German Chancellor Angela Merkel said on Saturday that the G20 would sign a similar deal on climate change to that agreed at the last meeting in Argentina, where the United States was isolated.
Policymakers from the Group of 20 industrialised countries are worried that the weakness evident in key economies could spread, especially if elevated trade tensions, such as those between the United States and China, escalate further.
The UN chief told a high-level meeting of the UN Security Council that 130 countries have not received a single dose of vaccine and declared that “at this critical moment, vaccine equity is the biggest moral test before the global community.”
The pandemic, which has claimed more than 1.37 million lives worldwide, has offered the G-20 an opportunity to prove how such bodies can facilitate international cooperation in crises - but has also underscored their shortcomings.
G20 finance ministers and central bankers agreed on Wednesday to extend a moratorium on debt interest payments for the poorest countries, which could lag behind the global recovery from the coronavirus pandemic.
Finance ministers and central bank governors from G20 nations weighed the potential impact of the coronavirus epidemic on the world economy as they met in Riyadh on Saturday for a two-day gathering.
Leading world economies must show unity in dealing with aggressive “tax optimisation” by global digital giants like Google, Amazon and Facebook, G20 officials said on Saturday.
Global finance leaders agree that growth has slowed but they remain hopeful for a modest rebound next year as long as trade and geopolitical tensions do not worsen.
In a statement issued on Tuesday by the Kingdom, the G20 will act, alongside international organisations, in any way deemed necessary to alleviate the impact of the pandemic. G20 Leaders will put forward a coordinated set of policies to protect people and safeguard the global economy.
Sheikh Mohamed Bin Zayed thanked Saudi Arabia and King Salman for organising the G20 summit, to strengthen the international efforts to prevent the spread of coronavirus. Holding the summit highlighted the awareness of G20 members of the gravity of the situation and their international responsibilities during this critical period, he added.