Source: IT
Subject: International Relations
Context: South Africa has assumed the G20 Presidency for 2025 with the theme “Solidarity, Equality, Sustainability”, unveiling priorities centred on disaster resilience, debt relief, climate finance and just energy transitions.
- This marks the first G20 Summit hosted on African soil, coinciding with India’s strong advocacy for Global South
About G20:
What it is?
- The G20 is the world’s premier forum for international economic cooperation, bringing together major advanced and emerging economies to coordinate on global economic, developmental, and governance challenges.
History:
- Formed in 1999 after the Asian Financial Crisis as a forum for Finance Ministers and Central Bank Governors.
- Upgraded to Leaders’ Summit level in 2008–09 to coordinate responses to the global financial crisis.
- Over time, expanded its agenda beyond macroeconomics to include climate change, health, energy, development, food systems, digital economy, taxation, and anti-corruption.
Members:
- It comprises 19 countries + European Union (EU) + African Union (AU).
- The members together represent ~85% of global GDP, 75% of world trade, and two-thirds of humanity.
Present G20 Troika (2024–2026):
- Brazil (2024 – previous President)
- South Africa (2025 – current President)
- United States (2026 – next President)
This ensures continuity in agenda-setting.
Functions of the G20:
- Coordinating global macroeconomic policies and financial stability.
- Reforming multilateral institutions (IMF, MDBs).
- Driving climate commitments and energy transitions.
- Strengthening global health systems and pandemic preparedness.
- Ensuring resilient supply chains, sustainable development, and digital governance.
- Facilitating consensus on taxation, anti-corruption, trade, and inclusive growth.
