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SINGAPORE – As countries around the world grapple with a surge in Covid-19 infections, leaders of major economies pledged on Sunday (November 22) to step up efforts to safeguard lives, jobs, and expand networks of social Security.
Many underscored the need to also ensure that the global recovery is inclusive and sustainable, and to combat climate change, as the two-day summit of the Group of 20 (G-20) in Riyadh, held virtually, came to an end .
The leaders, whose economies account for about 90% of world production and two-thirds of its population, also vowed to “spare no effort” to ensure equitable distribution of vaccines around the world and reaffirmed their support for poor countries laden with debts, in a joint statement at the end of the summit.
They also pledged to support a multilateral system, saying “it is as important now as ever.” Its leaders’ statement said: “We strive to achieve the goal of a free, fair, inclusive, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open.”
The G-20 has brought together the leaders of 19 countries and the European Union since they met to coordinate a global response to the 2008 global financial crisis, and the current crisis is the first major recession it has faced since then.
Singapore is invited this year as a guest by host Saudi Arabia.
Discussions over the weekend focused on the battle against the coronavirus, which has infected more than 55 million and killed 1.3 million, cooperation on vaccines, the revival of a global economy hit by travel restrictions and closures, as well as protecting the planet.
Chinese President Xi Jinping and Japanese Prime Minister Yoshihide Suga promised to do more to reduce their emissions. But outgoing US President Donald Trump defended his withdrawal from the Paris climate pact, calling it unfair and one-sided, even as his successor, Joe Biden, said the United States would rejoin the deal when he takes office.
Singapore Prime Minister Lee Hsien Loong, who spoke, said that even as the world grapples with the crisis, Covid-19 will one day end and the future must be watched.
He suggested two areas of focus.
One, strengthen social resilience.
Many countries were facing severe stress prior to Covid-19, with nativist and protectionist sentiments on the rise, fueled by growing inequality and technological disruption, he noted. “Left alone, these gaps will only widen. To remedy this, we need to retain and create good jobs for our people.”
More investments should also be made in worthwhile assets such as education, public housing and public health, as well as in strengthening social safety nets, he added. “These measures will give the underprivileged a greater share of the fruits of progress and a stronger stake in society,” he said, citing Singapore’s investments in wages and recycling, as well as in preschool education, public hospitals and care facilities. .
Second, the economic disruption should be an opportunity to redouble efforts for a sustainable future.
Lee said Singapore is committed to addressing climate change together with other countries. It seeks a green recovery and transition to a low-carbon economy, promotes clean technologies, low-emission solutions and green finance, and works with partners in carbon markets and importing clean energy.
“But as a small country, Singapore will not be able to stop climate change on our own. We need to work together with others,” he said.
“We hope that all countries, large and small, will do their part, to participate in the Paris Agreement and fulfill their commitments under it,” he added, expressing the hope that the G-20 will lead by example and set the standard. The right tone for a successful United Nations Conference on Climate Change or COP26 next year.
At the end of the summit, Saudi Arabia handed over the G20 presidency to Italy.
The leaders also expected to meet in Indonesia in 2022, India in 2023 and Brazil in 2024, as these countries assume the rotating presidency of the group in these years.
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