Copyright infringement not intended

Picture Courtesy: https://indianexpress.com/article/world/g20-summit-rio-begins-global-uncertainty-trump-return-9676370/

Context:

The leaders of the Group of 20 (G20) discussed global trade, climate change, and international security issues during the G20 Summit in Rio, Brazil. 

About G20

The G20 was established in 1999 in response to several global economic crises. In 2023, the African Union became the G20's 21st member.

It meets at least once a year, with summits attended by each member's head of government or state, finance minister, or foreign minister, and other high-level officials. 

It is an intergovernmental organization that includes 19 sovereign countries, the European Union (EU), and the African Union (AU);  Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.

 It accounts for approximately 85% of global GDP, 75% of international trade, 56% of the world's population, and 60% of the land area.

Objectives

To promote global economic growth, promote policies to address climate change and sustainable development, coordinate crisis responses, strengthen multilateral cooperation, and represent both advanced and emerging economies, including the Global South.

Highlights of Indian Prime Minister's Speech

The PM highlighted that India was the first country to meet its Paris Agreement commitments on Green energy ahead of schedule and is now pursuing more ambitious targets, particularly in renewable energy. 

He mentioned the implementation of the world's largest solar rooftop program as a sign of India's commitment to renewable energy. India is contributing through initiatives such as the Global Biofuels Alliance, the 'One Sun, One World, One Grid' initiative, and the 'Ek Ped Maa Ke Naam' tree-planting programme. 

The PM proposed a 'Back to Basics and March to Future' approach to addressing food security issues. India improved food security in Africa by providing humanitarian aid to Malawi, Zambia, and Zimbabwe, and it supported Brazil's proposal to form a 'Global Alliance against Hunger and Poverty.'   

India has lifted 250 million people out of poverty in the last decade, distributed free food grains to 800 million citizens, and provided health insurance to 550 million people through the world's largest health insurance scheme.

Key Outcome of the G20 Summit in Rio de Janeiro, Brazil

Climate Change  

The G20 leaders acknowledged the need to "substantially scale up climate finance," but were silent about who would provide the trillions of dollars required. The summit emphasized the need for a financial agreement at the UN COP29 meeting in Azerbaijan.

Russia-Ukraine War

The G20 supported "all relevant and constructive initiatives that support a comprehensive, just, and durable peace" in Ukraine. They condemned the use of force for territorial acquisition, however, the final statement was silent on Russian aggression. 

West Asia Conflict

The G20 leaders have called for "comprehensive" ceasefires in Gaza and Lebanon. They supported a UN-backed agreement in Gaza and called for a ceasefire in Lebanon that would allow residents on both sides of the Blue Line to safely return home.

Taxing ultra-wealthy individuals

The G20 agreed on measures to ensure that ultra-high-net-worth individuals are effectively taxed. The discussion will take place "with full respect to tax sovereignty" and will include discussions on tax principles and anti-avoidance measures. This was initiated by the Brazilian President.

Addressing Global Hunger

The Brazilian president launched a global anti-hunger alliance, India joining as one of 147 founding members. The alliance seeks to provide funding and replicate successful anti-hunger programs to reach half a billion people by the end of the decade.  

Must Read Articles: 

INDIA’S G20 PRESIDENCY

BILLIONAIRE WEALTH TAX

Source: 

Indian Express

PRACTICE QUESTION Q.Consider the following statements in the context of the outcome of the G20 RIO Summit 2024: 1. They acknowledged the need to "substantially scale up climate finance".  2. They condemned the use of force for territorial acquisition and criticized Russian aggression.  3. They rejected the proposal for ultra-high-net-worth individuals. How many of the above statements are correct? A) Only one B) Only two C) All three  D) None Answer: A Explanation: Statement 1 is correct: The G20 leaders acknowledged the need to "substantially scale up climate finance," but did not specify who would provide the trillions of dollars required. The summit emphasized the importance of a financial agreement at the UN COP29 meeting in Azerbaijan. Statement 2 is incorrect: The G20 leaders supported "all relevant and constructive initiatives that support a comprehensive, just, and durable peace" in Ukraine. They condemned the use of force for territorial acquisition, however, the final statement was silent on Russian aggression. Statement 3 is incorrect: The G20 leaders approved measures to ensure that ultra-high-net-worth individuals are effectively taxed. The discussion will take place "with full respect to tax sovereignty" and will cover tax principles and anti-avoidance measures.