On November 18 and 19, 2024, Brazil will host one of the most important events in global politics and economics: the G20 summit. At this meeting, the country will take the lead in discussions on important issues for the future of the planet, such as climate change, the energy transition and the transformation of global economies.

What is the G20? 

Also known as the “Group of Twenty”, the G20 is the main forum for international economic cooperation, made up of the 19 largest economies in the world, plus the European Union and, more recently, the African Union. Together, its members represent approximately two thirds of the world's population, 85% of global GDP and 75% of international trade.

Its presidency is rotating, changing annually between its members. Each country that assumes this leadership has the responsibility of defining the agenda and organizing the summits during the year of its mandate.

Initially focused on macroeconomic issues, the G20 has broadened its agenda over the years to address key issues for global development, such as trade, sustainability, health, agriculture, the environment, renewable energies, climate change and the fight against corruption.

What is the origin of the G20?

The G20 was created at the end of the 1990s, at a time marked by the Asian crisis, as an informal forum for coordination between economic ministers and central bank leaders at the end of the 1990s. 

The economic imbalance that had spread to Asia and Latin America showed the need to include developing countries in discussions on global economic stability, broadening debates that had previously only been held within the G7/G8.

In 2008, at the height of yet another global economic crisis that reflected the collapse of Lehman Brothers, the group held its first summit meeting and, since then, has continued to stand out on the international stage, always discussing issues related to global economic stability. 

It was also in this year that the G20 began to work together with other organizations, guest countries and international forums, such as the Bank for International Settlements (BIS) and the Organization for Economic Cooperation and Development (OECD).

And although it was set up to respond to crises, the group has established itself as an essential space for anticipating instability and developing joint solutions.

What are the G20 Trails?

The G20 tracks are the main axes of discussion that guide the work and debates within the group. They are divided into two main areas:

Financial Track

This involves finance ministers and central bank leaders, focusing on issues such as the global economy, financial stability, regulation and the coordination of fiscal and monetary policies. 

This track is divided into seven technical groups: global economy, international financial architecture, infrastructure, sustainable finance, international taxation, financial inclusion and financial sector issues. 

In addition, since 2021, there has been a Joint Task Force on Finance and Health, created as a forum to improve cooperation between these two crucial sectors.

Sherpas Trail

The Sherpas Track is separated into 15 working groups, two task forces (one for Launching a Global Alliance against Hunger and Poverty and the other for Global Mobilization against Climate Change) and a Bioeconomy Initiative. 

The working groups are: agriculture, anti-corruption, culture, development, digital economy, disaster risk reduction, education, employment, energy transitions, climate and environmental sustainability, health, tourism, trade and investment, women's empowerment and research and innovation.

G20 Brazil 2024

Brazil took over the presidency of the G20 for the first time in December 2023 and its leadership will last until November 2024. During this period, the group will adopt the motto “Building a Just World and a Sustainable Planet” and will focus on three priority themes: energy transition, fair sustainable development (with an emphasis on combating hunger, poverty and inequality) and reform of multilateral institutions.

The country also reaffirmed its priorities by announcing the creation of two task forces within the G20: the “Global Alliance to Fight Hunger and Poverty” and the “Global Mobilization against Climate Change”, as well as launching an initiative focused on the Bioeconomy. 

In the Finance Track, under the coordination of the Ministry of Finance, topics such as financing for climate action, renegotiation of sovereign debts, tax progressivity and governance reform in international financial institutions will be discussed.

By the end of Brazil's leadership, there will be more than 100 working meetings and task forces that make up the G20, both face-to-face and virtual. The aim is to transform the group into a more accessible and representative forum, culminating in the G20 Leaders' Summit on November 18 and 19 in Rio de Janeiro.

During this period, the country is also preparing for COP-30, which will take place in 2025, also in Brazil. This conference will be an opportunity to strengthen the dialogues started at the G20 and push for even greater commitments to mitigate the effects of the climate crisis.

G20 Brazil 2024 and the incentive for renewable energy

As the leader of the G20 in 2024, Brazil is also seeking to consolidate its role as a protagonist in discussions on the energy transition and renewable energies. With an energy matrix already composed mostly of clean sources, the country will use its experience to encourage others to also take on this transformation.
Brazil's ability to take this lead is supported by government programs and incentives, bills, engagement in international arrangements involving clean energy production and data on the Brazilian energy matrix. 

One example is the New Growth Acceleration Program (PAC), coordinated by Brazil, which has defined an investment of R$417.5 billion in energy transition actions from 2023 to 2026. It is also worth noting that the country built a Global Alliance for Biofuels, with the aim of expanding consumption of this energy source, and signed the Work Plan for Energy Acceleration with the International Energy Agency (IEA), as well as taking on the coordination of the G20 Energy Transitions Working Group.

The priority themes addressed during the previous year's presidency in India were: fuels for the future, low-cost financing for the energy transition and the energy transition through the energy gap approach. 

For 2024, the group's main themes will be: the just and inclusive energy transition, how to accelerate the financing of energy transitions, the social dimension of the energy transition and the prospects for sustainable fuel innovation.

In other words, the country's expectation is not only to move forward with the energy transition, but to solve the challenge of bringing this change fairly to other regions of the world that depend on the support of developed countries and the diversification of financing.

Can citizens also take part in the G20?

The Brazilian presidency of the G20 has created the G20 Social, a space for civil society to participate and contribute to the formation of policies related to the summit. 

With the aim of bringing the forum closer to the people, this edition will include activities by 12 engagement groups, coordinated between political and financial tracks and non-governmental actors. 

More than 30 engagement group meetings and other activities involving ordinary citizens from the countries in the grouping are planned. To take part, those interested should consult the calendar published on the official G20 website.

Find out more:

• COP-29: principais informações e objetivos do maior encontro sobre mudanças climáticas do mundo
• Energy Transition
• Climate change: causes, impacts and solutions