Meeting of economic powers: The most important points of the G20 final declaration in Rio

At the G20 summit in Rio de Janeiro, representatives of the heads of state and government of the leading industrialized and emerging countries agreed on a joint final declaration on the first day. The document contains a minimal consensus on the wars in Ukraine and the Middle East, but also a number of issues that were particularly important to host Brazil: the fight against hunger and poverty, joint efforts to protect the climate and a passage on a billionaire tax. The most important points at a glance:

The G20 countries want to work for effective taxation of the super-rich. Without interfering with the states’ tax sovereignty, we will make joint efforts to effectively tax very wealthy individuals, the statement says. This confirms an agreement reached by the G20 finance ministers in July. The idea goes back to the French economist Gabriel Zucman. According to this, billionaires should transfer two percent of their wealth to their home countries every year. There are around 3,000 billionaires worldwide. According to Zucman’s estimates, the tax could raise up to $250 billion per year, which could then be invested in the fight against climate change, for example.

The group reiterated the goal agreed in the Paris Climate Agreement to limit global warming to 1.5 degrees compared to the pre-industrial era. However, the final document does not contain the central resolution of the last UN climate conference in Dubai to move all countries away from oil, coal and gas. The G20 is only generally committed to the results of last year’s climate summit. Observers and negotiators at the current climate conference in Baku rate it positively that the G20 recognizes that climate aid for developing countries must be increased quickly and significantly.

Wars in Ukraine and the Middle East

With regard to the wars in Ukraine, the Gaza Strip and Lebanon, representatives of the leading industrialized and emerging countries were only able to reach a minimal consensus. As was the case at the summit in India last year, the Russian attack on Ukraine is no longer explicitly condemned by a majority of countries. There is only a general reference to “human suffering and the negative additional impacts of war”, for example on food and energy security.

There is also no mention of the massacre by the Islamist Hamas that triggered the Gaza war. The G20 is concerned about the humanitarian situation in the Gaza Strip and the escalation in Lebanon. Humanitarian aid must urgently be expanded and protection of the civilian population must be strengthened. The G20 also reaffirmed the Palestinians’ right to self-determination and an “unwavering commitment” to a two-state solution.

Fight against hunger and poverty

The Global Alliance Against Hunger and Poverty was launched in Rio. There is neither a lack of knowledge nor a lack of resources, but rather a lack of political will to give people access to food, it says in the final declaration. The group relies on proven strategies such as direct financial support, school feeding programs and improved access to microfinance, which can then be adapted to local circumstances in individual countries. The initiative is one of the central themes of the Brazilian G20 presidency.

Reform of international organizations

The G20 states agreed to work towards reforming the UN Security Council. The most important body of the United Nations should become more representative, inclusive, effective and democratic, says the final declaration. The most important industrialized and emerging countries are calling for better representation of the previously underrepresented regions of Africa, Asia, Latin America and the Caribbean. At the same time, the role of the UN General Assembly should be strengthened. It is also important to improve the opportunities for developing countries to have a say in international development banks in order to make these institutions more effective and credible.