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Analysis

The G20 Rio Summit’s Swift, Small Start on Performance

John Kirton, Director, G20 Research Group
November 16, 2024

The G20 Rio Summit got off to a swift start on Friday, November 15, 2024, with the first steps of progress on its first priority of reducing poverty and ending hunger by 2030. Its signature institutional achievement, the Global Alliance Against Hunger and Poverty announced in a press release at 10h00 that it has mobilized $35.18 billion in seemingly new money to address critical needs here. This is composed of $25 billion from the Inter-American Development Bank “in additional financing to support implementation of national policies in Global Alliance’s policy basket” for multilateral development finance. The International Fund for Agriculture Development said it “aims to double its impact by 2030 [to] reach a program of work of US$10 billion by 2017.” And the Global Agriculture and Food Security Program said it would “deploy up to US$182 million in financing to combat hunger and poverty in the poorest and most vulnerable countries.”

Other members have indicated they will continue to give, without offering a quantitative amount and a deadline, or indicating whether new money will come. On the issue of new money, the World Bank has promised to work through a fully replenished International Development Association, without adding any new money toward this goal.

To be sure, some of the leaders of the Global Alliance’s 41 national governments and 13 public international organizations and financial institutions may be waiting to announce new money at the G20 leaders’ table once their summit begins on Monday, November 18. The press release indicated that other announcements were likely to come in the near future.

Still, this swift start a very small step toward the stated goals, adopted by all the world’s countries in 2015 in Sustainable Development Goals 1 and 2. And it remains to be seen how much of the $35.18 billion would actually by delivered by one of the G20’s historically biggest contributors – the United States – after Donald Trump becomes its president on January 20, 2025, a mere two months after the G20’s Rio Summit takes place.

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