Haddad explained that the 2008 crisis made the world even more unequal. While acknowledging that social and economic progress has lifted “millions” out of poverty, particularly in Asia, he said poverty has risen to high levels in several countries. On the other hand, billionaires were virtually spared from the effects of an unstable economy, he explained.
The economics minister argues that rich countries should pay attention to the most vulnerable. According to him, developed countries must think about solutions at the global level and not just domestically, that is, they must contribute with proposals to reduce poverty in the world. In his speech, Haddad defended “fair taxation” for billionaires.
We have reached an unsustainable situation in which the richest 1% owns 43% of the world's financial wealth and emits the same amount of carbon as the poorest 2/3 of humanity.
Fernando Haddad in his opening speech at the G20 summit in Brazil
In addition to the European Union and the African Union, the G20 brings together the world's most important economies. Brazil has been at the top of the group since December 2023 and will remain there until November this year. The conclusion will take place at the summit of heads of state in Rio de Janeiro.
Haddad says rich people “can’t turn their backs” on the world.
The minister emphasized that the latest climate emergency affects the poorest. He criticized that indebted countries lack the resources to invest in public policies of this kind while struggling with the slowdown in economic activity and high interest rates in the postpandemic period. According to the PT member, rich nations cannot turn their backs on the world and only think about solutions at home.