By Jeff Kapembwa
The 20th meeting of the Group of the Group of Twenty (G20) opened in South Africa Friday with the United Nations Secretary General, Antonio Guterres reminding the world, chiefly the rich nations to uncoil the continent-long embroiled in multiple shackles of debt, civil strife, climate change, insufficient energy, inequality and a collapse in aid, leaving billions in squalor.
Addressing world leaders, except for among other, United States leader Donald Trump and delegates during the first-ever summit to be hosted by Africa and being held at the Nasrec Expo Centre, Johannesburg, planned for from November 22-23, themed: “Solidarity, Equality, Sustainability, Guterres called for fair play and relieve the continent of the recurring plunder of resources.
He lamented the recurring and historic injustice that have stifled reforms and give developing countries – Africa in particular – a real voice, despite the leadership and vision-pushing it into tumultuous times.
He challenged leaders of the G20-world’s largest economies, to exercise their influence and ease suffering of the majority Africans-many deprived of energy, exposed to wanton destruction of infrastructure through climate change, high indebtedness and ensure economic growth is widely shared, and help renew the continent’s hope for a more peaceful course for the future.
Guterres cites the summit’s theme as the driving force for the world to rethink their position on Africa and that: “Solidarity, Equality and Sustainability” – points the way to review their position on Africa and its burdens-reversing all gains, a call for action.
“Developing countries – in particular in Africa – are suffering from a perfect storm of shrinking fiscal space, crushing debt burdens, and a global financial architecture that is failing to support – or even represent – them adequately.” he noted
He candidly stated that Africa has been a double victim of colonialism-ripped by centuries of exploitation and plunder. He noted that when international institutions were created – when most African countries were still under colonial rule, and their voices remain mute from the table and woefully under-represented across global institutions-a call for change.
This contrasts the ‘The Pact for the Future, adopted by Member States last year’ seeking reforms to global financial institutions, arguing:
“Many decisions are disproportionately in the hands of some of the members of G20 across the governance bodies of these institutions.” It was time Africa was recognized to benefit from global meetings that often decide for the continent-a call for permanent representation on various foras.
“Africa must have a fair seat in every forum where decisions are made – from the boards of international financial institutions to permanent seats in the United Nations Security Council, and to other global bodies.”
Guterres urges G20 members to live up to the commitments made in June in the Financing for Development Conference in Sevilla to unlock more finance for developing countries, help dismantle the continent’s yoke of unsustainable debt and allow it to mobilise its own resources.
There is a dire need to triple the lending power of multilateral development banks. To increase their role in leveraging more private finance. There is an urgent need to ease debt burdens with new instruments to reduce borrowing costs and risks.
This will speed-up support for countries facing debt distress, drawing on recommendations from my debt expert group.
Too many developing countries – especially in Africa – find themselves at the bottom of value chains, or locked out of trade opportunities and G20 members should stand up for the continent and lead the way.
This is tenable through dismantling trade barriers and ensuring trade-free access to their markets for the poorest countries and fighting inequality-which has helped erode democracies.
On the just ended COP30, Guterres regrets the various shortcomings including the failure by countries to keep temperatures to the 1.5-degree temperature rise limit, warning that a temporary overshoot above this limit is now inevitable.
“We must make this overshoot as small, short and safe as possible. Avoiding more climate chaos means bridging the adaptation gap – urgently.” He says. This requires a massive scale up of financing and developed countries must keep their promises:
“By doubling adaptation finance to at least $40 billion this year – and giving confidence that meaningfully increased affordable and accessible adaptation finance will be scaled up beyond 2025.”
He called for energy sufficiency-supercharge the transition to renewable energy. Last year, 90 per cent of new power capacity came from renewables. Global investment in clean energy, he says, has reached $2 trillion – $800 billion more than fossil fuels.
Despite this advancement, only a negligible proportion went to Africa. It was time Africa became at the heart of this clean energy revolution. This is evidenced by the continent holding immense solar and wind potential – but lacks the investments needed to harness them.
A just energy transition must also mean to entirely electrifying Africa – powering homes, schools, clinics and industries, and creating decent jobs for its young people with Gueterres contending”
“No one should be left in the dark by the clean energy age – least of all a continent that has contributed the least to the climate crisis.”
South African leader, Cyril Ramaphosa, whose country is taking over the G20 chairmanship, called for various oversights by the G20 members to ensure global stability and security, alleviating resource pressures, managing population movements and reducing the risk of conflict.
Stability, he says, attracts investment, improves planning and reduces the risk of global economic shocks. He called for greater and faster progress towards the achievement of the United Nations Sustainable Development Goals by 2030.
The Sevilla Commitment adopted in June this year, was commendable as it sets forth a renewed global framework for financing for development.
Ramaphosa called for continued reform of the international financial architecture, ensuring that institutions are strengthened, are more inclusive and are equipped to meet the challenges both of the present and the future.
He called for renewed vigor in ensuring debt sustainability for low-income countries with the G20 expected to renew its efforts to advance debt sustainability, with a particular emphasis on African countries.
“We should mobilise finance for a just energy transition, increasing the quality and quantity of climate finance flows to developing economy countries.”
There is dire need to harness critical minerals for inclusive growth and sustainable development through the beneficiation of the minerals at the place of extraction.