Brazil proposes a "new socio-environmental globalization" at the G20 ministers' meeting

In the opening speech of the G20 Finance Ministers meeting in São Paulo, Brazil proposed a "new socio-environmental globalization", marking a turning point in global economic integration over the past decades. The G20 president this year, Haddad, criticized the confusion between globalization and "market liberalization, labor flexibility, financial deregulation, and free movement of capital". Despite participating remotely due to his positive Covid-19 test, Haddad emphasized the urgency of addressing poverty, inequality, sustainable development financing, tax justice, and the chronic indebtedness of several countries. He acknowledged that while globalization has lifted millions of people out of poverty, it has also exacerbated inequality, pointing out that the richest 1% owns 43% of financial assets, an unsustainable reality. The G20 president also noted that recent financial crises have revealed the limitations of globalization in its current form, and that current challenges such as the climate crisis require emergency responses. Haddad warned that the poorest countries are particularly affected by these challenges, especially in the face of the growing wave of protectionism that has emerged after the Covid-19 pandemic. At the same event, the President of the Central Bank of Brazil, Campos Neto, emphasized the importance of maintaining low and predictable inflation to promote sustainable economic growth, arguing that price increases disproportionately affect the poorest. In this context, Brazil has proposed a reassessment of current globalization, seeking to promote a new vision that integrates socio-environmental aspects and more effectively addresses poverty, inequality, and environmental challenges. The Brazilian proposal aims to pave the way towards a more equitable and sustainable globalization, recognizing the failures of the current model and the need to adapt to the challenges of the 21st century. The G20 meeting in São Paulo thus becomes a crucial space to discuss and propose concrete solutions to the economic and environmental challenges facing the world today.