President Biden Calls for Global Action on Sustainable Development at G20 Summit
President Biden made a series of remarks during the first session of the G20 Summit in Rio de Janeiro, Brazil, outlining key steps that need to be taken to address global challenges and promote sustainable development. The President emphasized the importance of investing at a large scale to help countries meet Sustainable Development Goals and tackle global challenges such as pandemics and climate change.
During his speech, President Biden announced that the United States is pledging $4 billion over the next three years to the World Bank’s International Development Association (IDA), which provides vital support to the world’s poorest countries. He encouraged other countries around the table to increase their pledges as well.
In addition to investing in multilateral development banks, President Biden highlighted the importance of mobilizing private capital at scale. He mentioned the Partnership for Global Infrastructure and Investment, which has mobilized $60 billion to improve food security in regions such as the Lobito Corridor in Africa.
The President also addressed the issue of debt relief, emphasizing that too many nations are forced to choose between investing in their future or paying off their debt. He spoke about the Nairobi-Washington Vision, a partnership with Kenya that aims to mobilize resources and unlock low-cost private-sector financing for countries willing to make bold reforms and investments.
President Biden also called on the G20 Summit attendees to work together to end conflicts and crises that are impacting food security around the world. He specifically mentioned the situations in Ukraine, Gaza, and Sudan, urging collective action to address these humanitarian crises.
As he concluded his remarks, President Biden emphasized the importance of continued collaboration among G20 nations to usher in a new era of sustainable development. He expressed confidence in the group’s ability to make significant progress and urged them to keep pushing forward, regardless of his future involvement in G20 Summits.
In response to President Biden’s remarks, attendees at the G20 Summit expressed support for his initiatives and pledged to work together to address global challenges and promote sustainable development. The President’s speech set a positive tone for the remainder of the summit, with attendees committed to taking concrete actions to make a difference in the world.
