G-20 faces challenges in finalizing joint statement amid climate, tax and Ukraine disputes
Brazil's leftist president, Luiz Inacio Lula da Silva, has brought social justice issues to the forefront of G20 discussions (AFP Photo)
Diplomats from the G-20 major economies faced challenges in Rio de Janeiro this weekend as they worked to finalize a joint statement for the leaders’ summit.
Disagreements emerged over climate change financing, taxing the ultra-wealthy, and the Ukraine war, with countries like Argentina opposing certain proposals.
- Climate finance dispute: Developed nations are pushing wealthier developing countries to contribute to climate financing, while developing nations insist the richest countries should bear the responsibility. This is complicated by U.S. president-elect Donald Trump’s return, who has hinted at withdrawing from the Paris climate agreement again.
- Taxing the ultra-wealthy: Brazil’s President Lula’s proposal to tax the ultra-wealthy faced strong opposition from Argentina. Argentina’s President Milei, following his visit to Trump, requested its removal from the final statement, creating a significant obstacle.
- Geopolitical tensions over Ukraine, Gaza: The war in Ukraine remains divisive, with some countries calling for stronger action against Russia, while others prefer neutrality. The Gaza conflict has further complicated talks, and diplomats are considering more general language on peace and international principles.
Why it matters
The lack of consensus on these key issues risks undermining the G20’s ability to address global challenges.
The climate finance deadlock threatens progress at COP29, while disagreements over taxing the wealthy and ongoing geopolitical tensions complicate efforts for unified global action.
