• Brazil’s President Luiz Inacio Lula handed over the G20 presidential gavel  to South African President Cyril Ramaphosa at the summit in Rio de Janeiro on November 19. 

• Ramaphosa said South Africa will use its G20 presidency to focus on advancing inclusive economic growth, food security and artificial intelligence. 

• In 2025, it will be the first time in history that the African continent will host the G20.

• G20 leaders convened in Rio de Janeiro on November 18 & 19 to discuss climate change, ongoing battles in Ukraine, Gaza, and Lebanon, and other issues.

• The Rio de Janeiro Declaration emphasized the taxation of billionaires, energy transition, support for COP30 in Brazil, and solutions to global challenges, with a focus on sustainable growth and the fight against poverty. 

What is G20?

• The G20 or Group of 20 is an inter-governmental forum of the world’s major developed and developing economies.

• It is the international forum that brings together the world’s major economies.

• The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, South Africa, Saudi Arabia, Turkey, the UK, the US, the European Union (EU) and the African Union. 

• The African Union was included as a permanent member of G20. It was announced in the G20 Summit in New Delhi in 2023.

• India has been a member of the G20 since its inception in 1999. 

Genesis of G20

• After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of major emerging market countries is needed in discussions on the international financial system, and G-8 finance ministers agreed to establish the G20 finance ministers and central bank governors meeting in 1999.

• The G20 finance ministers and central bank governors meetings were centered on major economic and monetary policy issues amongst major countries in the global financial system and aimed at promoting cooperation toward achieving stable and sustainable global economic growth for the benefit of all countries. 

• The participating members in the meetings were the same as the current G20 members.

• Since then, finance ministers and central bank governors have met annually. 

• India hosted a meeting of G20 finance ministers and central bank governors in 2002.

• In November 2008, the inaugural G20 Summit was held in Washington, D.C. in response to the global financial crisis that occurred in the wake of the collapse of the Lehman Brothers. 

• The G20 meeting of finance ministers and central bank governors was upgraded to the head of state level, as a forum for leaders from major developed and emerging market countries. 

• In September 2009, the third summit was held in Pittsburgh where the leaders designated the G20 as the “premier forum for international economic cooperation”. 

• From thereon, the summit meetings were held semi-annually until 2010 and annually from 2011 onwards.

Highlights of G20 Summit in Brazil

• The Rio de Janeiro Declaration addressed social inclusion, the fight against hunger and poverty, the taxation of billionaires, measures for the energy transition, the global governance reform, and the acceleration of climate action, while also supporting COP30 (United Nations Framework Convention on Climate Change) in 2025, which will be held in Brazil. 

• It referred to the “catastrophic humanitarian situation in Gaza and the escalation in Lebanon”, and stressed the urgent need to expand humanitarian assistance and reinforce protection of civilians.

• Leaders emphasized the importance of coordinated actions to combat climate change, promote just energy transitions, and preserve the environment.

• G20 leaders highlighted the urgency of global mobilisation against climate change, reaffirming commitments to the Paris Agreement and carbon neutrality goals. They underscored the importance of increasing both public and private green financing, especially for developing countries, and argue that reforming the international financial architecture is essential for supporting climate action.

Launch of the Global Alliance Against Hunger and Poverty

Brazil launched the Global Alliance Against Hunger and Poverty during the G20 Leaders' Summit. The Alliance, built over a year through intensive dialogues and international collaboration, brings together 148 founding members, including 82 countries, the African Union, the European Union, 24 international organisations, nine international financial institutions, and 31 philanthropic and non-governmental organisations. The Alliance will be an independent platform to eradicate hunger and poverty by 2030.

PM Modi addresses G20 sessions

Prime Minister Narendra Modi addressed the session of the G20 Summit on ‘Sustainable Development and Energy Transition’. Modi noted that during the New Delhi G20 Summit, the group had resolved to triple renewable energy capacity and double the energy efficiency rate by 2030. He welcomed Brazil’s decision to take forward these sustainable development priorities.

PM Modi also addressed the opening session of the G20 Summit on ‘Social Inclusion and the Fight against Hunger and Poverty’. He welcomed the Brazilian initiative to establish a Global Alliance against Hunger and Poverty, underlining that the Global South was severely impacted by food, fuel and fertilizer crises created by the ongoing conflicts, and therefore, their concerns ought to be given primacy.

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