Eli London
On the 15th and 16th of November, Bali played host to the G20, a platform for the world’s major developed and emerging economies. With the theme “Recover Stronger, Recover Together”, this year the group met to discuss a range of pressing global matters from the war in Ukraine and the impacts of climate change, to formulating a full and functional global recovery in the wake of the pandemic.
What is the G20, and what is the Annual Summit?
The forum has been in operation since 1999, post-1997 Asian crisis where it was originally recognised as a meeting for global finance ministers. Annual G20 Leaders Summits have been in operation since 2008, in the midst of one of the biggest global financial crises and the Great Recession.
The 17th Heads of State and Government Summit is the amalgamation of high-level working groups, engagement schemes, and meetings with personal representatives for heads of state, known as Sherpas, throughout the year.
The Group of Twenty (G20) brings together Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States of America. There are a number of invited and permanent guests, including the EU and Spain. G20 as a conglomerate comprises more than 80% of the world’s GDP, 75% of global trade, and 60% of the planet’s population.
“Today we reaffirm our commitment to co-operate as we, once again, address serious global challenges” – G20 Declaration 2022
Since G20 has no permanent head, the Sherpas, who take their name from the Sherpas in the Himalayas, serve as expert guides and spearheads to the summit. Governmental bodies, leaders, finance ministers and central bank governors formulate an agenda and co-ordinate the event.
The world leaders, including Argentina, Australia, Brazil, Cambodia, Canada, China, Fiji, France, Germany, India, Indonesia, Italy, Japan, Kingdom of Saudi Arabia, Mexico, the Netherlands, the Republic of Korea, Russia, Rwanda, Senegal, Singapore, South Africa, Spain, (cont) pic.twitter.com/Xa8efZAPAB
— G20 Indonesia (@g20org) November 16, 2022
The host country changes annually between member groups, and the countries within that group make the final choice. India is the 2023 host country for continuity. Both its predecessor, Indonesia, and its 2024 successor, Brazil, support India. This grouping is known as Troika. The 2025 host announced to be South Africa.
Key points from this year’s G20
In a 52-point document, the topics covered in this year’s declaration ranged from educational inequalities to migrant inclusion and protection, and COP commitments. The declaration was signed by G20 members on 16th November 2022.
Climate change is the defining crisis of our time, and the Indonesian G20 Presidency addresses various environmental and climate issues the world is currently confronting. Climate change could become an amplifier and multiplier of the crisis.#G20Indonesia pic.twitter.com/LepVBj2fuR
— G20 Indonesia (@g20org) November 17, 2022
Recovery from the COVID-19 pandemic
Among financial meetings, there was a focus on the more human aspects of the pandemic fallout, including education, global vaccine equity, and scarring effects on the economy. The Summit recognised the importance of collective action and collaboration. This will strengthen existing foundations for growth, and development of global health architecture. Country representatives are committed to support developing nations in their recovery, and fortifications for future national and internaltional health threats.
Culture and natural capital
The role of global cultures is the true driver for sustainable growth, both locally and globally. Heritage sites and areas of Natural Capital were identified and promoted as having intrinsic levels of value to all. With the help of bodies such as UNESCO, their protection was highlighted.
G20 supports incentives and sustainable investments into economies, provided certain boxes are ticked and maintained. Marine biological diversity was brought to the forefront. Some key areas needing protective legislation and stewardship include: mangroves, coral reefs and wetland ecosystems.
The 2030 Agenda for Sustainable Development and the United Nations Framework Convention on Climate Change was reaffirmed. Developed countries were urged to fulfil their commitments.
Digital and sustainable economic development
“We will advance a more inclusive, human-centric, empowering and sustainable digital transformation”
– G20 Leaders’ Declaration 2o22
The Summit looked at: global taxation reform, combating the financing of terrorist and corrupt bodies, strengthening financial infrastructure, and digital transformation and integration to ensure collective international growth. Affordable and high-quality connectivity will be a key asset to inclusion and information equitability. But a safe online environment will also be paramount to this.
The key takeaway: economy digitalisation requires agile and coordinated action to prevent widening wealth disparity and improve regulation. Embracing and utilising new technologies will accelerate both recovery and prosperity.
Gender equality
The Summit recognised the disproportionate effect of the pandemic on women and girls. G20’s commitment to equality and empowerment was placed at the heart of the group’s values. Gender-based violence was highlighted, alongside the promotion of entrepreneurship and elimination of patriarchal stereotypes.
This was again mentioned in the development of digital skills and literacy for those most vulnerable around the globe.
Food and energy
“We stress the importance of ensuring that global energy demand is matched by affordable energy supplies”– G20 Leaders’ Declaration 2022
There were recent weaponisations of food and energy resources apparent in the Ukrainian war. A targeted and flexible approach must further be taken to ensure food and energy security globally.
Buffering against price variability between the developing, emerging nations, and developed economies must be ensured. To achieve this, an investment in long-term research and trade agreements is encouraged . For growth in supply chains, a call for “inclusive, green and just transitions” was made.
War in Ukraine
This year, Vladimir Putin remained in Moscow during the summit. Russia was instead represented by Sergei Lavrov, a move criticised openly by U.K Prime Minister Rishi Sunak.
Volodymyr Zelenskyy made a video appearance delivering a speech to the Summit. Zelensky further notes: “now is the time’ that the war in Ukraine “can and must be stopped”, after Khersonc’s recapture. Most condemned the war as it was “causing immense human suffering and exacerbating existing fragilities in the global economy” and a general want for global peace rung true among most members.
Featured image courtesy of Number 10 via Flickr. Image license found here. No changes were made to this image.
