7 July 2017: The G20 Summit in Hamburg concluded with the adoption of a declaration, sub-titled ‘Shaping an interconnected world,’ on major global economic challenges. Among other issues, the declaration addresses improving sustainable livelihoods by addressing energy and climate, implementing the 2030 Agenda for Sustainable Development and empowering women.

The G20 Leaders’ declaration includes sections on: sharing the benefits of globalization; building financial and global health resilience; and “assuming responsibility” by launching the G20 Africa Partnership, stepping up coordination and cooperation on displacement and migration, and fighting corruption.

The declaration seeks to contribute to global prosperity and well-being by advancing international cooperation on trade and investment, sustainable global supply chains, the international financial architecture, and the international tax system and financial transparency, among other issues. It also addresses ways to: boost employment; safeguard against health crises and strengthen health systems; achieve food security, water sustainability and rural youth employment; improve resource efficiency; and prevent and reduce marine litter.

On energy and climate, the G20 leaders recognize innovation, sustainable growth, competitiveness, and job creation opportunities associated with increased investment in sustainable energy sources, and clean energy technologies and infrastructure. They also “remain collectively committed” to mitigating greenhouse gas (GHG) emissions through increased innovation and work towards low GHG emission energy systems.

The G20 members commit to further align their actions with the 2030 Agenda and the Addis Ababa Action Agenda on Financing for Development.

The declaration takes note of the US’ announcement to withdraw from the Paris Agreement on climate change and cease the implementation of its nationally determined contribution (NDC). The other G20 members reiterate the importance of fulfilling the developed countries’ commitment by providing means of implementation (MOI), including financial resources, to assist developing countries with respect to both mitigation and adaptation actions, in line with the Paris outcomes.

On sustainable development, the G20 members, inter alia, commit to further align their actions with the 2030 Agenda and the Addis Ababa Action Agenda (AAAA) on Financing for Development (FfD), support the central role of the High-Level Political Forum (HLPF) on sustainable development; and pledge to engage in voluntary peer learning on the implementation of the 2030 Agenda. [G20 Leaders’ Declaration: Shaping an Interconnected World] [G20 2017 Summit Agenda] [G20 Summit Declaration and Other Documents Webpage]

The G20 Summit convened in Hamburg, Germany, from 5-7 July 2017. Other documents adopted by the G20 members include:

The G20 is one of the central fora for international cooperation on financial and economic issues. The G20 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa, the Republic of Korea, Turkey, the UK, the US and the European Union (EU)) account for more than four-fifths of gross world product and three-quarters of global trade, and are home to almost two-thirds of the world’s population. The G20 Presidency has been held by Germany since 1 December 2016.

Ahead of the summit, the European Commission issued a statement, setting out EU priorities, including climate action and partnering with Africa. [EU at G20 Summit in Hamburg: Joint letter of Presidents Juncker and Tusk]

On 5 July 2017, Oil Change International, Friends of the Earth – US, Sierra Club and World Wildlife Fund (WWF) European Policy Office released a report titled ‘Talk is Cheap: How G20 Governments are Financing Climate Disaster.’ The report estimates that G20 countries contribute US$72 billion per year in public finance for fossil fuels, which is roughly four times what they give to clean energy. [Talk is Cheap: How G20 Governments are Financing Climate Disaster] [Publication Landing Page] [Oil Change International Press Release]

Global investors also addressed the G20 leaders in a letter, dated 3 July 2017 and signed by 390 investors representing more than US$22 trillion in assets. The letter conveys investors’ support for the Paris Agreement and reiterates their call for governments to continue its full implementation. [Letter from Global Investors to Governments of the G20 Nations] [Investors’ Briefing Paper Urging Governments to Maintain Momentum on Climate Change Action] [Ceres Press Release]