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Sheikh Khaled cements UAE’s global partnerships at G20 

Sheikh Khaled also met with Italian Prime Minister Giorgia Meloni, where they explored opportunities to enhance bilateral ties across various sectors….reports Asian Lite News

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, engaged in a series of high-level meetings with global leaders on the sidelines of the 19th G20 Summit in Rio de Janeiro, Brazil. The discussions focused on advancing the UAE’s strategic partnerships and fostering global collaboration on issues of shared interest. 

In his meeting with French President Emmanuel Macron, Sheikh Khaled emphasized the historical ties between the UAE and France, underscoring a shared commitment to deepening cooperation and strategic alliances. Both leaders highlighted the importance of joint efforts to support the objectives of the G20 summit. 

Sheikh Khaled also met with Italian Prime Minister Giorgia Meloni, where they explored opportunities to enhance bilateral ties across various sectors. They stressed the importance of collaborative efforts with G20 member states to promote regional and global stability and prosperity. 

During talks with Egyptian President Abdel Fattah El-Sisi, Sheikh Khaled reaffirmed the UAE’s dedication to strengthening its deep-rooted partnership with Egypt. The leaders reviewed bilateral relations and discussed collaborative approaches to advance G20 goals while emphasizing the significance of ongoing coordination between their nations. 

In a meeting with South African President Cyril Ramaphosa, Sheikh Khaled delivered a written message from President His Highness Sheikh Mohamed bin Zayed Al Nahyan, inviting him to the World Government Summit 2025 in Dubai. The discussion focused on bolstering UAE-South Africa ties and enhancing cooperation to support shared objectives. 

Across all discussions, Sheikh Khaled reiterated the UAE’s commitment to fostering global partnerships and leveraging collective efforts to address challenges and achieve sustainable development, reflecting the nation’s active role on the international stage. 

ALSO READ: UAE hails COP29 progress on Loss and Damage Fund 

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Saudi urges balanced energy transition at G20 

The Saudi minister stressed that the energy transition requires significant investments and time to ensure market stability while promoting fairness and inclusivity….reports Asian Lite News

Saudi Arabia’s Foreign Minister, Prince Faisal, emphasized the need for a balanced and inclusive energy transition that ensures global energy security and sustainable development during a G20 session on “Sustainable Development and Energy Transition,” according to the Saudi Press Agency (SPA). 

Addressing the global challenge of energy security, Prince Faisal called for energy strategies that account for individual countries’ circumstances and development needs. He outlined three essential pillars for a successful energy transition: securing energy supplies, maintaining affordability, and achieving environmental sustainability. 

The minister stressed that the energy transition requires significant investments and time to ensure market stability while promoting fairness and inclusivity. He highlighted the pivotal role of technological innovation in reducing emissions and minimizing environmental impacts. 

Prince Faisal noted Saudi Arabia’s leadership in adopting innovative technologies, achieving one of the world’s lowest emissions intensity rates in oil and gas operations. The Kingdom is advancing its renewable energy objectives, aiming for 50% of electricity generation from renewables by 2030. Additionally, Saudi Arabia is expanding its clean hydrogen production and implementing a circular carbon economy framework to repurpose emissions into valuable products. 

He also underscored Saudi Arabia’s commitment to global sustainability through initiatives such as the Saudi Green and Middle East Green programs, tailored to align with the country’s development priorities. 

Prince Faisal called for enhanced international collaboration to ensure that energy transitions are equitable, inclusive, and aligned with global development goals. He also expressed appreciation for Brazil’s leadership of the G20 in 2024 and extended best wishes to South Africa as it takes over the presidency in 2025, SPA reported. 

ALSO READ: World Bank: UAE a regional hub for trade, biz & travel 

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UAE allocates $100m to support G20 against hunger, poverty 

H.H. Sheikh Khaled bin Mohamed praised the launch of the Global Alliance against Hunger and Poverty, highlighting its significance as a step forward in shaping global policies that provide sustainable solutions and resources….reports Asian Lite News

On behalf of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has attended the opening session of the 19th G20 summit in Rio de Janeiro, Brazil, where the UAE is participating as a guest country. 

During the session, His Highness delivered the UAE’s address, conveying greetings from His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE President, to the leaders and heads of state attending the summit, extending his wishes for a successful summit. 

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan also thanked Luiz Inácio Lula da Silva, President of the Federative Republic of Brazil, for inviting the UAE to participate in the G20 summit in Rio de Janeiro, commending Brazil’s efforts to ensure the summit’s success. 

