Call for a “new globalization” to address pressing global challenges
In São Paulo, Brazil, finance ministers from the world’s top economies convened for a pivotal meeting, where Brazilian Finance Minister Fernando Haddad issued a compelling call for a “new globalization” to confront the intertwined challenges of poverty and climate change. Amidst the urgency of these pressing issues, Haddad emphasized the need to redefine globalization, urging a shift away from prioritizing immediate profit towards principles guided by social and environmental considerations. Despite delivering his speech remotely due to a bout of Covid-19, Haddad’s message resonated with his counterparts from the Group of 20 (G20) leading economies.
This gathering, following a recent meeting of foreign ministers in Rio de Janeiro, holds significant weight as it lays the groundwork for economic policies leading up to the annual G20 leaders’ summit, slated to take place in Rio in November. While Brazilian officials are diligently working on a concise final statement, they aim to sidestep divisive issues such as the ongoing conflicts in Ukraine and Gaza, ensuring the focus remains squarely on addressing global economic challenges and fostering cooperation among G20 members.
Amidst the backdrop of a tense geopolitical climate, Finance Ministry Executive Secretary Dario Durigan acknowledged the global challenges but underscored a consensus among nations on economic issues. Speaking to journalists, he highlighted the universal understanding of economic principles that transcend geopolitical divides.
Brazilian President Luiz Inacio Lula da Silva aims to leverage Brazil’s presidency of the G20 this year to advocate for critical issues such as combating poverty and climate change. His agenda includes tackling the daunting debt burdens faced by low-income nations and advocating for greater representation of developing countries in international institutions like the United Nations.
Echoing these sentiments, International Monetary Fund chief Kristalina Georgieva emphasized the urgent need for bold action on climate change. She called for accelerated efforts to reduce emissions, an end to fossil fuel subsidies—which amounted to a staggering $1.3 trillion globally last year—and a substantial mobilization of resources for climate financing. Georgieva’s remarks underscore the pressing need for collective action to address the existential threat of climate change and its far-reaching implications for global prosperity and stability.
Business News: Call for a “new globalization” to address pressing global challenges
