What we learned from the 2020 Riyadh G20 summit

Editor’s Note: Hannan Hussain is a foreign affairs commentator and author. He is a Fulbright beneficiary at the University of Maryland (USA) and a former research assistant at the Islamabad Policy Research Institute. The article reflects the views of the author and not necessarily the views of the CGTN.

The 2020 G20 Leaders Summit formally concluded on November 22, bringing to light a series of multilateral commitments and collective interventions aimed at breaking ground during the pandemic and its immediate aftermath, all for a world in need.

Leaders expressed their collective determination to strengthen COVID-19 vaccine distribution channels and manufacturing capacities, extend social protection guarantees to low-income countries, consolidate crucial debt relief extensions and communicate their “highest possible ambition” under the Paris Agreement.

On the issue of the collective management of the pandemic, the G20 correctly indicates that the “unprecedented” financial and humanitarian costs can best be addressed through an even greater focus on the health, economic and social needs related to COVID-19 currently faced by countries in way of development.

More importantly, leaders make this diagnosis tangible by aligning their support for key collaborative efforts – most notably the Access to COVID-19 Tools Accelerator (ACT-A) initiative and its COVAX framework – and by focusing on rapid financial support. and organized for developing economies.

Nearly four dozen countries have already applied for debt relief under the Debt Service Suspension Initiative (DSSI), amounting to approximately $ 5.7 billion in critical debt service deferral for this year alone.

This is where the latest G20 decision to approve “The Common Framework for Debt Treatments Beyond the DSSI” extends relief deadlines to mid-2021, in line with the worsening economic outlook for many low-income countries that may face challenges beyond a set timeframe.

In a welcome move, financial officials across all 20 states will continue to monitor global economic behavior over the next year and determine whether a further extension of the DSSI debt freeze is worth considering.

Therefore, the demonstrated willingness of the G20 to internationalize the prospects for economic recovery, instead of confining them to its own territorial borders, signifies its commitment to an equitable global recovery.

Interestingly, part of that growth is also due to the effective and timely deployment of COVID-19 diagnostic, therapeutic and vaccine systems, as well as enduring partnerships that help prepare for future infectious and noncommunicable diseases.

The adoption by the G20 of its newly established global innovation hub for improving health value is therefore a step in the right direction. The Hub serves as a dedicated platform for knowledge sharing that positions itself as a gateway to better universal health coverage in all countries.

It seeks to achieve this by gathering evidence-based expertise and determining what health policies nations should fund, whether these health interventions reflect that country’s actual needs, and how financial risks to a given population are minimized.

Building on previous efforts by the World Health Organization (WHO), the hub could play a key role in integrating pandemic preparedness expertise and serve as a valuable front against future epidemics.

Given the stark contrasts between developed and developing countries in terms of equal income, access to education and standard of living, it makes sense that the post-pandemic growth vision is identified as truly sustainable and inclusive.

G20 leaders offered a number of policy insights to realize this ambition, including the sustainable integration of less developed economies into the global trading system, a point of reflection for World Trade Organization (WTO) reforms.

Regarding a delivering framework for post-pandemic growth, Chinese President Xi Jinping has demonstrated the critical importance for implementing the United Nations 2030 Agenda for Sustainable Development (SDG).

The agenda, significant for reducing the “north-south divide”, does not necessarily limit progress towards inclusive growth at the start of the decade. China’s accelerated progress against absolute poverty – nearly a decade before the Agenda 2030 agenda – is evidence that the conditions for achieving such sustainable growth can evolve with leadership imperatives, especially during the pandemic.

The G20 offered a clear understanding of some of its imperatives, guided by the 2020 Financial Inclusion Plan, which will act as a catalyst for pre-existing partnerships that help countries implement their financial inclusion SDGs for the next three years.

When it comes to climate, governments, civil societies, environmental activists and broader coalitions for purposeful change may find much in which to seek comfort. The G20 used international cooperation as a goal to reiterate the disclosure of Member States’ long-term low greenhouse gas emissions development strategies in 2020 and encouraged upgrades to ‘nationally determined contributions’ more possible highs of countries under the Paris Agreement.

By taking the climate initiative in hand, the G20 dispels the notion that external stimulus may be needed to trigger progression on climate-aligned SDG commitments. Instead, the desire to engage in voluntary climate communication is a welcome departure from previous evidence that found that the G20 climate commitments were in relative contrast to the emissions reduction targets set by the Paris Agreement.

A given G20 alliance, therefore, can thrive on the heels of clearly defined priorities. Balancing determination with delivery tools can end up accelerating the cause of a strong, sustainable, balanced and inclusive post-COVID-19 era.

(If you want to contribute and have specific skills, contact us at [email protected].)