H.H. praised the launch of the Global Alliance against Hunger and Poverty, highlighting its significance as a step forward in shaping global policies that provide sustainable solutions and resources. 

Reaffirming the UAE’s commitment to its enduring partnership with the G20, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan announced that the UAE is allocating $100 million through the UAE Aid Agency, aligning with the global efforts of the alliance. 

H.H. highlighted the UAE’s dedication to supporting global initiatives to combat hunger and poverty at regional and international levels, reinforcing efforts to promote development, peace, and prosperity. 

The Crown Prince of Abu Dhabi is accompanied by an official delegation, including Reem Al Hashimy, Minister of State for International Cooperation; Ahmed Ali Al Sayegh, Minister of State; Mohamed Hassan Alsuwaidi, Minister of Investment; Saif Saeed Ghobash, Secretary General of the Abu Dhabi Executive Council; Saleh Ahmad Salem Alsuwaidi, Ambassador of the UAE to Brazil; and Waleed Al Mokarrab Al Muhairi, Deputy Group CEO at Mubadala. 

The 19th G20 summit is taking place from 18-19 November2024 in Rio de Janeiro under the theme Building a Just World and a Sustainable Planet. The sessions focus on critical global issues, including enhancing global governance, combating hunger and poverty, addressing climate challenges, advancing the transition to clean and renewable energy, and fostering comprehensive and sustainable development across social, economic, and environmental sectors. 

This marks the UAE’s fifth participation as a guest at the G20, following its engagement in Brazil this year, India in 2023, Indonesia in 2022, Saudi Arabia in 2020, and France in 2011. 

ALSO READ: UAE hails COP29 progress on Loss and Damage Fund 

ALSO READ: UAE continues sending aid to Lebanese women 

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Modi interacts with world leaders at G20  

PM shares details of his discussions through a series of posts on X, highlighting his engagements with global leaders including Egyptian President, South Korean President, and Ursula von der Leyen …reports Asian Lite News

Prime Minister Narendra Modi, following a busy first day at the G20 Summit in Rio de Janeiro, engaged in crucial bilateral meetings and several interactions on Monday.  

The Prime Minister shared details of his discussions through a series of posts on X, highlighting his engagements with global leaders including Egyptian President Abdel Fattah El-Sisi, South Korean President Yoon Suk Yeol, and Ursula von der Leyen, President of the European Commission. 

Upon meeting the European Commission President Modi said, “India will keep working closely with the EU for global good.” 

On the sidelines of the summit, PM Modi held an important meeting with UK Prime Minister Keir Starmer. Describing the meeting as “extremely productive,” Modi emphasized the significance of India’s Comprehensive Strategic Partnership with the UK. “In the coming years, we are eager to work closely in areas such as technology, green energy, security, innovation, and technology. We also want to add strength to trade as well as cultural linkages,” PM Modi wrote on social media. 

Modi also met with French President Emmanuel Macron, where the two leaders shared a warm embrace and congratulated each other on the successful hosting of the Paris Olympics and Paralympics earlier this year. Their discussions centered around strengthening cooperation in space, energy, artificial intelligence (AI), and other future-oriented sectors. “We talked about how India and France will keep working closely in sectors like space, energy, AI, and other such futuristic areas. Our nations will also work closely to enhance people-to-people linkages,” PM Modi shared on X. 

Both leaders embraced as Modi referred to Macron as his “friend” and congratulated him on the successful hosting of the Paris Olympics and Paralympics earlier this year. 

PM Modi stated that their discussions focused on strengthening ties in key areas such as space, energy, artificial intelligence (AI), and other future-oriented sectors. 

“It is always a matter of immense joy to meet my friend, President Emmanuel Macron. Complimented him on the successful hosting of the Paris Olympics and Paralympics earlier this year. We talked about how India and France will keep working closely in sectors like space, energy, AI, and other such futuristic areas. Our nations will also work closely to enhance people-to-people linkages,” Modi wrote on X. 

In his meeting with Norwegian Prime Minister Jonas Gahr Store, Modi discussed ways to improve investment linkages, particularly in renewable energy, green hydrogen, and the blue economy. Modi called the meeting “excellent” and highlighted how both nations could enhance cooperation in innovation and research. “Our Arctic Policy has led to further cementing of India-Norway bilateral relations,” Modi noted. 

