiz Inácio Lula da Silva, President of Brazil, is hosting the 2024 G20 summit. One of the key points on his agenda is how to tax billionaires.
The world’s richest individuals often find loopholes to avoid tax. From keeping most of their money in stocks, piling funds in exploitative businesses, such as real estate and oil, creating foundations and other initiatives that allow for massive tax deductions, there are a number of tactics that the super rich use to avoid taxation.
During a July 2024 meeting of the G20 finance ministers, the United States and Germany voiced strong opposition to developing “fair and progressive taxation” strategies geared toward the world’s richest individuals.
The proposal, developed by French economist Gabriel Zucman, includes a flat tax of 2% on the total net worth of approximately 2,800 billionaires who have a combined net worth of US$13.5 trillion.
The total net worth to be taxed goes beyond income, a limited scope of taxation that is easily bypassed by the world’s richest. Rather, it includes assets and investments.
The implementation of this proposal could raise US$250 billion per year. This money would be used to address global inequalities, particularly in low-income countries holding a great deal of debt.
These funds would also go toward financing capacities to address issues that affect certain communities in a disproportionate manner, including climate change, poverty, and hunger. This is particularly important given the attendance of the African Union at the summit for the first time.
On the heels of the COP29 meeting, which brought together world leaders to discuss the climate crisis, where decisions were taken to funnel more funds into poorer countries to build resilience toward climate devastation, it is the G20 countries that are responsible for ensuring that funding occurs.
The world depends on the cooperation of G20 members to fund initiatives to curb the effects of climate change, all while its members are also responsible for producing over 75% of global greenhouse gas emissions.
The same challenges that emerged during the COP29 meeting, including disputes over funding initiatives, energy transitions, and holding private companies accountable for their environmental harms, have spilled over to the G20, with no clear solution in sight.
A phaseout of fossil fuel and coal has been dwindled down to a semi-commitment to "phasedown," offering little hope to reach the kind of progressive climate agreements that climate leaders are urging of nations.
Geopolitical issues, such as Russia’s invasion of Ukraine (which has caused Russian President Vladimir Putin to fail to attend the summit for two years in a row), Israel’s war on Gaza and Lebanon, as well as tensions between the United States and China, have furthered challenges to address global issues.
The G20’s commitment to World Trade Organization principles that include minimizing tariffs, among other measures to facilitate trade, collides with many of the measures taken in American competition with China, which has consistently used sanctions, increased tariffs, and other measures to reduce its competitive edge.
With Donald Trump’s reelection promising to further these measures to new extremes, including a blanket 20% tariff on China, America’s promises in the 2024 G20 summit are nearly meaningless as its impending change of leadership shifts its commitments.
The positions that Trump’s impending administration will take is a key area of anxiety for global leaders, particularly in relation to his promises pertaining to the war in Ukraine, issues of international security, trade, and climate change.
Chinese President Xi Jinping is also seen as a key figure in the 2024 meeting, given China’s dominating economic role in the global economy, and its strong diplomatic relationship with Russia.
Under the motto “Building a just world and a sustainable planet,” the three primary themes of the 2024 meeting are: social inclusion and the fight against hunger and poverty; reform of the institutions of global governance; and sustainable development and energy transition.
With the geopolitical challenges currently clouding the ability to arrive at stern conclusions, critics see little hope in the possibility of fruitful dialogue that can build meaningful change.
Despite these challenges, there is a glimmer of hope, particularly in relation to European Union and the Mercosur states (Argentina, Bolivia, Brazil, Paraguay, and Uruguay), that are set to agree on a historic free-trade agreement after decades of negotiations. But this has been met by a great deal of criticism, particularly from environmentalists.
This agreement is essential for Germany to reach its energy transition goals through the acquisition of raw materials for solar panels, batteries, and wind energy, among other measures it sets to take on.
The strengthening of trade relations between the European Union and the Mercosur states also creates dynamism for China’s accelerating investment in the region, which includes the establishment of a recent mega-port in Peru.
In addition, a final document on social issues related to world hunger does seem probable to be issued during the summit, as part of Brazil’s Global Alliance Against Hunger initiative, which would include mentions of the wars in Ukraine and Gaza.
This initiative would be a huge win for Brazil’s president, who has focused on the issue of hunger throughout his first two presidencies, leading to a massive drop of 80% of undernourished Brazilians within a decade’s time.
While ambitions to address the taxation issue to redirect funds into global programs to reduce inequalities seems unlikely given the resistance of various members, some important resolutions may come to fruition, and at the very least, the meeting does offer a light into the geopolitical tensions that are pressing in today’s times.
Sources: (United Nations) (DW) (RFI) (World Economic Forum) (Council on Foreign Relations) (Reuters) (Council of the European Union) (AP News)
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LIFESTYLE International relations
The Group of 20, also known as G20, is a coalition of nations with the world’s largest economies that come together to address global challenges. As a group, they represent the nations that make up approximately 85% of the world's total GDP and 75% of international trade. The group coordinates responses to global crises and attempts to facilitate collaboration on major policy issues not only economically centered, but also on matters such as global health and climate change.
Want to find out more? Then click through the following gallery.