Brazil G20 Summit 2024: The Global South Takes Centre Stage

Abstract

The G20 summit to be held in Rio de Janeiro on 18 and 19 November will struggle to find consensus one month after the BRICS+ summit in Russia and less than two weeks after the US elections. The rich economies face new challenges in the change of unbalanced power relations, and the Global South will play a more prominent role. Brazil's Lula da Silva is an experienced bridge-builder, and his diplomacy will seek pragmatic solutions. The G20 summit will be held in Brazil one month after the BRICS+ summit in Russia. It follows the previous G20 summit in India and comes on the heels of next year's in South Africa, after which the triad of BRICS G20 presidencies will be completed. The Global South is pushing the world order towards a multipolar organisation as it becomes more united. On the other hand, the wars in Ukraine and the Middle East as well as the US-China dichotomy have high economic and social costs for the world order. China's rise has fostered a tripolar interdependence with the EU and the US in terms of world trade, while in finance US unipolarity still dominates. Together with the weaponisation of the SWIFT system, this has led underdeveloped economies to seek an alternative to encourage de-risking from the dollar. The Global Alliance Against Hunger and Poverty initiative pushed forward by the Brazilian government should be a consensus among G20 members. However, climate change and a wealth tax on the ultra-rich could face resistance from the US and some EU countries.