“India achieved a significant milestone last year by securing consensus on the summit declaration, paving the way for Brazil to advance discussions on global governance reforms,” the ambassador of Brazil said, citing the 2023 New Delhi Declaration. Brazil wants to make sure that reform talks result in concrete results, the envoy underlined.

Kenneth Félix Haczynski da Nóbrega, Brazil’s ambassador to India, revealed an ambitious plan for Brazil’s G20 leadership ahead of the G20 Summit, which is set for November 18–19 in Rio de Janeiro. Global governance changes, social inclusion, and climate action are the main objectives of this strategy. The ambassador presented Brazil’s viewpoint during a webinar hosted by the think tank Center for Global India Insights (CGII) with the subject “From Delhi to Rio: Insights into the G20 Summit.” The event, hosted by Manish Chand, the founder and CEO of CGII, brought together journalists, diplomats, and scholars for an engaging discussion.

“We are in a better position now compared to two years ago,” Ambassador Nóbrega said, expressing cautious optimism about a rising consensus on reforms. He attributed this to the G20 members’ growing recognition of the need for institutional improvements. He emphasized the value of practical techniques but warned against overpromising or having irrational expectations.

“We are in a better position now compared to two years ago,” Ambassador Nóbrega said, expressing cautious optimism about a rising consensus on reforms. He attributed this to the G20 members’ growing recognition of the need for institutional improvements. He emphasized the value of practical techniques but warned against overpromising or having irrational expectations.

Manish Chand called the approaching Rio conference a historic event, pointing out that Brazil’s presidency has the potential to be revolutionary for the Global South. This is the third year in a row that a major Global South country is hosting the G20 conference. Chand emphasized the necessity of going beyond rhetoric to take substantive action on the UN Security Council (UNSC) reform issue.

Ambassador Nóbrega gave India’s G20 leadership high marks for completing the summit declaration in spite of geopolitical obstacles like the conflict between Russia and Ukraine. He underlined that Brazil plans to build on India’s accomplishments by concentrating on global concerns like ending hunger, switching to renewable energy, and creating a more equitable global governance framework.

Important Projects for Brazil’s G20 Presidency

Three innovative projects at the heart of Brazil’s presidency were described by Ambassador Nóbrega:

International Coalition to Combat Hunger and Poverty
This program was introduced in July and brings together developed and developing countries in a common goal of eradicating poverty. According to the ambassador, "the alliance functions on a three-pillar framework, supporting national programs, fostering international cooperation, and attracting financial resources.The initiative aims to foster global solidarity and empower countries such as Brazil, India, and others in their fight against poverty.

This task force, which was approved in October, demonstrates Brazil’s dedication to addressing climate change. Its two main pillars, Resetting Action and Resetting Finance, are intended to help countries create and finance long-term strategies for ecological transformation. Making sure developing nations are strategically and financially prepared for climate resilience is the main goal in order to build a sustainable basis for the future.

Group for G20 Social Engagement

Brazil has created a new platform to elevate the voices of grassroots communities and civil society. By integrating perspectives from the reality on the ground, this group hopes to improve summit outcomes.

Continuing the Legacy of India

The ambassador praised India’s success in integrating the African Union into the G20, describing it as a “powerful signal of inclusivity,” while reflecting on India’s presidency. As a measure to strengthen the G20’s legitimacy and make it more responsive to global concerns, he emphasized Brazil’s first G20 foreign ministers’ meeting at the UN headquarters, which was open to all UN members.

Through these programs, Brazil’s presidency aims to improve global governance frameworks and provide tangible advantages, such as combating hunger and promoting climate resilience.
From Deprivation to Climate Change

Mr. Nóbrega highlighted the G20’s exceptional capacity to bring developed and developing countries’ objectives into alignment. He emphasized that Brazil is dedicated to making sure that the interests of the developed world do not eclipse the voices of the Global South.

“These strategies are carefully crafted to meet the needs of all G20 members,” he said, highlighting Brazil’s efforts, especially its efforts to eradicate poverty and address climate change. This strategy demonstrates Brazil’s desire to forge agreement and bring important problems together on the international agenda.

He reaffirmed Brazil’s commitment to promoting significant actions by saying, “At the G20, it’s not just about discussions; it’s about achieving meaningful outcomes.”

Lula, the president of Brazil, hosts the G20 and supports a wealth tax on billionaires.

