BRASILIA – The Brazilian presidency of the G20 group will strive to boost financial flows to countries in greatest need of resources for environmental protection, Brazil’s Finance Minister Fernando Haddad said on Thursday.
Addressing a G20 event in Brasilia, Haddad emphasized the need to review the functioning of existing climate funds and facilitate flows to the so-called Global South.
At the same time, he underscored Brazil’s “particular concern” with strengthening multilateral banks, saying that along with international organizations, they are not equipped to face current challenges.
Brazil took over the G20 presidency earlier this month, prioritizing the fight against hunger and inequality, promoting sustainable development and energy transition, and reforming global governance.
During the opening of the group’s financial track, Haddad said the world needed “systemic solutions that place social considerations at the center of the climate change debate.”
Additionally, he emphasized the need for countries to use fiscal policy to support quality public investments to combat inequality and propel a fair global energy transition.
Haddad highlighted growing demand from the “increasingly vocal Global South” for a more ambitious international fiscal agenda to ensure that the world’s wealthiest contribute their fair share in taxes.
He expressed optimism about progress within G20 discussions on financial inclusion, crypto assets and cross-border payments, noting these topics would be addressed on Friday by Brazil’s central bank chief Roberto Campos Neto.