Finance ministers and central bank presidents from the G20 (a group of the 19 largest economies on the planet, plus the European Union and the African Union) will meet starting this Wednesday (24), in Rio de Janeiro. The meeting will highlight the Brazilian proposal to tax the super-rich and measures to reduce the effects of climate change.
The meeting will take place until Friday (26). This is the third meeting of the so-called G20 financial track since Brazil assumed the presidency of the group. In February, finance ministers and central bank presidents met for a week in São Paulo, where Brazil first presented the proposal to tax the super-rich. In April, a second meeting took place in Washington, on the sidelines of the annual spring meeting of the International Monetary Fund (IMF).
In addition to the G20 meeting, there will be parallel events. Since Monday (22), global experts from governments, civil society, academia, the private sector and international organizations have been discussing a socially just State model focused on sustainable development, at the headquarters of the National Bank for Economic and Social Development (BNDES), in Rio de Janeiro.
In another parallel event, President Luiz Inácio Lula da Silva will pre-launch the Global Alliance against Hunger and Poverty in Rio. One of Brazil’s priorities during its presidency of the G20, the initiative aims to formalize documents and pave the way for interested countries to join. The pre-launch will take place at Galpão da Cidadania, the headquarters of the organization Ação da Cidadania, founded 30 years ago by sociologist Herbert de Souza, also known as Betinho.
Schedule
After participating in the pre-launch of the Global Alliance against Hunger and Poverty, Finance Minister Fernando Haddad will have a bilateral meeting with US Treasury Secretary Janet Yellen this Wednesday at 3:00 p.m. According to the Finance Ministry, the two intend to discuss the state of the global economy, the taxation of the super-rich, which is facing resistance from the United States, and the climate emergency caused by global warming. There is a possibility that Haddad and Yellen will make a statement at the end of the meeting.
At 5:00 p.m., Haddad will participate in the opening panel of another parallel event to the G20. Organized by the United Arab Emirates, host of the last United Nations Climate Change Conference (COP28), the event aims to discuss the expansion of mechanisms to finance sustainable development.
On Thursday (25), Haddad will start the day by meeting with Indonesian Finance Minister Sri Mulyani. At 9 am, Haddad and Central Bank President Roberto Campos Neto will chair the first working session of the G20 meeting, which will discuss the global economic situation and current challenges for the economy.
At 2:00 p.m., the Finance Minister will meet with the Secretary-General of the Organization for Economic Cooperation and Development (OECD), Mathias Cormann. According to the Finance Ministry, the two will discuss the global economic outlook, Brazil’s economic situation and the proposal to tax the super-rich, a topic of interest also to the OECD, a group that prepares political, economic and social recommendations for member countries.
At 3:30 p.m., Haddad will meet with the new UK finance minister, Rachel Reeves. This is the first international trip for the minister, who took office earlier this month following the British Labour Party’s victory in the country’s general election. Brazil is hoping to gain support for taxing the super-rich following the change in government in the UK.
At 4:15 p.m., Haddad will coordinate a G20 working session to discuss cooperation on international taxation. At the same time, Campos Neto will chair another meeting, the theme of which has not yet been approved by the Central Bank. The day ends with an official dinner to welcome the ministers at the BNDES headquarters, which will focus on the preservation of forests in Brazil.
On Friday (26), the last day of the meeting, there will be a meeting to discuss financing for sustainable development mechanisms and to combat climate change, from 9 am to 1 pm. According to the Ministry of Finance, the meeting aims to bring together the entire debate on the topic within the G20.
At 2pm, there will be a meeting on the Tropical Forest Finance Facility (TFFF). This instrument was launched by the Minister of Environment and Climate Change, Marina Silva, at COP28 last year.
At 3:00 p.m., there will be a meeting to discuss the reform of multilateral banks and global debt. In early June, Haddad participated in a conference at the Vatican The theme of the meeting was the search for solutions to the public debt crisis faced by developing countries. At 6:30 p.m., there will be a final press conference of the G20 meeting, with the presence of Haddad, Campos Neto and Ambassador Tatiana Rosito, Secretary of International Affairs at the Ministry of Finance.
Perspectives
According to the Finance Ministry, the meeting aims to hear the position of the G20 finance ministers on taxing the super-rich. Based on the discussions, Brazil will try to build a vision so that the country can, between July and October, finalize a text that can be endorsed by other countries.
So far, France, Spain, Colombia, the African Union and Belgium have expressed direct support for the Brazilian proposal. South Africa, which will hold the rotating presidency of the G20 next year, also supports taxing the super-rich. The United States, however, has rejected the proposal, arguing that there are other mechanisms to reduce global inequality.
