G20 Finance Ministers End Talks in Cape Town Without Consensus

The G20 finance ministers and central bankers meeting in Cape Town concluded without issuing a joint communique, primarily due to the absence of key officials and unresolved issues regarding climate finance. South Africa expressed disappointment over the lack of consensus, as persistent disagreements on trade policies, the Ukraine war, and aid cuts from major economies hindered progress. A chair's summary highlighted a commitment to resisting protectionism and supporting a rules-based multilateral trading system, but did not address the pressing climate challenges as South Africa had hoped. Finance Minister Enoch Godongwana criticized the failure to reach a unified statement, indicating significant differences on the way forward concerning climate finance. The meeting's outcome reflects the ongoing geopolitical tensions that have complicated efforts for a cohesive approach within the G20. This gathering underscores the challenges faced by the group, which represents 85% of global GDP and 75% of international trade.