The G20 Leaders’ Summit in Bali this week took place amid deepening economic, hunger and climate crises. The outcome was underwhelming, considering the scale of the global converging crises on food insecurity, climate change and economic turmoil that is impacting millions in low-income countries.
Amy Dodd, Policy Director for Development Economics at The ONE Campaign, said:
“Yet again the G20 promised much but failed to deliver real action for the millions of people affected most by hunger, poverty, economic shocks,and climate threats.
“Ultimately, leaders got together in Bali to agree on what they already agreed to last year. Instead of announcing new action they repeated existing commitments, whilst measures that would help the countries worst affected seem like an afterthought.“
There was no real progress on fixing the debt crisis despite noting the deteriorating debt situation with 60% of low income countries and 25% of emerging economies already facing debt challenges. And leaders are still short of their commitment to rechannel $100 billion in SDRs for response and recovery efforts.
Despite the areas where the G20 failed to deliver, there were some advances on key areas, such as reforming global financial institutions, like the World Bank, which could unlock up to a trillion dollars in new lending but the language lacks urgency, a timeline for implementation and inclusion of the countries who will pay for that lending. There were also signals of new and more ambitious climate finance targets and increased funding for adaptation, albeit in the shadow of missed climate financing promises.
Dodd continued: “The sunny patches in what is overall a pretty bleak picture should be welcomed. The progress made on Multilateral Development Banks in particular could unleash significant new resources. But these were very slow to come about and still don’t go as far as the situation requires – it’s like cheering for coming in second to last.
“The G20 must accelerate how it includes voices from the global south, ensuring they have a seat at the table, and address the fact that new steps are needed to untangle this knot of crises that is impeding global growth.”
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