Additionally, Modi held talks with Italian Prime Minister Giorgia Meloni, focusing on strengthening defense, security, trade, and technology ties. Modi underscored the importance of the India-Italy relationship, saying, “India-Italy friendship can greatly contribute to a better planet.” 

Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, “India-Italy friendship can greatly contribute to a better planet.” 

“Glad to have met Prime Minister Giorgia Meloni on the sidelines of the Rio de Janeiro G20 Summit. Our talks centred around deepening ties in defence, security, trade, and technology. We also discussed ways to boost cooperation in culture, education, and other such areas. India-Italy friendship can greatly contribute to a better planet,” Modi shared on social media platform X. 

Modi held bilateral meeting with Indonesia and Portugal at the sidelines of the G20 Leaders’ Summit in Brazil. 

Modi along with the Indian contingent, including External Affairs Minister S Jaishankar met with Indonesian President Prabowo Subianto and his contingent. Modi highlighted that their talks were focused on improving ties in commerce, security, and more. 

“Delighted to meet President Prabowo Subianto during the G20 Summit in Brazil. This year is special as we are marking 75 years of India-Indonesia diplomatic relations. Our talks focussed on improving ties in commerce, security, healthcare, pharmaceuticals and more,” PM Modi said on X. 

Minister of External Affairs official spokeperson Randhir Jaiswal, taking to X, said that Modi assured Prabowo of expanding the India-Indonesia Comprehensive Strategic Partnership. 

“India-Indonesia, Commemorating 75 years of warm and friendly ties! PM Narendra Modi met President Prabowo Subianto of Indonesia on the sidelines of the G20 Brazil Summit. PM congratulated President Prabowo and assured him of India-Indonesia Comprehensive Strategic Partnership, in existing domains as well as expand it to newer areas.” Jaiswal wrote on X. 

Modi also held a bilateral meeting with the PM of Portugal Luis Montenegro where they focused on strengthening economic partnership. PM Modi said that both countries explored opportunities for more collaboration in sectors like renewable energy and green hydrogen. 

“Had a very good meeting with Prime Minister of Portugal, Mr. Luis Montenegro. India cherishes the long-standing ties with Portugal. Our talks focussed on adding more vigour to our economic linkages. Sectors like renewable energy and green hydrogen offer many opportunities for more collaboration. We also talked about strong defence relations, people-to-people linkages and other such subjects,” Modi wrote on X. 

Earlier in the day, Modi met with President of Spain Pedro Sanchez on the sidelines of G20 summit. On the first day of the G20 Summit, Modi had a packed schedule, holding bilateral meetings with leaders from the UK, France, Italy, Norway, Portugal, and Indonesia. (ANI) 

ALSO READ: Biden, Modi Cap Partnership at G20 Summit

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‘G20 should keep pushing for more ambition on climate change’

Kant said that no country is “as blessed” as India in this regard, and has the potential to become the largest exporter of green energy….reports Asian Lite News

India’s G20 Sherpa Amitabh Kant on Monday emphasised crucial role played by New Delhi during last year’s summit in setting global agenda for energy transition and climate action and said that G20 countries should keep pushing for more ambition on the issue of climate change.

The former NITI Aayog CEO was speaking here at a roundtable on ‘The Road Ahead: Building on Global South Strengths at COP29 & G20’.

Kant highlighted India’s pro-active role in green transition. The New Delhi G20 Declaration’s ‘Green Development Pact’ addressed the challenges of choosing between combating hunger and protecting the planet, by outlining a comprehensive roadmap where employment and ecosystems are complimentary, consumption is climate conscious, and production is planet-friendly. The G20 Declaration called for an ambitious tripling of global renewable energy capacity by 2030.

Citing the immense scope of renewable energy in India, Kant said that no country is “as blessed” as India in this regard, and has the potential to become the largest exporter of green energy.

He said that India is a major importer of fossil fuels but has to become the exporter of green energy.

As part of New Delhi G20 Declaration, the countries of the grouping resolved to pursue environmentally sustainable and inclusive economic growth and development in an integrated, holistic and balanced manner.

India’s historical cumulative emissions from 1850 to 2019 amount to less than 4 per cent of cumulative carbon dioxide emissions of the world from the pre-industrial era, despite being home to 17 per cent of the world’s population.

At the 26th session of the United Nations Framework Convention on Climate Change (COP 26) in November, 2021, India announced its target to achieve net zero emissions by 2070.

Economist and former Economic Advisor to Finance Ministry, Montek Singh Ahluwalia, emphasised that any optimal strategy for climate change also needs to take constraints into account.

