South Africa Chairs G20, Prioritizes Climate Finance, Debt Relief

South Africa's G20 presidency is focusing on climate finance, debt relief, and economic equality, aiming to support developing nations in their transition to low-carbon economies. President Cyril Ramaphosa emphasized the urgent need for collaborative efforts among G20 nations to address global challenges, including economic stagnation and inequality, during the finance ministers and central bank governors' meeting in Cape Town. Despite these priorities, the U.S. has scaled back its international aid, raising concerns about potential funding shortfalls for clean energy initiatives. Ramaphosa highlighted the importance of a rules-based international order amid geopolitical tensions, stressing that reducing inequality is both a social and economic imperative. The G20 is set to discuss ambitious climate action targets and ensure that poorer nations receive a fair share of global climate financing. South Africa's leadership in the G20 represents a historic opportunity to balance power dynamics between developed and developing countries in the global economic landscape.