"We have to admit we have been a bit slow to address climate crisis"- IMF director

Finance ministers and central bank presidents of G20 gathered in São Paulo on Wednesday for the first of two-day discussions, bilateral meetings, and side panels.

The meeting focused on the role of public policies in combating inequalities - one of the issues Brazil has chosen as a priority in its term as president of the group.

During the Financial Innovation for Climate and Development event, promoted by the Inter-American Development Bank (IDB), parallel to the G20 ministerial meeting, Kristalina Georgieva, Managing Director of the International Monetary said that countries have been slow to address climate change.

“Even today, we build a mobilization around the world, if we put all the national determined contributions together, we would cut in this decade emissions only by 11%. And we have to go somewhere between 25 and 50% to succeed,” said Georgieva.

Diagnosed with COVID-19 on Sunday, Brazilian Finance Minister Fernando Haddad gave his opening speech virtually. Haddad proposed that countries worldwide join forces to tax large fortunes as one of the measures to tackle global inequality.

“While recognizing the progress made in the last decade, we must admit that we still need to make the world's billionaires pay their fair contribution and taxes,” said Haddad.

The G20 brings together the world's 19 largest economies, the European Union and the African Union. Brazil took over the rotating presidency of the group for the first time this year.