On February 16, the Global South in the World Order network discussed Brazil’s presidency of the G-20 in 2024. Brazil’s G-20 agenda advances interests shared by Global South countries. These include promoting sustainable development, countering hunger and poverty globally, and reforming global governance institutions.
To these ends, Brazil has established three new frameworks under the auspices of the G-20: the Task Force for a Global Alliance Against Hunger and Poverty, the Bioeconomy Initiative, and the Task Force for the Global Mobilization Against Climate Change. In addition, Brazil has launched an unprecedented G-20 Social, which aims to increase the inclusion of civil society organizations in the group’s discussions and decision-making processes.
The Global South has an unprecedented opportunity to shape the G-20 agenda, especially because the group has been and will continue to be presided over by successive Global South countries: Indonesia in 2022, India in 2023, Brazil in 2024, and South Africa in 2025. Combined with increasing multipolarity, including similar efforts led by Brazil, Russia, India, China, and South Africa (BRICS) and its five new members, this moment offers Global South countries a rare and concrete opportunity to further their interests on the international scene. For the United States, which will preside over the G-20 in 2026, Brazil’s presidency of the G-20 presents an opportunity to develop an engagement plan based on strategic empathy and mutual understanding to collaborate with Global South partners in finding solutions for global emergencies like climate change. Nonetheless, the outcome of the 2024 U.S. presidential elections will be a determining factor of the scope for such cooperation.
The US Should See Brazil’s Presidency of the G-20 as an Opportunity to Review Its Approach toward the Global South
Leonardo Ramos, Associate Professor of International Relations, Pontifical Catholic University of Minas Gerais, @lcsramos79
The G-20 has secured its role as a critical forum for negotiation, akin to a club or a network power. Although commitments made by its members hold undeniable importance in driving global agreements, the true mark of its relevance lies in the conversations and dialogues fostered among members and invited actors (including countries and international organizations, among other entities). This year, particularly, significant expectations rest on Brazil’s presidency regarding its focus on fighting hunger, poverty, and inequality, as well as environmental issues.
Nonetheless, the current world order presents a delicate situation, burdened by international conflicts in Ukraine and Gaza, which influence the global agenda. In this context, the G-20 meetings throughout 2024 hold the potential for intensified negotiations around these sensitive issues. This could present opportunities to build viable alternatives between major global and regional powers.
With its emerging middle power status, Brazil can emerge as a significant actor by championing the voices of the Global South. This growing G-20 relevance should resonate with the United States, which assumes the presidency in 2026. Notably, the U.S. government recognizes the G-20 as a valuable platform for re-engagement with certain Global South countries. Consequently, the upcoming summit in Brazil presents a crucial opportunity for shaping U.S. foreign policy to include the interests of the Global South.
The Success of Brazil’s Presidency of the G-20 Can Pave the Way for the Success of COP30
Maiara Folly, Executive Director and Cofounder, Plataforma CIPÓ
In the coming year, key decisions that could shape the future of the planet will pass through the hands of Brazil as it presides over the G-20, the group of the world’s largest economies. Brazil will also host the 30th edition of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30), scheduled to take place in Belém, Brazil, in 2025. The success of one initiative can pave the way for the success of the other.
Despite falling short of what the climate emergency requires, at COP28, held in December 2023 in Dubai, the United Arab Emirates, countries made history by committing to transition away from fossil fuels in energy systems for the first time. In addition, they agreed to triple renewable energy capacity globally and double the global average annual rate of energy efficiency improvements by 2030.
To translate these measures into action, the financing challenge must be overcome. Although developed countries still struggle to fulfill the promise of annually allocating $100 billion for climate finance, developing nations require nearly $6 trillion to achieve their greenhouse-gas-emission reduction targets, known as nationally determined contributions (NDCs), by 2030. To make matters worse, 3.3 billion people, almost half of the world’s population, live in heavily indebted countries, where more funds are allocated to debt interest payments than to essential services such as health and education.
