G20 Highlights: Promoting Solutions to Global Poverty, Inequality, and Financing Issues

In 2024, during Brazil's presidency of the G20, a series of measures were taken to address poverty, inequality, and financing challenges, injecting new momentum into the global economy and sustainable social development. Leaders of major economies that account for global GDP gathered in Brazil to discuss international cooperation and financial stability. Since its establishment in 1999, the G20 has been an important platform for discussing responses to economic and financial crises. This conference not only marks its 25th anniversary, but also provides new ideas for addressing global challenges.

Firstly, addressing global financing issues has become the key to this summit. During Brazil's presidency, three important achievements have attracted much attention: (1) the establishment of the Global Alliance Against Hunger and Poverty; (2) Incorporate the issue of inequality into the core discussions of the G20; (3) Through a roadmap to promote the reform of multilateral development banks.

Secondly, the Global Alliance Against Hunger and Poverty requires multi-party collaboration to promote change. The summit announced the establishment of the Global Alliance Against Hunger and Poverty, aiming to address the global poverty and hunger issues exacerbated by the pandemic through multi-party cooperation. The alliance aims to support approximately 240 million workers worldwide with a daily income of less than $2.15, even including those in "near poverty". Especially, with the African Union's first participation in G20 discussions, this issue has been given deeper international attention. Employment is the main source of income for many impoverished families, and creating decent employment opportunities is seen as the fundamental way to escape poverty. The establishment of the alliance provides greater assistance in achieving relevant sustainable development goals, while also pushing poverty and hunger issues to the core of the G20's long-term agenda.

In addition, focusing on inequality and integrating social justice into core discussions, inequality is an important challenge facing the global economy. Brazil is promoting the integration of this issue into the discussions of G20 working groups, such as the re convening of the expert group on employment to develop policy priorities for reducing labor income inequality; The Fiscal Framework Working Group explores the impact of inequality on the macro economy. These discussions ultimately led to a series of policy recommendations, with a particular emphasis on achieving more equitable redistribution by promoting high-quality employment opportunities.

Finally, the modernization of multilateral development banks is one of the core topics of this conference. The attending leaders approved the G20 roadmap for promoting the reform of multilateral development banks, aiming to better incorporate the voices of countries in the global South and release more development financing support. At present, the annual financing gap required to achieve sustainable development goals is as high as $4 trillion, and the funds available to developing countries are far less than this. This gap has gradually widened since 2015, reflecting the urgency of global financing needs. By reforming multilateral development banks and releasing more financial resources to support developing countries, it is expected to promote global social justice and sustainable economic development.

In summary, under the leadership of Brazil, the G20 has made significant progress on poverty, inequality, and financing issues, providing direction for achieving a more equitable and sustainable future. Looking ahead to South Africa's presidency of the G20 in 2025, the current achievements have laid a solid foundation for further advancing related issues. Brazil's heritage not only reflects its ambition to address global challenges, but also demonstrates that multilateral cooperation can provide effective paths to solve urgent problems. This provides valuable experience for the G20 to continue deepening global cooperation and promoting inclusive development in the future.