He stressed on meeting two-thirds of the finance requirements internally and emphasised the need of a proper plan to achieve net zero emissions by 2070.

He also referred to presidential elections in the United States and to Donald Trump’s decision in his term as President to withdraw from the Paris accord.

Kirit Parikh, former member of the Planning Commission, who participated at the event virtually, stressed that the West needs to accept its responsibility in the climate change challenge and play a bigger role in raising the finance.

He also suggested imposing proportionate tax on countries for annual per capita-carbon emissions, stating that this would incentivize countries in reducing their carbon emissions.

India has taken many steps in the direction of green energy. India’s ambitions include generating half of all energy requirements from renewables and reducing emissions by 1 billion tonnes by 2030.

The 21st session of the COP (COP21) led to the Paris Agreement, which mobilized global collective action to limit the global temperature increase to 1.5C above pre-industrial levels by 2100, and to act to adapt to the already existing effects of climate change.

The next Conference of Parties (COP 29) will be held in November this year in Baku, Azerbaijan. (ANI)

ALSO READ: Lanka Secures $200M from World Bank

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G20 calls for fairer global tax system

On top of that, it urges reforms of the International Monetary Fund (IMF) and the strengthening of Multilateral Development Banks…reports Asian Lite News

Finance ministers and central bank presidents of the Group of Twenty (G20) concluded their third meeting in Rio de Janeiro, adopting a joint communique that calls for a more just, stable, and efficient international tax system.

“We acknowledge the urgency and importance of realignment in quota shares to better reflect members’ relative positions in the world economy, while protecting the quota shares of the poorest members,” the communique states, also addressing the development needs and priorities of low- and middle-income countries.

On top of that, it urges reforms of the International Monetary Fund (IMF) and the strengthening of Multilateral Development Banks (MDBs), Xinhua news agency reported.

The G20 Ministerial Declaration on International Tax Cooperation was issued at the meeting and calls for strengthening tax transparency, preventing base erosion and profit shifting, as well as applying progressive taxation to ultra-high-net-worth individuals.

Brazil’s Finance Minister Fernando Haddad, the coordinator of the meeting, said that the release of the joint communique is a victory for the international community after several years.

“The G20 needs to take advantage of the Financial Track to strengthen cooperation mechanisms,” Haddad added.

Brazil has held the rotating presidency of the G20 since last December. During its one-year term, the Brazilian government focuses on three priorities: combating hunger, poverty, and inequality; sustainable development; and global governance reform.

ALSO READ: Harris pivots to convincing Arab American voters 

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G20 Seeks Fairer Global Tax System

The Group of Twenty (G20) also urged reforms of the International Monetary Fund (IMF) and the strengthening of Multilateral Development Banks (MDBs), reports Asian Lite News

Finance ministers and central bank presidents of the Group of Twenty (G20) concluded their third meeting in Rio de Janeiro, adopting a joint communique that calls for a more just, stable, and efficient international tax system.

“We acknowledge the urgency and importance of realignment in quota shares to better reflect members’ relative positions in the world economy, while protecting the quota shares of the poorest members,” the communique states, also addressing the development needs and priorities of low- and middle-income countries.

On top of that, it urges reforms of the International Monetary Fund (IMF) and the strengthening of Multilateral Development Banks (MDBs), Xinhua news agency reported.

The G20 Ministerial Declaration on International Tax Cooperation was issued at the meeting and calls for strengthening tax transparency, preventing base erosion and profit shifting, as well as applying progressive taxation to ultra-high-net-worth individuals.

Brazil’s Finance Minister Fernando Haddad, the coordinator of the meeting, said that the release of the joint communique is a victory for the international community after several years.

“The G20 needs to take advantage of the Financial Track to strengthen cooperation mechanisms,” Haddad added.

Brazil has held the rotating presidency of the G20 since last December. During its one-year term, the Brazilian government focuses on three priorities: combating hunger, poverty, and inequality; sustainable development; and global governance reform.

ALSO READ: India Takes Up Human Trafficking Issue With Cambodia, Thailand, Laos

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G20 Presidency Drives Global Digital Public Infrastructure Agenda

In Part 3 of the report, a forward-looking perspective is presented, outlining a strategic blueprint for elevating DPI across various sectors, as well as on a global scale through a range of its policy recommendations…reports Asian Lite News

The final report of India’s G20 Task Force on Digital Public Infrastructure aimed at strengthening the foundations of DPI worldwide, especially the Global South, was released here on Monday 

The work of this Task Force had led to the acceptance of the definition and framework of the Digital Public Infrastructure (DPI) during India’s G20 Presidency and will be taken forward for implementation during the Brazilian and South African Presidencies.