In this context, the G-20 can make a significant difference. As the primary forum for international economic cooperation, to be socially just, it can foster political consensus to generate the financial means necessary for countries’ transition to greener economies. Brazil recognized this need by defining the theme of its G-20 rotating presidency as “Building a Just World and a Sustainable Planet” and by establishing a Task Force for the Global Mobilization Against Climate Change.
Together with other G-20 frameworks, this task force has the potential to create conditions for world leaders to meet in the Brazilian Amazon city of Belém to increase the chances of avoiding the catastrophic scenario represented by a global temperature increase of more than 1.5° C above pre-industrial levels.
First, as a grouping comprising countries responsible for 80% of the world’s GDP, the G-20 could and should take the lead in creating a favorable political environment globally for a new and robust collective quantified goal on climate finance to be agreed upon at COP29, scheduled for November in Azerbaijan.
Second, the G-20 is the best-placed forum to drive a profound reform of the international financial architecture. This requires that the G-20 developed economies accommodate the Global South’s historic call for greater representation and take concrete steps toward a meaningful redistribution of voting power in institutions such as the International Monetary Fund (IMF) and the World Bank.
In 2025, during COP30, countries will have to present renewed and more ambitious NDCs, covering all economic sectors. By then, if the G-20 fails to foster viable paths for climate and sustainable development financing — and to create more favorable terms for the countries that most need restructuring of their currently unsustainable levels of indebtedness — negotiators will arrive in Belém without the credibility to demand greater efforts. Even worse, they risk not delivering the means to “Build a Just World and a Sustainable Planet,” as the Brazilian G-20 presidency aspires to do.
The Case for a Global South-Centered International Financial System
Ana Garcia, Associate Professor of International Relations and in the Postgraduate Program in Social Sciences, Federal Rural University of Rio de Janeiro, @anasaggioro
The existing international financial architecture, established in the aftermath of World War II, is increasingly showing signs of obsolescence and has been ineffective in facilitating the achievement of sustainable development goals (SDGs). To address today’s global challenges, the international community needs a global financial system that puts the needs of developing countries at the center of every decision and every mechanism.
Among the most important current issues is the debt crisis in the Global South, where countries face rising costs and reduced access to credit markets. High debt service costs prevent public investment in priority areas for economic and social development — making it difficult to achieve the SDGs — and the G-20/Paris Club agreement on debt treatment falls short of providing a fair and effective solution for poor countries in crisis.
In addition, international financial institutions maintain a voting and representation structure that does not reflect changes in global economic power. IMF reform also lags in terms of gender, racial, and regional balance. Inequalities in countries’ access to liquidity in times of crisis, with small shares of special drawing rights allocated to the most vulnerable countries, point toward a fragmented and inadequate global financial safety net.
Finally, global tax reform is urgently needed to address tax evasion and avoidance, illicit financial flows, and the imbalance in the allocation of taxing rights between developed and developing countries. Banking secrecy, digitization, and lack of tax transparency facilitate tax evasion by multinational corporations and wealthy families in tax havens. The Organisation for Economic Co-Operation and Development/G-20 Inclusive Framework still has governance deficits, prioritizes the interests of developed countries, and prevents the effective participation of developing countries.
The G-20 was created in the late 1990s in the context of the Asian financial crisis. The 2008 financial crisis transformed it into the primary multilateral forum for negotiations on financial stabilization because the resolution of the impasses required the participation of China, India, Brazil, and other emerging economies. This year, Brazil assumes the presidency of the G-20 at a pivotal moment for the reform of the international financial architecture. How can the G-20 build the financial and economic governance that will enable the world to address its multidimensional crises and find common ground to tackle pressing environmental, geopolitical, and social challenges?
