France and the USA defend taxation of the super-rich and other Brazilian priorities at the G20

The countries, both members of the forum, also support other Brazilian priorities to boost the fight against the climate crisis. In a statement, Macron and Biden highlighted their commitment to green investments and increasing African representation in international institutions.

The governments of France and the United States expressed support to the Brazilian G20 presidency's initiative to tax the super-rich. In a joint note, presidents Emmanuel Macron and Joe Biden also committed to increasing efforts towards a progressive international taxation approach; to supporting the forum's debates on investments to achieve the United Nations Sustainable Development Goals; and to reducing carbon emissions by building climate resilience to meet global challenges.

According to the document, the countries also reinforced their commitment to increasing the capacity of multilateral development banks (MDBs) with regard to climate financing and to facilitating private investment in green projects, ensuring more agile and effective processes.

“Facilitating private investment through changes to incentive frameworks, a comprehensive review of regulatory barriers, and the improvement of blended finance and guarantee instruments, including the World Bank Group’s Multilateral Investment Guarantee Agency,  also includes improving debt sustainability assessments to take into account climate vulnerabilities and the scale of investment needs required by the ecological transition”, points out the Franco-American note.

Macron and Biden welcomed the African Union's entry as a permanent member of the G20 and confirmed that they will act to ensure that countries in the region are fully represented in international institutions. “France and the United States are committed to partnering with African countries on shared global priorities, including inclusive global economic growth, combating the climate crisis, digital transformation, good governance, food security and global health,” they highlighted.

See also