The report will play a key role in defining the future course of the DPI approach and actions for implementation around the globe, particularly in the Global South, according to a Finance Ministry statement.

The task force was led by the co-Chairs —  Amitabh Kant, G20 Sherpa of India and Nandan Nilekani, co-founder and chairman of Infosys and the Founding Chairman of UIDAI (Aadhaar).

The complete report is available on the website of the Department of Economic Affairs, Ministry of Finance.

On the occasion of releasing the report, Amitabh Kant said: “India did an incredible pole vault in Digital Public Infrastructure. We achieved in 9 years what would have taken 50 years without DPI. Today in India, UPI is used at all levels from street vendors to large shopping malls, with the highest percentage of digital transactions globally, accounting for nearly 46 per cent share. All these proved to be building blocks for India to steer through the COVID-19 pandemic, be it transfer $4.5 billion into the bank accounts of 160 million beneficiaries or facilitate distribution of 2.5 million vaccinations in two years with digital vaccine certificates on mobiles. We are far advanced in terms of digitisation and I am confident, this report will be the guiding North Star for the world to follow.”

Co-Chair of the Task Force Nandan Nilekani said: “Governments and businesses around the world are increasingly realising that if they really want to achieve SDGs (sustainable development goals) and social goals like inclusive growth, it has to have underlying DPI to make that happen. DPI has the power to dramatically improve the lives of citizens and transform governance.”

India’s G20 Presidency provided a significant opportunity to set and drive the global policy discourse on key economic and developmental agenda. India’s digital public infrastructure (DPI) – digital identity, fast payment system along with consent-based data sharing – has demonstrated how 1.4 billion individuals can access socio-economically important services in the fields of finance, health, education, e-Governance, taxation, skills etc.

India’s achievements in the field of DPI and also could gather unanimous support from all G20 members on DPI-related reports and deliverables under both Finance Track and Sherpa Tracks, the Finance Ministry added.

The report encompasses three essential parts that collectively unravel the approach for global DPI advancement and adoption. In Part 1, the DPI Approach emerges as a transformative paradigm that effectively addresses global challenges through innovative technological solutions.

In Part 2 of the report delves into how India has steered its DPI agenda, especially during its G20 Presidency in 2023 under its various working groups. 

In Part 3 of the report, a forward-looking perspective is presented, outlining a strategic blueprint for elevating DPI across various sectors, as well as on a global scale through a range of its policy recommendations.

The report also highlights the need to identify an existing body of global standards with the scope of multinational presence, to foster and harness the DPI ecosystem across various regions and countries, especially Global South countries.

‘India Needs Robust Sovereign Credit Rating Agencies’

As India embarks on its journey to become ‘Viksit Bharat’ by 2047, it’s important that we have appropriate credit ratings and call out global agencies for biases and lack of transparency for not objectively assessing India’s strong economic fundamentals, G20 Sherpa and former NITI Aayog CEO, Amitabh Kant, said on Saturday. 

Addressing the CareEdge Ratings ‘Conversations 2024’ conference in Pune, he said the notion that developing countries offer more risky investments is not solely based on objective financial metrics but is significantly influenced by subjective assessment.

Kant stressed the need for promoting home-grown credit ratings agencies, saying that appropriate sovereign credit ratings are actually a very critical issue that impacts not only India but also the entire emerging economies.

Hailing India’s high growth rate of around 8.2 per cent, he stressed that future growth will come from cutting-edge areas.

According to Najib Shah, Chairman, CareEdge, the world is moving away from domination by a single superpower, a single currency and moving towards a more balanced and complex system that’s emerging and evolving.

“Such an environment also has implications for the financial situation. Destructive competition between the US and China has ushered in a new era of competing geopolitics and economies. The role of the credit rating agency will be important here for acting in a transparent, competitive, professional manner,” Shah told the gathering.

At the event, Gulshan Malik, Deputy Managing Director, State Bank of India (SBI) said the banking sector in India is adequately capitalised as well as ready to fund the next phase of growth which is very critical.

ALSO READ-UAE participates in 3rd G20 Sherpas Meeting

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UAE participates in 3rd G20 Sherpas Meeting

Saleh Al Suwaidi, UAE Ambassador to Brazil and G20 Sous-Sherpa, led the UAE delegation to the meeting….reports Asian Lite News

The United Arab Emirates participated in the 3rd Sherpas meeting of the Group of 20 (G20) held in Rio de Janeiro.

