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G20 Finance Ministers Conclude Meeting in Brazil with Agreements on Global Tax and Climate Change

2024-07-28 03:03:13.453000

Finance ministers and central bankers from the Group of 20 (G20) have concluded their meeting in Rio de Janeiro, Brazil. The negotiations focused on economic policy and cooperation, with agreements reached on global tax cooperation, climate change, and the fight against hunger and poverty.

During the meeting, the G20 ministers discussed the proposed global tax on the super-rich, which calls for an annual 2% levy on fortunes exceeding US$1 billion. This tax has already received backing from several countries and could potentially raise up to US$250 billion per year. The ministers expressed support for the tax as a means to address income inequality and fund initiatives to combat poverty and hunger.

Additionally, the G20 ministers emphasized the importance of addressing climate change. They discussed the need for coordinated efforts to reduce greenhouse gas emissions and promote sustainable development. The ministers recognized the urgency of taking action to mitigate the impacts of climate change and reaffirmed their commitment to the goals outlined in the Paris Agreement.

The meeting in Rio de Janeiro marked the last finance track meeting before the G20 summit in November, which coincides with the US elections. The host, Brazil, aimed to shift the focus of the discussions to economic cooperation on issues such as climate change and poverty, avoiding topics such as the conflicts in Ukraine and Gaza to prevent them from dominating the talks [dd563626] [88bf45a5].

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