All eyes are on Italy, where the G20 heads of state have gathered for a two-day summit to discuss the existential threat of climate change.
It is believed that the importance of this summit comes from the fact that the whole world is facing too many difficulties and challenges today, and no single country can handle those issues on its own and needs the help and support of other countries.
The G20 is working intensely to address and identify such difficulties and challenges since it is an international forum that brings together the world’s major economies.
It is worth noting that G20 members account for more than 80 percent of the world’s gross domestic product, 75 percent of global trade and 60 percent of the planet’s population. The G20 has met every year since 1999 and includes, since the global financial crisis of 2008, an annual summit with the participation of heads of state.
Three key aims were discussed in last year’s summit to steer the work of the G20 toward “Realizing Opportunities of the 21st Century for All.”
Those objectives were: Empowering people, by creating the conditions in which all people — especially women and youth — can live, work and thrive, safeguarding the planet by fostering collective efforts on food and water security, the climate, energy and the environment, and shaping new frontiers by adopting long-term and bold strategies to share the benefits of innovation and technological advancement.
This year’s summit is focused on issues related to post COVID-19 economic recovery and the profound impact on the health of people worldwide.
Working together to solve such issues will protect the world’s livelihoods and build up resilience to deal with future health-related shocks.
Talat Zaki Hafiz
The difficulties and challenges facing humanity, such as peoples' livelihoods, economies around the world, international trade and climate change, need to be looked at thoroughly and addressed collectively.
This would require the world to work closely together to solve these issues through sharing knowledge and experiences and also deploying innovation and technology to reach better results.
Saudi Arabia has set a world example in dealing with the repercussions of the COVID-19 pandemic.
Locally, the Kingdom has provided free vaccines and treatment. Internationally, it has committed more than $500 million to support world efforts to develop and produce a safe and effective vaccine against the disease.
For the world to reach successful solutions to common difficulties and challenges, it is important to bridge all gaps between policymakers and government leaders to stand their financial commitment.
Also, it is important that the G20 responds swiftly to challenges related to global health, education, innovation, climate change and others.
Working together to solve such issues will protect the world’s livelihoods and build up resilience to deal with future health-related shocks.
• Talat Zaki Hafiz is an economist and financial analyst. Twitter: @TalatHafiz
