NUNZIUM

The G20 summit 2022, held in Bali (Indonesia), was the first in-person meeting seeing the leaders of the most important nations reunited after the Covid-19 pandemic. It has been followed in the news mostly with reports of how it was affected by the escalating Ukraine crisis after the intervention of President Volodymyr Zelensky on November 15 and the subsequent attacks by Russia (see November 16). However, the 20 delegations at the meeting discussed many more topics and achieved a mutual understanding that poses common ground for the future of international relations and economy. It happens at a time of unprecedented multidimensional crises: the devastation brought by the Covid-19 pandemic and other challenges, including climate change, have caused an economic downturn, increased poverty, slowed global recovery, and hindered the achievement of the Sustainable Development Goals. On the Ukraine crisis, most G20 members strongly condemn the hostilities. All members agree that the use of nuclear weapons is inadmissible. Even more concerning is the global food crisis, exacerbated by the ongoing conflicts, on which there is a mindset for coordinated action to ensure accessibility to food for those in need. On this matter, it is mentioned appreciation for Turkey, which favoured the Istanbul Agreements in July 2022, allowing for grain trade over the Black Sea. The issue of volatile energy pricing is recognized, and the commitment to invest in clean, sustainable energy technology is reiterated. In the context of strengthening international efforts to reach the goals of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, as well as implementing the COP26 commitments, the G20 policy includes a full range of fiscal and regulatory mechanisms. The commitment to tackle global challenges such as climate change and environmental protection, including biodiversity loss, is reiterated. It also recalled and reaffirmed the promise made by developed countries to the goal of mobilizing jointly USD 100 billion in climate finance per year by 2020 and annually through 2025 to address the needs of developing countries in the context of meaningful mitigation actions. The G20 also discussed how to support developing countries and which mechanisms should be applied to their contracted debts - the nations concerned are Chad, Zambia, and Ethiopia. It is mentioned that the potential benefits and risks to global financial stability arising from the rapid development of technological innovations in the financial sector - including cyber threats and the potential for regulatory gaps and arbitrage posed by crypto-asset markets - will be monitored addressed.