The 19th G20 Summit 2024, officially known as the Summit Rio 2024, convened on November 18 and 19, 2024, in Rio de Janeiro, Brazil. Brazil took over the rotating presidency of the G20 on December 1, 2023. This pivotal gathering brings together leaders from the world’s major economies to address pressing global challenges and shape international economic policies. The motto and the theme for the G20 Summit 2024 is “Building a just world and a sustainable planet” highlighting the urgent need for measures that are socially appropriate, environmentally sustainable, and economically useful. The G20 focuses on addressing inequality in all its forms which makes it a central theme of the global agenda. This year’s Group of G20 summit is being chaired by Luiz Inácio Lula da Silva, the President of Brazil, who has pledged to use his country’s presidency to give the global south a stronger voice in world decision-making. The opening ceremony of the Summit saw the launch of the Global Alliance Against Hunger and Poverty. This Brazilian initiative aims to mobilise countries and international organizations to progress in the fight against hunger and poverty by 2030.
What is the G20?
The G20 is the Group of Twenty the forum of the largest economies in the world that meets regularly to discuss the issues facing the global economy. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, European Union, and the African Union are the founders of G20. The G20 accounts for around 85% of the world GDP, a percentage that has grown in the past 20 years, more than 75% of global trade and around two-thirds of the population of the planet consisting of 19 countries and two regional bodies.
What is the G20 Presidency?
The G20 Presidency sets the agenda for one year and hosts the Summit, with two parallel tracks: the Finance Track and the Sherpa Track. The Finance Track is led by Finance Ministers and Central Bank Governors, while Sherpas, personal emissaries of the Leaders. Both tracks have thematic working groups involving representatives from member countries, invited nations, and international organizations.
Brazil held the Presidency of the G20 from 1 December 2023 to 30 November 2024. Under the leadership of President Luiz Inácio Lula da Silva, Brazil’s presidency focuses on fostering global, and the reform of international governance systems by setting the agenda for the summit, ensuring discussions reflect Brazil’s commitment to building a more equitable and sustainable global future.
Who was invited?
The G20 presidency rotates between members and is picked from different regions each year. Last year the G20 host was Indonesia. This year, it was Brazil’s turn, with a focus on social inclusion, global reform, and sustainability. The heads of several international organizations also participate, including the International Monetary Fund, the United Nations, the World Bank and the World Trade Organization.
Why does the summit matter?
While the G7 comprises rich countries, the G20 brings together leaders from developed and emerging economies, representing broader views. It has been credited with reaching important agreements such as the trillion-dollar pledge in 2009 to help struggling economies during the global financial crisis.
However, it has sometimes proved difficult for such a diverse group of countries to reach a consensus. The hope that the G20 agenda would broaden beyond the global economy to include discussion of political issues, such as security and climate change, has not materialized. G20 summit matters to discuss issues related to the global economies that could largely impact the country.
Key Takeaways
- New Delhi Declaration: The main priority is the execution of the SDG concept with specific emphasis on poverty and vulnerability reduction.
- Climate Justice: India urged the developed countries to take financial obligations to the developing countries for climate change mitigation and adaptation.
- Digital Transformation: India offered UPI as well as Digital India to advance systemic growth in the country; digital infrastructure was highlighted as key to economic revival.
- International Trade and Technological Advancements: It spearheaded efforts in reforms to the international trade system and presented the effects of technology on industries including artificial intelligence as well as blockchain.
- Strengthening Alliances: The leaders of India reassured diplomatic partnerships with developed and developing countries to promote multilateralism over economic and security concerns.
The leadership of India during the 2024 intended for the G20 summit enhanced its increasing position in global governance. The outcomes of the summit show that India has a significant impact on future techno-political advancements and outlines the country’s role as one of the key drivers of change toward the poles which define the future economy and climate.
