G20 Agreements

U.S. President Donald J. Trump has clashed with many members of the group on trade, climate and migration policy. Nevertheless, G20 countries continue to support cooperation on several other fronts, from the fight against terrorism to the inclusion of more women in the workforce. In 2019, the G20 summit will be held in Osaka, Japan, and discussions on World Trade Organization (WTO) reform, global health and climate change will be on the agenda. Bilateral meetings on the sidelines of the summit have sometimes resulted in major international agreements and highlighted existing hostilities. Representatives of the Heads of State and Government Summits are the Heads of State and Government of 19 countries and the European Union, as well as finance ministers and central bank governors from 19 countries and the European Union. European UnionCharles Michel, President of the European Council In addition to these 20 members, senior officials from several other international forums and institutions are attending the G20 meetings. These include the Managing Director and President of the International Monetary Fund, the President of the World Bank, the International Monetary and Financial Committee and the Chair of the Development Assistance Committee. Two weeks ago, G20 leaders held an emergency summit that yielded a modest result. The summit communiqué contained an important expression of global solidarity, some underpass tasks to conduct ongoing consultations, and no mention of critical segments of the economy such as energy. While the result was an urgent recognition of the need for global cooperation, it lacked the concrete action plan and real coordination that followed the 2008-2009 financial crisis. Due to the inability to find a solution to the impending fall in oil prices, G20 energy ministers will meet this week to find a possible solution.

Three important and tangible things can come from this meeting and perhaps lead to the G20 agreement, which the world really needs right now. The International Energy Agency may be responsible for developing a plan on how the G20 can do so, as well as some principles of smart energy impulses. This recognizes that in times of crisis, incentives should not only create economic opportunities, but should do so in a way that brings additional benefits to taxpayers by being strategic in these stimulus expenditures. China, the European Union, Korea and the United States have begun all discussions on stimulus packages that could have an impact on their respective energy sectors. Coordinating common principles for clean energy incentives will strengthen support for these initiatives in each of these countries and regions. Common principles and a support obligation will also be sent to other countries to send a strong signal that the energy transition, which the energy sector knows deserves to be maintained by this economic downturn. The G20 should also work to avoid trade conflicts that may arise in clean energy markets if governments decide to invest in these sectors and create incentives for these sectors in the coming months.