G20 Summit: taxing the ultra-rich, fighting poverty and calls for peace

The leaders of the G20, representing the world’s 20 largest economies, concluded their summit in Rio de Janeiro on Monday with a joint declaration addressing key global challenges. Among the highlights was a commitment to cooperate on taxing the ultra-wealthy more effectively.

“In full respect of fiscal sovereignty, we will seek to work together to ensure that the very rich are taxed effectively,” the declaration stated, signalling a rare consensus on tackling wealth inequality.

The summit, chaired by Brazilian president Luiz Inácio Lula da Silva, also marked progress on other fronts. On the opening day, Lula announced the formation of the Global Alliance against Hunger and Poverty, a coalition of more than 80 countries united to combat poverty and improve food security. This initiative was hailed as a major breakthrough for global development.

In addition to economic and social issues, the G20 leaders addressed institutional reform, calling for changes to the United Nations Security Council. According to the declaration, the body should become “more representative, inclusive, efficient, and democratic.”

However, progress on climate change was less pronounced. Despite a plea from UN Secretary-General António Guterres for bold action and compromises to ensure the success of COP29 in Baku, the summit failed to announce significant new climate measures.

The wars in Ukraine and the Middle East cast a shadow over the meeting. Russian president Vladimir Putin was absent, with foreign minister Sergei Lavrov representing him. The final statement condemned “the threat or use of force to gain territory” and expressed support for “all constructive initiatives in favor of a just and lasting peace in Ukraine.” Additionally, world leaders called for an immediate ceasefire in Gaza.

^​_{19th G20 Summit pose for a group photo for the Global Alliance Against Hunger and Poverty initiated by Brazil in Rio de Janeiro, Brazil on 18 November, 2024 © PHOTO LI XUEREE/XINHUA/ABACAPRESS.COM}