The G20 must live up to its development finance commitment

The G20 must live up to its development finance commitment

BALI, 23 September 2022 - UNIDO Director General Gerd Müller took part in the G20 Trade, Investment and Industry Ministerial Meeting in Indonesia. While addressing the plenary session on sustainable industrialization, Müller called on the G20 countries to live up to their commitment to meet the UN target of 0.7% of gross national income for development funding.

Müller reminded the international gathering of the reality that, as a result of the COVID pandemic, climate change, and the food and energy crises, the gap between rich and poor is even further widening. “A world without hunger and limiting climate change is possible: we have the technologies and the knowledge,” was the core message of his call to G20 delegates in Indonesia. He said global trade must be fair and sustainable, and the global community must work to implement global minimum social and environmental standards.

On the margins of the G20 sessions, DG Müller also met with Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC). They discussed shared interest in stronger cooperation in support of the African Continental Free Trade Area (AfCFTA). Both Müller and Coke-Hamilton agreed that including the African Union as a participant in the G20 community is a necessary step for international trade and development cooperation, as it represents 1.4 billion people and 55 states.

UNIDO is a knowledge partner to the G20 Trade, Investment and Industry Working Group, contributing its expertise as the United Nation’s specialized agency on industrial development.  The Organization’s contribution to the G20 under the Indonesian Presidency is particularly significant as it looks to promote a conducive industrial environment to implement the forum’s motto, “Recover Together, Recover Stronger”.