Saleh Al Suwaidi, UAE Ambassador to Brazil and G20 Sous-Sherpa, led the UAE delegation to the meeting.

The meeting highlighted developments within the G20 Finance Track, as well the progress made in the taskforce for establishing a global alliance to combat hunger and poverty, in addition to a taskforce to combat climate change.

The meeting also discussed the role of the G20 in mitigating geopolitical tensions witnessed by the international community. Moreover, Al Suwaidi underscored the UAE’s commitment to collaborations and international partnerships to achieve lasting peace.

The UAE’s participation in the G20 reflects the country’s steadfast commitment to multilateral cooperation and international priorities across all sectors. In this regard, the UAE is dedicated to supporting the global agenda while forging partnerships that will benefit the international community and future generations.

The UAE places a strong emphasis on active participation in international fora and organisations, engaging in constructive dialogue that is enhanced through active platforms representing emerging and developing economies on the global level.

The UAE participated in the meeting following its receipt of an invitation from the Brazilian Presidency of G20. This is the UAE’s third consecutive year to participate in the meeting.

The UAE has demonstrated significant and effective contributions aligned with the priorities of the G20 during its participation as a guest country in France in 2011, Saudi Arabia in 2020, Indonesia in 2022 and in India in 2023.

ALSO READ: UAE launches project to enhance maritime mapping

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Brazil urges ‘new globalization’ at G20 meet  

Brazilian officials said they were working on a compact final statement that would steer clear of divisive issues such as the Ukraine and Gaza wars….reports Asian Lite News

Brazil called for a “new globalization” to address poverty and climate change as finance ministers from the world’s top economies met Wednesday, but the Ukraine and Gaza wars risked overshadowing the plea.

“It is time to redefine globalization,” Brazilian Finance Minister Fernando Haddad told his counterparts from the Group of 20 leading economies, opening their first meeting of the year in Sao Paulo.

“We need to create incentives to ensure international capital flows are no longer decided by immediate profit but by social and environmental principles,” said Haddad, who gave his speech remotely after coming down with Covid-19.

The meeting, which follows one by foreign ministers in Rio de Janeiro last week, will lay the economic policy groundwork for the annual G20 leaders’ summit, to be held in Rio in November.

Brazilian officials said they were working on a compact final statement that would steer clear of divisive issues such as the Ukraine and Gaza wars.

“We know the world is going through a tense geopolitical moment,” said finance ministry executive secretary Dario Durigan.

But “there’s consensus on the economic issues,” he told journalists. “The whole world speaks the same economic language.”

Brazilian President Luiz Inacio Lula da Silva wants to use the rotating G20 presidency this year to push issues like the fights against poverty and climate change, reducing the crushing debt burdens of low-income nations, and giving developing countries more say at institutions like the United Nations.

International Monetary Fund chief Kristalina Georgieva called for bolder climate action, urging countries to accelerate emissions cuts, end fossil fuel subsidies — which reached an estimated $1.3 trillion worldwide last year — and massively mobilize climate financing.

“The climate crisis is already upon us, and we have to admit we have been a bit slow to address it,” she said at a panel discussion on the sidelines of the meeting.

Also on the agenda: increasing taxes on corporations and the super-rich.

“We need to ensure the billionaires of the world pay their fair share of taxes,” said Haddad.

French Finance Minister Bruno Le Maire backed that call, telling journalists that Paris is pushing to “accelerate” international negotiations on a minimum tax on the ultra-wealthy.

However, Durigan said the issue was unlikely to make it into the final statement. Even before the meeting opened, the conflict in Ukraine took center stage.

The Group of Seven countries — Britain, Canada, France, Germany, Italy, Japan and the United States, plus the European Union — held their own meeting on the sidelines to discuss shoring up Western support for Kyiv.

Officials said the meeting — attended remotely by Ukrainian Finance Minister Serhiy Marchenko — focused on proposals to seize an estimated $397 billion in Russian assets frozen by the West.

US Treasury Secretary Janet Yellen said Tuesday the issue was “urgent.” But there were divisions among G7 members.

“I want to be very clear: We don’t have the legal basis for seizing the Russian assets now. We need to work further… The G7 must act abiding by the rule of law,” said France’s Le Maire.

ALSO READ: Brazil Slams UNSC’s ‘Paralysis’ on Gaza, Ukraine