Opportunities for Global Impact Through Brazil’s G-20 Presidency
Global South Experts Turn the Tables
By Aude Darnal Lead Author • Maiara Folly • Ana Saggioro Garcia • Leonardo César Souza Ramos • Mir Mohiuddin
Grand Strategy
Every month, the Global South in the World Order Project convenes a meeting of experts from across the Global South to discuss international relations from their perspectives, challenge conventional thinking, and inject non-Western viewpoints into prominent policy circles in Washington. This publication is part of the Global South Experts Turn-the-Tables series, which highlights insights from select participants in these discussions.
On February 16, the Global South in the World Order network discussed Brazil’s presidency of the G-20 in 2024. Brazil’s G-20 agenda advances interests shared by Global South countries. These include promoting sustainable development, countering hunger and poverty globally, and reforming global governance institutions.
To these ends, Brazil has established three new frameworks under the auspices of the G-20: the Task Force for a Global Alliance Against Hunger and Poverty, the Bioeconomy Initiative, and the Task Force for the Global Mobilization Against Climate Change. In addition, Brazil has launched an unprecedented G-20 Social, which aims to increase the inclusion of civil society organizations in the group’s discussions and decision-making processes.
The Global South has an unprecedented opportunity to shape the G-20 agenda, especially because the group has been and will continue to be presided over by successive Global South countries: Indonesia in 2022, India in 2023, Brazil in 2024, and South Africa in 2025. Combined with increasing multipolarity, including similar efforts led by Brazil, Russia, India, China, and South Africa (BRICS) and its five new members, this moment offers Global South countries a rare and concrete opportunity to further their interests on the international scene. For the United States, which will preside over the G-20 in 2026, Brazil’s presidency of the G-20 presents an opportunity to develop an engagement plan based on strategic empathy and mutual understanding to collaborate with Global South partners in finding solutions for global emergencies like climate change. Nonetheless, the outcome of the 2024 U.S. presidential elections will be a determining factor of the scope for such cooperation.
The US Should See Brazil’s Presidency of the G-20 as an Opportunity to Review Its Approach toward the Global South
Leonardo Ramos, Associate Professor of International Relations, Pontifical Catholic University of Minas Gerais, @lcsramos79
The G-20 has secured its role as a critical forum for negotiation, akin to a club or a network power. Although commitments made by its members hold undeniable importance in driving global agreements, the true mark of its relevance lies in the conversations and dialogues fostered among members and invited actors (including countries and international organizations, among other entities). This year, particularly, significant expectations rest on Brazil’s presidency regarding its focus on fighting hunger, poverty, and inequality, as well as environmental issues.
Nonetheless, the current world order presents a delicate situation, burdened by international conflicts in Ukraine and Gaza, which influence the global agenda. In this context, the G-20 meetings throughout 2024 hold the potential for intensified negotiations around these sensitive issues. This could present opportunities to build viable alternatives between major global and regional powers.
With its emerging middle power status, Brazil can emerge as a significant actor by championing the voices of the Global South. This growing G-20 relevance should resonate with the United States, which assumes the presidency in 2026. Notably, the U.S. government recognizes the G-20 as a valuable platform for re-engagement with certain Global South countries. Consequently, the upcoming summit in Brazil presents a crucial opportunity for shaping U.S. foreign policy to include the interests of the Global South.
The Success of Brazil’s Presidency of the G-20 Can Pave the Way for the Success of COP30
Maiara Folly, Executive Director and Cofounder, Plataforma CIPÓ
In the coming year, key decisions that could shape the future of the planet will pass through the hands of Brazil as it presides over the G-20, the group of the world’s largest economies. Brazil will also host the 30th edition of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30), scheduled to take place in Belém, Brazil, in 2025. The success of one initiative can pave the way for the success of the other.
Despite falling short of what the climate emergency requires, at COP28, held in December 2023 in Dubai, the United Arab Emirates, countries made history by committing to transition away from fossil fuels in energy systems for the first time. In addition, they agreed to triple renewable energy capacity globally and double the global average annual rate of energy efficiency improvements by 2030.
