November 18, 2024
Brazil’s G20 presidency emphasises poverty alleviation, food security, and climate action, aligning with India’s prior agenda
Brazil is set to launch the "Global Alliance Against Hunger and Poverty," addressing the needs of 733 million hungry people worldwide
Both countries highlight digital public infrastructure as a tool for financial inclusion, showcasing models like India’s UPI and Brazil’s Pix
Discussions will extend to reforming multilateral financial institutions to empower emerging markets and increase private sector involvement
Prime Minister Narendra Modi arrived in Rio de Janeiro on 18 November to participate in the 19th G20 Summit under Brazil’s presidency. His visit follows a productive tour of Nigeria, where he met President Bola Ahmed Tinubu and engaged with the Indian diaspora. Modi’s Brazil visit is part of a larger diplomatic tour concluding in Guyana later this week.
Brazilian President Luiz Inácio Lula da Silva is steering the G20 agenda towards poverty alleviation, hunger eradication, and climate change, with plans to introduce a “Global Alliance Against Hunger and Poverty.” This initiative aims to address the needs of 733 million people suffering from hunger globally. Brazil’s leadership coincides with a pivotal phase for emerging economies, as the G20 sees four consecutive presidencies from developing nations: Indonesia (2022), India (2023), Brazil (2024), and South Africa (2025).
Food security remains central to the discussions, building on India’s earlier focus during its G20 presidency. Modi’s administration promoted initiatives like agricultural research, fertiliser access, and millet exports, which aligned with the UN’s “International Year of Millets.” Lula, meanwhile, has prioritised Brazil’s agricultural prowess to combat hunger and inequality.
Regarding climate finance, Brazil plans to advance sustainable funding mechanisms, including nature-based solutions, while leveraging its Amazon rainforest resources. This complements India’s previous efforts in fostering multilateral development bank reforms and financial frameworks to support climate adaptation.
Digital innovation is another shared priority, as both nations champion their successes in digital payment platforms. India’s UPI and Brazil’s Pix exemplify emerging markets’ ability to drive financial inclusion through technology, but discussions will address global challenges like data privacy and cybersecurity.
The reform of international financial institutions will also take centre stage. India has initiated frameworks for improving multilateral development banks’ operations, and Brazil intends to enhance governance, ensuring emerging markets gain greater influence in global economic decision-making.
As Brazil’s G20 presidency leads into South Africa’s next year, these discussions are set to shape international policies, offering continuity for emerging economies while addressing critical global challenges.
Source: Economic Times