SA is calling for a paradigm shift in global thinking as it takes over the helm of the Group of 20 (G20), saying a new world order is required to address inequality and ensure economic sustainability of even the world’s richest nations.
A copy of the 30-page concept document has been shared with member states as the first of 230 meetings begin ahead of the leaders summit in 2025.
It argues that the greatest threat to the globe is inequality and disinformation, which will negatively effect economic growth in developing and developed countries alike.
“Part of the paradigm shift requires G20 countries to situate inequalities at the heart of economic policymaking. Inequality poses a significant threat to global economic growth, development and stability, as the disparities in wealth and development within and between countries are both unjust and unsustainable. Inequality and its deleterious consequences are especially evident in the Global South,” the document warns.
SA is proposing a the world’s most powerful leaders adopt a different approach to their thinking.
“A lack of predictable and sustainable financing for development and climate action exacerbates these inequalities. This is worsened further by polarised ownership patterns of critical resources for development, extreme vulnerability to pandemics and other global public health emergencies. These challenges are difficult to overcome, given crippling sovereign debt levels that force many countries to sacrifice their developmental obligations to service unmanageable debts,” the document reads.
What is the G20
The G20 is an international forum comprising many of the world’s largest developing and developed economies, and was established to tackle pressing global economic and financial issues.
With G20 members accounting for about 85% of global GDP, 75% of international trade, and two-thirds of the world’s population, it plays a critical role in influencing global policymaking and co-ordination, and fostering global economic stability.
What challenges does SA face?
SA’s G20 presidency takes place when the world faces a series of overlapping and mutually reinforcing crises, including climate change, underdevelopment, inequality, poverty, hunger, unemployment, technological changes and geopolitical instability.
Theme
“To tackle the global polycrisis, SA has embraced the theme — ‘Solidarity, Equality, Sustainability’ — for its G20 presidency. The high-level deliverables and priorities under this theme, lie at the core of the original G20 mandate of promoting ‘Strong, Sustainable, Balanced and Inclusive Growth’,” the document reads.
“Through solidarity, we can create an inclusive future centred on people. Solidarity will allow us to develop our societies in a way that reflects our shared humanity. In our interconnected world, the challenges faced by one nation impact all nations. By promoting equality, we strive to ensure fair treatment and equal opportunities for all individuals and nations, regardless of their economic status, gender, race, geographic location or any other characteristic. Sustainability involves meeting the needs of the present without compromising the ability of future generations to meet their own needs,” the document further states.
Top of SA’s agenda is finding the political will to deal with global debt inequality.
“We must take action to ensure debt sustainability for low-income countries. A key obstacle to inclusive growth in developing economies, including many in Africa, is an unsustainable level of debt which limits their ability to invest in infrastructure, healthcare, education and other development needs. Building on G20 initiatives undertaken in recent years, SA will seek to [address this],” the document reads.
Just energy transition
SA wants the G20 leaders to mobilise finance for a just energy transition.
"[The country] will seek to secure agreement on increasing the quality and quantity of climate finance flows to developing countries. This would include strengthening multilateral development banks, enhancing and streamlining support for country platforms such as the Just Energy Transition Partnership and more effectively leveraging private capital,” the document reads.
Beneficiation
SA also wants to confront the issue of developing countries exploiting raw materials from Africa.
“We must work together to harness critical minerals for inclusive growth and sustainable development. As minerals extraction accelerates to match the needs of the energy transition, it is crucial to ensure that the countries and local communities endowed with these resources are the ones to benefit the most. SA will use its G20 presidency to champion the use of critical minerals as an engine for growth and development in Africa,” the document reads.
Artificial intelligence
The 2025 G20 meeting may also confront the issue of how to regulate artificial intelligence (AI).
“The rapid evolution and integration of AI technologies into everyday life have also raised significant ethical, security and governance concerns. These technologies serve as a wake-up call to the inherent risks and potential harms arising when AI is developed and deployed without strict ethical guidelines, rigorous security measures and robust governance frameworks. Issues such as privacy breaches, algorithmic bias, the use of unrepresentative or inappropriate data sets, harmful content, misinformation, disinformation, hate speech, racial and gender violence and the exacerbation of social inequalities highlight the urgent need for effective governance and regulation,” the document reads.
SA will hold the G20 presidency from December 1 2024 to November 30 2025.
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