The G20 bloc is made up of the world’s largest economies, although the United States has announced that it will not officially participate.
This year’s summit highlights the need for climate adaptation and sustainable financing, under the theme “Solidarity, Equality and Sustainability.”
The UN chief will attend the summit to push for economic and climate action, as well as an end to spiraling conflicts around the world.
“Sadly underrepresented”
Developing countries, particularly in Africa, are suffering from shrinking fiscal space, crushing debt burdens and a global financial architecture that is failing them, Guterres said.
He lamented that after decades of colonial rule, the continent remains “woefully underrepresented” in global institutions.
“The G20 can help redress this historic injustice and drive reforms that give developing countries – and Africa in particular – a real voice in shaping global policies.and make global economic governance more inclusive, representative, equitable and effective in the years to come,” he said.
economic action
Guterres called on the G20 to deliver on commitments made in June at the Financing for Development Conference in Seville, where countries pledged to unlock more financing to boost sustainable growth.
That would involve tripling the lending power of multilateral development banks, reducing borrowing costs and allowing developing countries to mobilize domestic resources.
Climate action
Countries have failed to keep temperatures within the 1.5 degree Celsius temperature rise limit, Guterres warned.
“Avoiding more climate chaos means closing the adaptation gap – urgently” and that requires increased funding, meaning doubling adaptation funding to at least $40 billion this year.
He added that while 90 percent of new energy capacity comes from renewables, while global investment in clean energy reached $2 trillion last year, only a negligible proportion went to Africa.
“Africa should be at the center of this clean energy revolution”, he pressed.
action for peace
Listing some of the most devastating conflicts around the world, including Sudan, the Democratic Republic of the Congo, Ukraine and Gaza, Guterres called on G20 members to use their influence to end the fighting.
“Everywhere – from Haiti to Yemen, Myanmar and beyond – we must choose peace based on international law.”, he concluded.