G20 BRASIL

Unifying strategic themes: joint meeting of the Sherpa and Finance Tracks

In an unseen joint meeting of the Sherpas and Finance Tracks, with the presence of President Lula, G20 member countries bring the political, social and environmental agenda closer to the financial agenda. The objective is that the priorities outlined by the Brazilian presidency make a real difference to people's lives

12/13/2023 8:55 PM - Modified 6 months ago
Authorities from the world's largest economies at the joint meeting of the Sherpas and Finance Tracks at the G20 Brasil. Photo: Audiovisual/G20 Brasil
Authorities from the world's largest economies at the joint meeting of the Sherpas and Finance Tracks at the G20 Brasil. Photo: Audiovisual/G20 Brasil

In order that the priorities discussed by the G20 member countries get off the ground and make a real difference to people's lives, it is fundamental that the money reaches projects and actions in developing countries.

It is with this meeting between projects and financing in mind that the Sherpas and Finance Tracks of the G20 have begun their work under the Brazilian presidency, holding joint meetings as of now. The proposal, unprecedented in the history of the G20, was well received by the member countries and is in line with the three priorities set for the Group in the next year.

These are urgent agendas for a world in crisis, which not only require immediate access to existing financial resources, but also new contributions - especially from developed countries. The idea is to create ways for the money to reach the mapped locations more quickly and easily and to generate concrete impacts as quickly as possible.

"Many declarations, notes and reports have been adopted in the last few years. But decisions don't always come to fruition. The articulation between the political and financial tracks that compose the G20 will be essential for the group to function successfully", pointed out the president of Brazil, Luiz Inácio Lula da Silva, in a statement during the joint meeting of the Sherpas and Finance Tracks.

In the Finance Track, there is an effort to mobilize public and private resources to help emerging, developing and poorer countries. Ambassador Tatiana Rosito, coordinator of the G20 Finance Track, pointed out the need for partnerships between states and the public and private sectors to attract investment in different projects, from energy transition and adaptation to climate change to combating poverty.

"The solution of the debt, for example, is crucial for the development of these countries," affirmed.

"In the case of the combat against hunger and poverty and inequality, there is a full agreement between the countries for this topic to move forward in a concrete way," said the Brazilian sherpa, Ambassador Mauricio Lyrio. "It's an urgent issue that needs global efforts," he emphasized.

Transversal themes

The themes presented by the Brazilian presidency as priorities for G20 discussions and solutions are transversal and will be discussed and forwarded in different Working Groups of the two tracks. One example is the Sustainable Finance WG, part of the Finance Track, which seeks to promote transitions for societies towards greener, more resilient and inclusive economies by identifying institutional barriers to these resources.

Or the Infrastructure WG, also part of the Finance Track, which has been addressing how to increase resources for sustainable development and how to make infrastructure more resilient and inclusive, mobilizing resources from various sources, especially for developing countries and the most vulnerable countries.

This shows that the technical agenda of the working groups throughout the year will be fundamental for building consensus and proposals focused on solutions that can be applied immediately. "It is unacceptable that a world capable of generating wealth in the order of 100 trillion dollars a year should live with hunger for more than 735 million people and poverty of more than 8% of the population," said Lula.

Joint meeting

The first cycle of G20 Brasil meetings began on Monday (11) and runs until Friday (15) in Brasilia, at the Itamaraty Palace. This Wednesday's meeting, which featured an opening speech by President Lula, intertwines the work of the Sherpas and Finance Tracks and includes representatives from 19 countries, the African and European Unions, as well as vice-ministers of finance and vice-presidents of G20 central banks.

After this first cycle of aligning the work for the summit, which will be held in November 2024 in Rio de Janeiro, the next G20 meetings are scheduled for the second week of January, via videoconference.

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