From crisis to continuity: The G20 is building a resilient and sustainable global economy

The G20 was born out of crisis – first as a meeting of finance ministers and central bank governors in the wake of the Asian financial crisis in 1999 and later elevated to a leaders’ forum during the global financial crisis of 2008. Canada was a founding member and early champion of the G20, recognising the grouping’s important potential for global crisis response. 

Today, the stakes are once again high. Geopolitical tensions are escalating. The rising number of conflicts, economic fragmentation, and shifts in the global trading landscape threaten growth and stability. Climate change is accelerating. And new technologies such as artificial intelligence are reshaping our societies faster than our institutions are adapting. 

The G20’s proven track record and continued capacity to respond to global challenges remain at the core of its raison d’être. Canada has long been a constructive voice at the G20 with a strong commitment to strengthening multilateral cooperation and the institutions that underpin our shared prosperity and global peace and stability. This year, Canada and South Africa have a unique opportunity to advance common priorities through our respective G7 and G20 presidencies. Canada has worked closely with South Africa throughout the year. 

Prime Minister Mark Carney welcomed President Cyril Ramaphosa to the G7 summit in Kananaskis where, along with other leaders, they discussed ways to collaborate on energy security in a changing world, with a focus on advancing technology and innovation, diversifying and strengthening critical mineral supply chains, building infrastructure, and mobilising investment. 

At the Johannesburg Summit, Canada stands ready to work with our G20 partners to support South Africa’s G20 presidency priorities and to promote inclusive economic growth, energy security and development by focusing on:

• building high-standard, transparent and sustainable supply chains for critical minerals – resources essential to clean energy, digital infrastructure and economic resilience;
• leveraging the power of artificial intelligence for sustainable development and ensuring that AI adoption narrows digital divides for the benefit of all;
• supporting disaster risk reduction and efforts to prevent, fight and recover from wildfires;
• shaping the new international financial architecture and deploying financing solutions at scale to maximise the impact of development dollars through private capital mobilisation and unlocking capital flows; and
• advancing gender equality as a key contributor to inclusive and sustainable economic growth.

Our collective prosperity depends on our joint ability to manage conflicts and foster peace in Ukraine, the Middle East, Africa and around the world. Canada continues to work closely with our allies and partners to ensure Ukraine has the assistance it needs to defend its sovereignty, protect its people, and fight against Russia’s illegal and unjustifiable war. Canada’s recognition of the State of Palestine seeks to revive momentum for a comprehensive peace settlement. Canada will continue to work with partners to uphold international law, protect territorial integrity and defend the right to self-determination.

The Johannesburg Summit will mark the G20’s 20th summit. As we look back, it is clear that the G20 is most effective when it is focused and action oriented. As we look ahead, the G20 must remain an agile crisis-response mechanism convening leaders of major economies to act collectively and decisively when it matters most.

In a globalised world defined by uncertainty due to geopolitical tensions, climate change, emerging technologies and a shifting trading landscape, multilateral cooperation is not a luxury – it is a necessity. Not only despite – but because of – current challenges, Canada will continue to work constructively with our partners in the G20 to take collective action for the benefit of Canada and the world.