G20

With Brazil—an agribusiness powerhouse—presiding over the G20 in 2024, addressing the climate crisis and combating hunger and inequality are at the top of the agenda. In the lead-up to COP30 in Brazil in 2025, which will gather global leaders in pursuit of a sustainable future, the G20 provides an opportunity to get a jumpstart on this goal and find a balance between increasing food production and prioritizing environmental protection amid a challenging geopolitical context.

Efforts to fund climate change adaptation and mitigation efforts are on the rise, with landmark initiatives—including from the private sector—having been finalized and launched at COP28. With G20 member states representing a large portion of the world’s gross domestic product and population, their governments and the private sector must work together to raise more resources to finance a robust climate agenda and create opportunities for public-private partnerships on climate finance.

The G20 presidencies of India and Brazil have highlighted the increasing demand for and development of digital public infrastructure—including payments, identity, and other digital networks—in emerging markets. The development of DPI, while crucial in its expansion of financial inclusion, will also require countries to establish robust frameworks on privacy, consumer protection, cybersecurity, competition, and public-private collaboration.

Eighty years after the International Monetary Fund and the World Bank were created, the world’s monetary and financial system has been transformed by the rise of new economic powers; the advent of crises caused by climate change, debt, and aging populations; and the advancements in fintech. Even in an era of fierce geopolitical competition, G20 countries must advocate for realistic and meaningful reforms for the international financial system, including in the World Bank’s Evolution Roadmap and the IMF’s upcoming quota review in 2025.