G20 Summit Concludes with Focus on Climate, Poverty, and Tax Reform

The G20 summit in Rio de Janeiro was concluded with the clear concentration on the Global South agenda which includes climate, poverty, and taxing billionaires. That particular meeting was presided over by Brazil’s President Luiz Inácio Lula da Silva: the intended subject and the themes it embraced was the way to enhance social integration and energy transitions, as well as to reform the global governance system. Lula described globalization as a failure and called for the world’s unity during increasing global turbulence.

Climate Action and Economic Inclusion

In the joint statement issued after the summit, both leaders pointed at the need to slow the rate of global warming and address issues of inequality. Holders intending to implement progressive taxation policies to solve internal inequalities with a focus on the UHNWI segment. It follows that these measures will also contribute to such forms of growth which will help support the UN Sustainable Development Goals (SDGs).  

Speaking also stressed the need to change the international relations models such as increasing the UN Security Council permanent membership.

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Global Conflicts and Security

The G20 leaders urged the sides in the Gaza Strip and Lebanon to cease fire but did not directly criticize Russia for its actions in Ukraine. The conflict in Ukraine persisted as one of the hot political topics, and the level of cooperation with Russia decreased as well as the level of agreement on the guilt of Russia. 

Joe Biden focused on the reinforcement of international health, green energy and digitalization initiatives as well as a further support of Ukraine. The G8 transformed into G20 after the financial crisis of the year 2008 and till the recent years, Brazilian president Lula handed over the presidency of G20 to South Africa so that future dialogues could take place.