G20, COP30 and More Mickey-Mouse Multilateralism to Come |
Protest march led by Trevor Ngwane, United Front, from Soweto to the G20 conference center in Johannesburg (November 23). Photo: Premilla Mur.
The third weekend in November offered the world two disastrous days for solving polycrisis problems, starting in the Brazilian Amazon city of Belém at the United Nations climate summit (‘COP30’) on November 22, just as South African President Cyril Ramaphosa hosted (most of) the Group of 20 leaders in Johannesburg. The G20 comprises 19 of the world’s major economies plus the European Union and, in 2023, the African Union was added (tokenistically).
The body was formed in 1999 as a finance ministers’ club at a Berlin meeting, at a time of nervousness about economic crises in several middle-income countries, including South Africa. But it was in 2008 that the G20 graduated to a heads-of-state annual meeting, due to deregulated U.S. banking rapidly degenerating, starting with real estate speculation, leading to Bear Stearns and Lehman Brothers collapsing. U.S. President George W. Bush was told by his financial managers that the coming global meltdown would urgently require new funding sources, especially from middle-income countries with large surplus dollar reserves.
As the G20’s first major act, South African finance minister Trevor Manuel led a committee to grant the International Monetary Fund (IMF) nearly $1 trillion worth of new funding, approved by the G20 in an April 2009 London emergency meeting. That session also coordinated central banks’ low interest rates and money printing, termed Quantitative Easing (‘QE’), so as to flood liquidity into financial markets and thus avoid a repeat of the 1930s Great Depression.
And again in 2020 during the Covid-19 crisis, G20 leaders agreed that their capitalist self-interest was threatened sufficiently by widespread pandemic-prevention lockdowns and economic seizures, that further QE and much lower interest rates were needed. In addition, a brief pause on the poorest countries’ foreign debt repayments was offered. But that didn’t prevent three African economies that were among the 2010s fastest-growing in the world – Zambia, Ghana and Ethiopia – from defaulting on foreign debt repayments between 2020-23, and terrible fiscal pressure to mount across the continent.
These two financial bailouts were G20 interventions that suggest, in a time of peril, imperial-subimperial fusion can be achieved. On the other hand, intra-capitalist divisions over handling Covid-19 vaccines and treatment were not solved within the G20 from 2020-22: British and German leaders vetoed efforts by South Africa and India wanting an Intellectual Property waiver (the way AIDS drugs were made generic in 2001, saving millions of lives). Ramaphosa was at his best appealing for health justice, allied with India’s Narendra Modi; but Boris Johnson and Angela Merkel were too intent on defending their own Big Pharma firms.
Since then, the world’s crises – climate and biodiversity catastrophes, brutal wars, economic volatility, the threat of rampant Artificial Intelligence, extreme inequality and others – have multiplied, and their causes now extend well beyond the greed and irresponsibility of the traditional Western imperial powers. In 2010 when the Brazil-Russia-India-China-South Africa BRICS emerged as a counterpart to the G7, the G20’s responsibilities for global economic management were codified, but other crises were added to the workload. And the recent G20 presidencies of Indonesia (2022), India (2023) and Brazil (2024) – all BRICS members (Jakarta having joined in 2025) – highlighted the subimperial powers’ newly-significant roles, not in providing alternatives, but instead in legitimizing status quo multilateralism.
Indeed, with the advent of far-right Western rulers (Trump from 2017-21 and again since January this year, and in Italy, Giorgia Meloni since 2022), and three more neo-fascist parties currently leading in European polls – Reform in the United Kingdom (which hosts the 2027 G20), the Alternative for Germany, and the French National Front – there arises the threat and reality of fast-spreading ‘paleo-conservative’, economically-isolationist, xenophobic and........