Brazil calls for ‘New Globalization’ in G20 meeting, urging focus on poverty and climate change

Brazil’s Finance Minister Fernando Haddad urges for “new globalization” to tackle poverty and climate change, highlighting the challenges the world economy faces

In the middle of the world’s most powerful nations congregating to discuss finance ministers, Brazil has issued a strong cry for a “new globalization” aimed at tackling poverty and climate change on Wednesday.

Due to a case of COVID-19, Brazilian Finance Minister Fernando Haddad spoke virtually with his G20 peers, highlighting the enormous obstacles the world economy faces. He underlined the need to redefine globalization and pushed for a change in values that prioritize social and environmental issues before short-term financial gain.

US Treasury Secretary Janet Yellen, German Finance Minister Christian Lindner, and IMF’s Chief Kristalina Georgieva are among the prominent individuals attending the two-day summit in Sao Paulo. However, ministers from China, India, and Russia were absent in the conference, highlighting how the geopolitical landscape is influencing the conversation.

Brazil’s goals as the current G20 presidency are to reduce debt for low-income countries, combat poverty, and mitigate the effects of climate change. The agenda also contains recommendations to raise taxes on companies and the -rich, as well as to improve the participation of poor nations in international financial organizations.

Reiterating the views of French Finance Minister Bruno Le Maire, Minister Haddad said, “We need to ensure the billionaires of the world pay their fair share of taxes.”

As the Group of Seven (G7) nations consider ways to strengthen support for Kyiv in the face of Russia’s continuous military involvement, tensions in Ukraine are at an all-time high. Ideas to use embargoed Russian assets to support Ukraine have generated discussion within the G7, indicating differing opinions about the viability and lawfulness of such actions.

Source: AFP