Leaders at the G20 Summit in Johannesburg unanimously adopted a comprehensive final declaration on Thursday, charting a course for global economic stability, inclusive growth, and a sustainable energy future.

The Johannesburg Declaration, endorsed after two days of intensive negotiations, formalises consensus on a wide range of global priorities — from strengthening supply chains and securing critical mineral resources to transforming global financial governance in favour of developing nations.

The document reaffirms the G20’s commitment to achieving the UN Sustainable Development Goals (SDGs) by 2030, acknowledging that global progress has slowed sharply due to conflicts, economic turbulence, climate disasters, and widening financial disparities.

Leaders stressed that structural reforms are needed to enable sustainable and inclusive economic growth, particularly in countries facing debt distress. In this regard, the declaration calls for more equitable lending practices and substantial improvements to global debt-restructuring mechanisms — an issue increasingly voiced by nations across Africa, Asia, and Latin America.

One of the central themes of the declaration is the urgent need to reform international financial institutions, including the International Monetary Fund (IMF) and the World Bank.

The declaration urges these institutions to scale up concessional financing, reassess quota allocations, and introduce decision-making processes that better reflect the interests of emerging economies.

The G20 also endorsed the goal of tripling global renewable energy capacity by 2030, emphasizing that the expansion of wind, solar, hydro, and green hydrogen infrastructure must be supported by significant financial mobilization and technological transfer.

The document underscores the importance of securing sustainable, diversified supplies of critical minerals, which are indispensable for battery production and clean energy systems. This aligns with ongoing BRICS efforts to reduce supply chain vulnerabilities and challenge monopolistic practices in mineral markets.

The updated technical annexes to the G20 declaration have highlighted new and crucial mechanisms for international cooperation, specifically focusing on the energy transition. These mechanisms include the development of frameworks for cross-border green power grids, establishing investment guarantees for renewable energy projects in developing countries to de-risk essential investments, and advancing the negotiation of carbon-market harmonization standards to create a more integrated and efficient global carbon pricing system.

The G20 leaders reaffirmed the importance of fostering a "fair and sustainable digital economy centered on human development." To achieve this, the declaration includes clear commitments to expand broadband access globally, enhance cybersecurity coordination across borders to secure digital infrastructure, and strengthen cross-border digital trade to facilitate inclusive economic growth through technology.

In parallel, the declaration stresses the necessity of a comprehensive reform of the World Trade Organization (WTO). Leaders agreed to intensify negotiations on restoring the Appellate Body by mid-2025 and modernizing outdated trade rules, particularly those related to digital commerce and agricultural subsidies.

This year's G20 declaration places an unprecedented emphasis on Global South priorities, a clear reflection of the growing influence of emerging powers and the agenda set by host country South Africa. New language incorporated into the updated document specifically calls for expanding local manufacturing capacity in the developing world, increasing climate adaptation financing to help vulnerable nations cope with climate change impacts, and ensuring robust representation of African institutions in global economic forums to foster more inclusive global governance.

South African officials welcomed these additions, stating that they “mark a turning point in the G20’s responsiveness to the concerns of developing nations.”

Despite geopolitical divisions — particularly regarding ongoing conflicts in Eastern Europe and the Middle East — negotiators successfully maintained a unified text. However, the declaration includes a carefully worded section encouraging “dialogue-based resolutions” and urging all parties to uphold international humanitarian obligations.

The G20 Johannesburg Summit concluded with a pledge to operationalize the commitments “without delay,” with several working groups tasked to deliver concrete progress reports by mid-2025. South Africa handed over preparatory responsibilities for next year’s summit, expected to continue focusing on systemic global reforms and equitable development. (ILKHA)