G20 Summit: What To Expect This Weekend

What's the story?

• The annual Group of 20 (G20) summit commences this weekend, bringing world leaders together to discuss global economic policy issues. 
• The countries are meeting in New Delhi, India, this year and hope to tackle climate change, economic development, debt burdens in low-income nations, and inflation caused by Russia's war in Ukraine. An official joint declaration will be produced at the end if members can reach a consensus. 
• The usual participating nations include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the U.S., and the European Union.
• Similar to the G7 summit, which met in May, the G20 is a more inclusive, less Western-led forum. In the past, not many real-world results have come from the summit. Since it was formed in 1999, most joint statements haven't led to any clear actions, consequences, or effects, drawing global criticism.

The lack of impact

• Critics of G20 say the very foundation of the summit is flawed, with too much riding on the say of Western financial officials. Robert Wade, a political economy professor, said German and American leaders have too much power over the roster:

"[They] went down the list of countries, saying Canada in, Portugal out, South Africa in, Nigeria and Egypt out."

• At last year's summit, the world leaders discussed climate action but were criticized for their empty promises. The countries in the group account for around 80% of the world's emissions, yet they made no attempt to achieve net zero by 2050 — a goal being pushed by climate scientists.

This year's controversy

• This year, Chinese President Xi Jinping is expected to be absent from the event, drawing controversy. Russian President Vladimir Putin will also not be in attendance and is even planning some counterprogramming.
• Many speculate that Xi's absence is due to his feud with Indian Prime Minister Narendra Modi over their shared border, along with U.S. leaders' siding with India.
• Some believe the decision is an attempt to avoid questions about China's economic meltdown, frustrating those who intended to speak with Xi on the topic. 
• Putin's absence also takes away the opportunity for other leaders to discuss the war in Ukraine with him, which has had global impacts. 
• While both Xi and Putin will have stand-ins, their replacements wield little power in their respective systems. 
• However, President Joe Biden is expected to take advantage of their absences, presenting the U.S. as an economic counterweight to both nations. Biden will attempt to convince the present leaders to align with the U.S. on various issues, including condemning Russia's invasion of Ukraine. 

Do you have high hopes for this year's G20 summit?

-Jamie Epstein

(Photo credit: iStock/Bet_Noire)