G20 makes historic decision, giving victory to Brazilian President, super-rich are called out

On November 18, leaders of the Group of 20 (G20) leading developed and emerging economies met in Rio de Janeiro, Brazil, to discuss many important issues.

Taxing the super-rich is a notable economic policy decision at the G20 in 2024. (Source: AFP)

Ahead of the summit, many expected G20 leaders to push ahead with stalled United Nations (UN) climate talks in Azerbaijan.

However, in the final statement, G20 leaders only acknowledged the need for billions to trillions of dollars in climate finance from all sources.

The leaders did not specify who would provide the "trillion" USD, nor did they reiterate the commitment made at the 2023 Conference of the Parties to the UN Framework Convention on Climate Change (COP 28) in Dubai for an orderly transition away from fossil fuels.

Mick Sheldrick, co-founder of advocacy group Global Citizen, said leaders have not addressed this challenge.

At this year's G20, leaders agreed on the idea of working together to ensure effective taxation of the super-rich, a victory for Brazilian President Luiz Inacio Lula da Silva.

However, the G20 statement also emphasized that this cooperation needs to respect each country's tax sovereignty and needs to discuss tax principles as well as build mechanisms to prevent tax evasion.

Gabriel Zucman, an economist specializing in inequality who was invited by the Brazilian president to write a report on the issue, called it a "historic decision."

In addition, one of the important goals of President Luiz Inacio Lula da Silva is to build a global alliance against poverty.

He achieved initial success by launching this initiative at the beginning of the conference, attracting the participation of 82 countries.

The alliance aims to work together internationally to finance the fight against poverty and replicate successful programmes in some countries, with the goal of helping half a billion people by the end of the decade, in order to reduce hunger.

"Brazil has blazed a trail towards a fairer and more sustainable world , and calls on other countries to join in this crucial moment," said anti-poverty group Oxfam.

Source: https://baoquocte.vn/g20-ra-quyet-dinh-lich-su-mang-lai-chien-thang-cho-tong-thong-brazil-gioi-sieu-giau-bi-goi-ten-294292.html