The G20 summit is taking place against a backdrop of heightened geopolitical tensions, particularly with the absence of Russian President Vladimir Putin, who opted out due to an arrest warrant related to the Ukraine conflict. This absence may shift the dynamics of discussions, especially regarding international security and cooperation.
Milei's presence at the summit as a representative of Trump's agenda could lead to significant shifts in the consensus-building process, particularly on issues like climate policy and social governance, which he has openly criticized.
The discussions surrounding a global wealth tax reflect a growing concern over income inequality and the need for fiscal reforms to address the challenges posed by the COVID-19 pandemic and its economic fallout.
The G20 summit may struggle to produce a unified declaration due to the divergent positions of member states, particularly with Milei's influence potentially complicating consensus on climate and social issues.
The outcomes of the summit could set the stage for increased protectionism in global trade, especially with Trump's return to power, which may lead to tensions in international economic relations.
If the leaders fail to reach an agreement on climate financing, it could hinder progress at COP29 and exacerbate global warming issues, leading to more severe environmental consequences in the future.
In a heavily secured Rio de Janeiro, the G20 summit commenced on November 18, 2024, hosted by Brazilian President Luiz Inácio Lula da Silva. The summit, which runs until November 19, gathers leaders from 55 nations, including major economies like the United States, China, and India, to discuss pressing global issues such as climate change, poverty, and international conflicts.
One of the significant themes of the summit is the impact of the imminent return of Donald Trump to the White House, which is expected to influence global governance and economic policies. Javier Milei, the newly elected President of Argentina and a close ally of Trump, is attending the summit and is seen as a potential disruptor of consensus on key issues.
The agenda includes discussions on a global wealth tax aimed at the ultra-rich, spearheaded by Lula, and the promotion of sustainable energy transitions amidst the ongoing climate crisis. However, divisions remain, particularly with Milei's refusal to endorse certain multilateral agreements, raising concerns about the summit's overall effectiveness in reaching a unified stance on these critical issues.
UN Secretary-General António Guterres emphasized the need for G20 leaders to demonstrate leadership and make concessions to achieve a positive outcome at COP29, the climate conference currently stalled in Baku. The leaders are under pressure to address the climate crisis, which is exacerbated by ongoing global conflicts, including the wars in Ukraine and Gaza.
