South Africa’s G20 Presidency Prioritizes Sustainable Development, Climate Action, and Debt Solutions

Speaking at the two-day G20 Joint Sherpa and Finance Track meeting in Johannesburg, Dr. Pieterse highlighted the growing financing gaps for sustainable development, estimated at $4 trillion annually for developing countries.

National Treasury Director-General Dr. Duncan Pieterse has emphasized the urgent need for large-scale and sustainable investments to meet global commitments to end poverty, combat climate change, and foster inclusive prosperity.

Speaking at the two-day G20 Joint Sherpa and Finance Track meeting in Johannesburg, Dr. Pieterse highlighted the growing financing gaps for sustainable development, estimated at $4 trillion annually for developing countries.

Urgent Call to Action for Sustainable Investments

“The Sustainable Development Goals (SDGs) face significant delays, with many targets at risk of being missed by 2030,” Dr. Pieterse said, pointing to challenges such as climate disasters, geopolitical conflict, and the lingering effects of the COVID-19 pandemic. He stressed the importance of a concerted push for investments to accelerate progress toward achieving the SDGs.

The SDGs, adopted by all UN Member States in 2015, serve as a global blueprint for eradicating poverty, protecting the environment, and improving lives worldwide by 2030.

South Africa’s G20 Presidency: A Focus on Africa and Debt Solutions

On December 1, 2024, South Africa assumed the G20 Presidency, marking the first African nation to lead the influential grouping. Dr. Pieterse outlined South Africa’s priorities for its Presidency, emphasizing the challenges faced by emerging markets and developing economies, particularly in Africa.

“We aim to enhance debt sustainability by improving debt structuring, supporting nations with liquidity challenges, and fostering local currency markets to attract domestic savings and improve transparency,” he said.

South Africa will also champion borrower perspectives on debt through initiatives such as the African outreach event, ensuring voices from the continent are heard in shaping global economic policy.

Addressing Global Economic and Climate Challenges

Dr. Pieterse reflected on the global economy’s resilience amid disruptions caused by the pandemic, geopolitical conflicts, and extreme weather. With the International Monetary Fund predicting stable but subdued global growth, South Africa’s G20 Presidency will focus on:

• Strengthening macroeconomic fundamentals.
• Accelerating climate transitions.
• Boosting productivity to enhance prosperity and fiscal space.

He underscored the importance of scaling up climate finance to meet ambitious climate goals, noting that South Africa’s forthcoming Nationally Determined Contribution (NDC) in 2025 will require innovative and expansive climate financing instruments.

Upcoming Global Events on Financing and Development

South Africa’s G20 Presidency sets the stage for two major international events:

• 5th Finance in Common Summit (FiCS): Scheduled for February 2025 in Cape Town, this summit will focus on bolstering the development finance ecosystem to address climate and biodiversity challenges.
• Fourth International Conference on Financing for Development (FfD): To be held in Spain in June 2025, this event will address global financing needs to drive sustainable development.

Strengthening the African Voice in Global Policymaking

The G20, comprising the world’s largest economies, plays a pivotal role in addressing pressing global economic and financial issues. With the African Union now a permanent member of the G20, South Africa’s Presidency marks a critical moment for advancing African priorities on the global stage.

“The G20 must continue to lead on addressing the critical issues of our time. Our aim is to achieve sustainable development that is inclusive, equitable, and leaves no one behind,” Dr. Pieterse concluded.

South Africa’s Presidency promises to amplify the voices of emerging markets and ensure that Africa’s development challenges remain central to the global agenda.