G20 Summit in Brazil 5 Key Takeaways as World Leaders Met in Rio

Introduction - The 19th G20 Summit was held in Rio de Janeiro, Brazil, with the G20 Leaders' Summit taking place on November 18-19, 2024 under the theme 'Building a Just World and a Sustainable Planet'i. It was Brazil's first time hosting a G20 gathering.

- By Shrey Shaurya Singh Bisht & Akansha Malviya

The world leaders negotiated the most urgent issues facing the world community against the backdrop of the summit. From economic turmoil to climate catastrophe, the discussions were intertwined with strands of diplomacy and conflict. The summit once again made us consider the importance of the G20 as a global forum that is searching for revolutionary solutions in a volatile geopolitical environment while standing at the intersection of ambition and reality.

Climate Diplomacy

One of the main concerns that hung over the Summit's discussions was the climate crisis. A policy review was necessary due to the issue of deforestation in the Amazon forests, which are known as “the lungs of the world.”. Brazil is one of the main players in the preservation of the Amazon, owning 60 per cent of its forestsii. Brazil took on the role of ecological steward, inspiring other countries to embrace sustainability. Because of this, “The Rio Accord” became a significant accomplishment, promising to stop deforestation and move countries closer to becoming carbon neutral by 2050iii. There were also rifts of conflict and disagreement at the summit. Due to the unequal burden of development which leads to inequality, developing countries have called for fair solutions. A justiciable solution was promised with the creation of a $100 billion Green Climate Fundiv, yet scepticism lingered over its adequacy and devolution. New key ideas like “carbon sink capacity” and “climate resilience” peppered the global environmental lexicon, imbuing discussions with technocratic precision. The question remains: will these lofty commitments endure beyond the rhetoric? Countries have still not agreed on what constitutes climate finance and $100 billion constitutes only a tiny part of a very big environmental puzzle, issues related to its release, use and institutional access still remain unresolved.

Economic Resilience: Recalibrating Global Stability