G20 leaders adopt summit’s final declaration

At the summit in Johannesburg, the leaders of the Group of Twenty (G20) adopted a final declaration outlining the key areas of international cooperation. The document formalises agreements on a wide range of issues – from combating inequality to ensuring sustainable supplies of mineral resources.

Commitment to the UN Sustainable Development Goals for 2030 has been reaffirmed. The declaration notes that structural reforms are necessary to ensure sustainable economic growth. Particular attention is paid to the reform of international financial institutions and support for developing countries.

The countries endorsed the goal of tripling renewable energy capacity. The document emphasises the importance of mobilising investment in technologies and infrastructure for the energy transition, which aligns with the agenda of other international groups, including BRICS.

The leaders reaffirmed the importance of creating “a fair and sustainable digital economy that is centred on human beings and their development”. The declaration underscores the need to reform the World Trade Organisation (WTO) to improve its functioning.

As noted in an exclusive comment by economist Xanti Phayi, reforms of international financial institutions may ensure a higher level of inclusivity.

“[...] That decisions are not made for Africa or the countries of the Global South, but together with them. [...] For example, if we look at the IMF (International Monetary Fund – Ed.) and the World Bank, they have traditionally been led by representatives of major powers. The question is how to ensure that leadership positions are also taken by representatives of other countries who can bring their own perspectives, characteristic of their region of the world, and promote its interests,” he added.

The Group of Twenty summit is being held in Johannesburg on 22–23 November under the motto “Solidarity, Equality and Sustainable Development”.

Photo: Embassy of the Russian Federation in South Africa