The 20th Group of 20 (G20) Summit opened, adopting a declaration calling for more equitable global governance. This is the first time the G20 summit has been held in Africa. Under the theme "Solidarity, Equality and Sustainability," the two-day event highlights a pivotal moment for Africa as it seeks to elevate its role in global governance and advance development priorities shared by the Global South, Xinhua news agency reported.
In the declaration titled "G20 South Africa Summit: Leaders' Declaration," G20 members reaffirmed their commitment to strengthening multilateralism, with the United Nations at its core. They reaffirmed peace as a path to sustainable economic development and the importance of international cooperation and multilateral solutions in addressing global challenges, including growing economic inequality and instability.
"We emphasise the importance of strengthening multilateral cooperation to address existing and emerging risks and challenges to the global economy," the declaration said. According to the declaration, G20 leaders recognized the need to increase global investments to meet climate goals of the Paris Agreement and to rapidly and substantially scale up investment and climate finance from billions to trillions globally from all sources.
In this regard, it said, it is essential to align all relevant financial flows with these objectives while scaling up finance, capacity building and technology transfer on voluntary and mutually agreed terms, taking into account the priorities and needs of developing countries.
"We reaffirmed the commitment to the swift, full and effective implementation of the Kunming-Montreal Global Biodiversity Framework adopted at the COP15 to the Convention on Biological Diversity and encourage other countries to do the same," it said.
The declaration also underlined the empowerment of women and girls in achieving gender equality. "As we celebrate the 30th anniversary of the Beijing Declaration and Platform for Action, we reaffirm our commitment to its full, effective and accelerated implementation," it said, adding that G20 leaders welcome the Global Leaders' Meeting on Women held in October in Beijing to carry forward the spirit of the Beijing conference.
South Africa assumed the rotating G20 presidency on December 1, 2024, becoming the first African nation to hold the position. The United States is scheduled to take over the presidency on December 1, 2025.