THE final statement of the G20 Leaders’ Summit reiterates the commitment of the group’s countries to the main guidelines of the Paris Agreement. There was agreement on the goal of limiting the global increase in average global temperature to well below 2ºC above pre-industrial levels. It was also recognized that the impacts of climate change will be significantly smaller with a rise limited to 1.5ºC.
The Paris Agreement was signed in 2015 by the 193 Member States of the United Nations (UN). He established the 2030 Agenda, which encompasses 17 Sustainable Development Goals (SDGs). Each of them unfolds into a set of goals.
The final declaration of the G20 Leaders’ Summit recalls that, since 2015, there has been effective progress on only 17% of the SDG targets and lists a series of challenges.
Currently occupying the presidency of the G20, Brazil hosts the Leaders’ Summit, which takes place at the Museum of Modern Art (MAM) in Rio de Janeiro this Monday (18) and this Tuesday (19). The final statement, with 22 pages in the English version and 24 in the Portuguese version, was released at the end of the first day’s programming.
The text covers five topics: international political and economic situation; social inclusion and fight against hunger and poverty; sustainable development and climate actions; reform of global governance institutions; and inclusion and effectiveness in the G20.
There were doubts about Argentina’s adherence to the final text. The government led by Javier Milei even expressed some differences. Argentina’s leader has already publicly criticized the Paris Agreement. Even so, the country signed the declaration. The country signed the document, even though it released a statement registering reservations and “partially disassociating itself from the entire content of the 2030 Agenda”.
In addition to reiterating guidelines from the Paris Agreement, the section of the declaration dedicated to sustainable development and climate actions establishes a commitment to multilateralism and establishes the urgency of effective initiatives to face the crises and challenges arising from climate change, loss of biodiversity, desertification , ocean and soil degradation, droughts and pollution.
The goal to triple renewable energy capacity globally and double the global average annual rate of improvements in energy efficiency was emphasized. The text also included a commitment to completing, by the end of this year, negotiations on an international instrument that establishes the fight against plastic pollution.
You advances involving the G20 Bioeconomy Initiative (GIB) were highlighted: in September, representatives of the group’s countries launched the 10 High-Level Principles on Bioeconomy. “We are determined to lead ambitious, timely and structural action in our national economies and the international financial system with the aim of accelerating and scaling up climate action, in synergy with sustainable development priorities and efforts to eradicate poverty and hunger” , adds the text.
Financing
The declaration also establishes the need for greater international collaboration and support with the aim of expanding public and private climate financing and investment. The text highlights the importance of optimize green fund operations and defends innovative mechanisms such as the Tropical Forests Forever Fund (TFFF) proposal. It also expresses support for the 2024 United Nations Conference on Climate Change (COP-29), underway in Baku (Azerbaijan), to advance negotiations on environmental financing.
“Developing countries need to be supported in their transitions to low-carbon emissions, we will work to facilitate low-cost financing for these countries. We recognize the important role of domestic energy planning, capacity building, policy strategies and legal frameworks, as well as cooperation between different levels of government, in creating enabling environments to attract financing for energy transitions”, says the text.
Since the beginning of the year, one of the major discussions in the activities of the agenda created by Brazil for its presidency of the G20 was the taxation of the super rich. The proposal has been seen as a path to finance social and environmental initiatives. The issue was on the agenda in the G20 finance track debates. Brazil defends that the adoption of a minimum tax on the super rich be agreed, in order to avoid a fiscal war between countries. However, there is resistance. Representatives from the United States, for example, have argued that it is up to each government to deal with the issue internally.
In the final declaration of the Leaders’ Summit, there is a brief mention of this discussion in the topic on social inclusion and the fight against hunger and poverty. “With full respect for tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed. Cooperation could involve exchanging best practices, encouraging debates around tax principles, and drafting anti-evasion mechanisms, including addressing potentially tax practices.”
It was the first time that Brazil presided over the G20 since 2008, when the current format of the group was implemented, comprising the 19 largest economies in the world, as well as the European Union and more recently the African Union. The Leaders’ Summit is the culmination of the Brazilian mandate. South Africa will succeed Brazil as president of the group.