The G20 Summit is being hosted by Brazilian President Luiz Inácio Lula da Silva in Rio de Janeiro beginning Monday. His support for a wealth tax aimed at the richest billionaires in the world, who frequently take advantage of legal loopholes to evade paying taxes, is one of the main topics on the table.
When the world’s richest countries met in July for the G20 finance ministers, they decided to start talking about “fair and progressive taxation, including for ultra-high-net-worth individuals.” The United States and Germany’s now-defunct coalition government fiercely opposed this decision.

Lula is committed to advancing the wealth tax plan, even if geopolitical issues like the wars in Gaza and Ukraine, Donald Trump’s possible reelection, and tensions in U.S.-China trade are anticipated to take center stage during the two-day summit. Proponents think that the money raised from taxing millionaires may be used to solve other pressing issues facing the world.

A Novel Wealth Tax Scheme

The wealthy’s net worth, not simply their income, should be taxed by 2% annually, according to French economist Gabriel Zucman’s proposal. Real estate, company stock, and other investments would fall under this category. According to Zucman, the wealthiest 0.01% of people today pay an effective tax rate of under 0.3%.

Forbes estimates that the new tax could bring in $250 billion (€237 billion) a year from the roughly 2,800 billionaires that make up the global economy and have a combined net worth of nearly $13.5 trillion. This money might be used to fight the growing inequality in the world, especially in low-income, indebted nations, many of which are in Africa.
Worldwide Effects

A research fellow at the GIGA Institute for Latin American Studies in Hamburg named Tomas Marques said, “Taxing ultra-high-net-worth individuals is crucial because it could fund initiatives to fight poverty and hunger while addressing climate change.”

Since they are disproportionately impacted by climate change, developing nations have long called for financial assistance to lessen its effects. Success examples include initiatives supported by the World Bank and Green Climate Fund, such Brazil’s Amazon Fund and India’s solar energy expansion, which are largely funded by Norway and Germany and aim to reduce deforestation.
Obstacles to Come

In many G20 countries, pessimism about government spending endures despite public support for wealth taxes, driven by growing populism. “The majority of G20 nations have trouble balancing their budgets,” said Maria Antonieta Del Tedesco Lins, an economist and associate professor at the University of São Paulo. Although more taxes could be beneficial, it might be difficult to strike a balance between new international obligations and domestic goals.

In addition, a worldwide coalition to fight poverty and hunger under Brazil’s G20 leadership will be launched at Monday’s opening ceremony in Rio. By 2030, this program seeks to expedite efforts to eradicate food insecurity and poverty.
Opposition to Politics

Brazil strongly supports the proposed wealth tax, as do South Africa, France, and Spain. However, a proposal to raise domestic taxes on the wealthy was recently rejected by Brazil’s lower house of parliament.

“It’s regrettable, as Brazil, a nation marked by significant inequality, could derive substantial advantages from implementing such a tax,” Lins remarked.”Reaching a global agreement on taxing the ultra-wealthy could influence and facilitate discussions within Brazil’s Congress.”

Worldwide Opposition

Washington has been adamantly against the wealth tax, even if China and India’s stances are still unknown. The policy is “not something we can support,” according to U.S. Treasury Secretary Janet Yellen’s May statement.

Donald Trump, who is currently running for reelection, has not responded to the proposal. He did, however, enact large tax cuts during his first term that favored corporations and the rich. In sharp contrast to his present position, he had suggested a one-time 14.25% wealth tax to lower the national debt during a brief presidential candidacy in 2000.

Like in other countries, the wealthy in Brazil frequently conceal their wealth from tax officials by using trusts, offshore corporations, and banking secrecy laws. Although Lula’s ambitious wealth tax is currently facing a difficult path, the G20 Summit is still debating its possible effects on climate change and global inequality.

conclusion:

To sum up, Brazil’s G20 presidency represents a pivotal moment for tackling global issues, ranging from combating poverty and climate change to enacting a wealth tax aimed at the wealthiest. Building on India’s noteworthy accomplishments during its presidency, Ambassador Nóbrega’s emphasis on practical solutions and inclusive government demonstrates Brazil’s commitment to advancing significant reforms. Although there are still many domestic and geopolitical obstacles in the way of reaching an agreement on taxing billionaires and addressing inequality, the G20 Summit in Rio provides a special opportunity to coordinate global priorities and promote cooperative solutions. With its audacious plans and steadfast dedication to the Global South, Brazil hopes to leave a lasting legacy of justice, resiliency, and sustainable development.