The war between Russia and Ukraine has hampered several talks ahead of the G20 Annual Meeting in November 2022. The 4th Finance Ministers and Central Bank Governors Meeting (FMCBG G20) held in Washington D.C on Oct 12-13 ended without releasing a communique as Russia complicates attempts to coordinate policies to address rising risks of global economic growth. Federal Reserve’s decision to keep raising interest rates and China’s reluctance to reduce debts of developing countries were among the issues raised in the meeting. Talks about climate change and energy transition also stagnated. D-Insights understands that the Bali Common Principles in Accelerating Clean Energy Transitions (Bali COMPACT) pact, agreed upon by G20 members, was not included in the draft communique.
The energy transition proposed by Indonesia as one of the three G-20 priorities was also replaced by energy security and renewables issues. On the other hand, China is reportedly canceling its commitment to reduce global warming by 1.5 degrees Celsius, which is against the summit’s agenda. Foreign Minister Retno Marsudi said Indonesia’s G20 Presidency must continue despite economic and geopolitical crises. “Under normal circumstances, negotiations at the G20 are never easy, especially when gaps between countries are fairly wide like now,” Retno said last Friday. She assured that Indonesia has been working on new methods to prevent stalled negotiations and encouraged G20 member countries to support the agendas. “It’s a collective responsibility,” she said.
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