To translate these measures into action, the financing challenge must be overcome. Although developed countries still struggle to fulfill the promise of annually allocating $100 billion for climate finance, developing nations require nearly $6 trillion to achieve their greenhouse-gas-emission reduction targets, known as nationally determined contributions (NDCs), by 2030. To make matters worse, 3.3 billion people, almost half of the world’s population, live in heavily indebted countries, where more funds are allocated to debt interest payments than to essential services such as health and education.
In this context, the G-20 can make a significant difference. As the primary forum for international economic cooperation, to be socially just, it can foster political consensus to generate the financial means necessary for countries’ transition to greener economies. Brazil recognized this need by defining the theme of its G-20 rotating presidency as “Building a Just World and a Sustainable Planet” and by establishing a Task Force for the Global Mobilization Against Climate Change.
Together with other G-20 frameworks, this task force has the potential to create conditions for world leaders to meet in the Brazilian Amazon city of Belém to increase the chances of avoiding the catastrophic scenario represented by a global temperature increase of more than 1.5° C above pre-industrial levels.
First, as a grouping comprising countries responsible for 80% of the world’s GDP, the G-20 could and should take the lead in creating a favorable political environment globally for a new and robust collective quantified goal on climate finance to be agreed upon at COP29, scheduled for November in Azerbaijan.
Second, the G-20 is the best-placed forum to drive a profound reform of the international financial architecture. This requires that the G-20 developed economies accommodate the Global South’s historic call for greater representation and take concrete steps toward a meaningful redistribution of voting power in institutions such as the International Monetary Fund (IMF) and the World Bank.
In 2025, during COP30, countries will have to present renewed and more ambitious NDCs, covering all economic sectors. By then, if the G-20 fails to foster viable paths for climate and sustainable development financing — and to create more favorable terms for the countries that most need restructuring of their currently unsustainable levels of indebtedness — negotiators will arrive in Belém without the credibility to demand greater efforts. Even worse, they risk not delivering the means to “Build a Just World and a Sustainable Planet,” as the Brazilian G-20 presidency aspires to do.
The Case for a Global South-Centered International Financial System
Ana Garcia, Associate Professor of International Relations and in the Postgraduate Program in Social Sciences, Federal Rural University of Rio de Janeiro, @anasaggioro
The existing international financial architecture, established in the aftermath of World War II, is increasingly showing signs of obsolescence and has been ineffective in facilitating the achievement of sustainable development goals (SDGs). To address today’s global challenges, the international community needs a global financial system that puts the needs of developing countries at the center of every decision and every mechanism.
Among the most important current issues is the debt crisis in the Global South, where countries face rising costs and reduced access to credit markets. High debt service costs prevent public investment in priority areas for economic and social development — making it difficult to achieve the SDGs — and the G-20/Paris Club agreement on debt treatment falls short of providing a fair and effective solution for poor countries in crisis.
In addition, international financial institutions maintain a voting and representation structure that does not reflect changes in global economic power. IMF reform also lags in terms of gender, racial, and regional balance. Inequalities in countries’ access to liquidity in times of crisis, with small shares of special drawing rights allocated to the most vulnerable countries, point toward a fragmented and inadequate global financial safety net.
Finally, global tax reform is urgently needed to address tax evasion and avoidance, illicit financial flows, and the imbalance in the allocation of taxing rights between developed and developing countries. Banking secrecy, digitization, and lack of tax transparency facilitate tax evasion by multinational corporations and wealthy families in tax havens. The Organisation for Economic Co-Operation and Development/G-20 Inclusive Framework still has governance deficits, prioritizes the interests of developed countries, and prevents the effective participation of developing countries.
The G-20 was created in the late 1990s in the context of the Asian financial crisis. The 2008 financial crisis transformed it into the primary multilateral forum for negotiations on financial stabilization because the resolution of the impasses required the participation of China, India, Brazil, and other emerging economies. This year, Brazil assumes the presidency of the G-20 at a pivotal moment for the reform of the international financial architecture. How can the G-20 build the financial and economic governance that will enable the world to address its multidimensional crises and find common ground to tackle pressing environmental, geopolitical, and social challenges?
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