What happened at the G20?
In short, leaders made history, they agreed to work together to tax ultra wealthy individuals.
This joint declaration builds on what finance ministers discussed in July, and gives that shared commitment significant weight.
It’s a huge step towards the key goal of tackling extreme inequality, and public pressure helped secure it.
Next we must see meaningful steps to turn agreement into action.
But what is the G20 and why does this matter? Here’s a round up of the who and the what.
G20 governments deserve praise for their ground-breaking commitment to cooperate on taxing the world’s super-rich. But we won’t rest until this delivers real change for people and planet.”
Oxfam Brazil’s Executive Director, Viviana Santiago
What is the G20?
G20 stands for the Group of 20. It’s a forum for countries with the largest economies to cooperate. The countries of the G20 hold over 85% of the world’s wealth and represent two thirds of the world’s population.
A range of G20 meetings take place each year, bringing together different groupings of ministers and negotiators. But the leaders’ summit, where presidents and prime ministers come together, is the most high-profile event of each year.
Who’s in charge?
Each year one of the members takes on the presidency of the G20.
This means they play a leadership role, but it doesn’t give them authority over other countries. The summit in Rio on 18-19th November 2024 marked the end of Brazil’s presidency.
The G20 presidency baton was handed to South Africa on 1 December 2024 and they will hold this position until 30 November 2025.
Who are the members?
The G20 is made up of 19 countries and 2 regional bodies. These are:
- Countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Saudi Arabia, South Africa, Russia, Türkiye, UK and USA.
- Regional bodies: African Union and European Union
Why does Oxfam care about the G20?
The G20 is a major forum in global politics. Decisions taken there can affect people’s lives all around the world.
There are issues with the G20, like the under-representation of huge swaths of the world, and the self-selecting nature of its membership.
But Oxfam seeks to influence decisions for the benefit of people facing poverty and injustice wherever those decisions stand to be made, while also campaign in favour of more democratic decision-making bodies.
What happened in 2024?
Amongst many things, Brazil’s championing of taxing the super-rich was the headline for Oxfam.
In the lead-up to the leaders’ summit, it was clear there was the potential for a landmark agreement that the world’s largest economies would work together to tax ultra wealthy individuals. However, there was also concern that this could be derailed by those with money and power to protect the interests of the super-rich.
Pressure from people around the world – including those who took our campaign action – helped keep the pressure up.
Thanks to that pressure, an agreement has now been made.
Whats next?
As with any campaign, an agreement between world leaders is a huge landmark, but there is so much work still to do.
Our focus now will be on ensuring leaders turn their words into action, agree fair and transparent ways to tax extreme wealth, and of course use these new and essential flows of revenue for the benefit of people and planet.
