In an innovative session in Rio de Janeiro, civil society representatives presented the G20 Finance Deputies with recommendations focused on sustainable financing and combating climate change. The agenda also included the Multilateral Development Banks reform and the creation of standards for international taxation were also on the agenda.
Measures for sustainable finance and against climate change; Multilateral Development Banks (MDBs) reform; facilitating access to finance for green infrastructure projects in the Global South; measures to reduce the regulatory burden on small and medium-sized enterprises and strengthen investments in emerging markets; and standards for international taxation and combating currency evasion. These were some of the recommendations made by civil society to the G20 Deputy Ministers of Finance and Central Bank vice presidents held on Monday, July 22, in Rio de Janeiro.
In an unprecedented session, representatives of 13 engagement groups (EGs) presented the forum with demands aligned with the Brazilian presidency priorities, the world's largest economies the opportunity to receive and discuss the demands of global social organizations. Both the session and the Brazilian initiative were praised by representatives of the African Union, Australia, Egypt, Turkey, the United States, and Germany; the recommendations were well received by all member countries.
Unprecedented and strategic
G20 Social coordinator Gustavo Westman pointed out that the unprecedented nature of the meeting between the forum's finance deputies and the EGs underscores the strategic importance of the occasion, recalling the Track's historical tendency to be less open to innovations in the format of the debates. He stressed that civil society brings to the G20 a vision of how people feel about the decisions taken by the forum and what they want for the economies of the member countries.
"One very specific objective is to discuss issues such as creating a fairer financial lending system, reforming governance and the global financial system, taxing the super-rich, discussing debt so that the debts of developing countries can be forgiven or exchanged. This is what we want in terms of financial issues so that we can have a fairer, more sustainable future with less inequality," explained Westmann.
Equity and economic development
The president of Women 20, an engagement group on women's empowerment, said that the document produced by the group was articulated with all the countries of the forum in a challenging process. She explained that the discussions resulted on five recommendations to the G20 governments, positioning gender equality as central to the economic development of women and nations.
"We have high expectations regarding the issues of women's economic and financial autonomy through entrepreneurship and employability. We also want to draw attention to the financial value of caregiving work, which is something absolutely fundamental, undertaken mostly by women, and which is not valued," stated Fontes.
Boosting private funding
Regarding Business 20, coordinator Constanza Negri said that the group presented recommendations for strengthening green infrastructure in the countries of the Global South, with a focus on mobilizing private capital to finance the energy transition, for example. Another priority presented before the country representatives was to encourage financial inclusion, especially for micro, small, and medium-sized enterprises.
"These measures are crucial to ensure that small businesses can actively participate in the green transition process, contributing to sustainable and inclusive development. It has been a very important time of intense but rewarding work, especially when it came to listening to the positive reaction and receptiveness of the delegates. We feel a great sense of harmony. The stars are aligned to enable us to think of innovative ways and methodologies to leverage this financing agenda for the transition in the area of climate and sustainability and social and economic development in the G20 countries," stressed Negri.
