October 21, 2021
Introduction
Organised in partnership with the Italian Institute for International Political Studies, this session deals in promoting sustainable business practices to protect and enhance its human, natural and economic capital – investing in people, planet and prosperity. The main objectives of the session covered high level stock of the works of the G-20 and of the challenges ahead, exploring the policy frontier of the economic challenges covered by the T-20 and highlighting the role that investment can play to address these challenges. The issues to be addressed include green investments and the public-private link, impact of digitalisation on global value chains and services, new perspectives of joint public-private financing to support green and sustainable infrastructures, women and the youth, enhancing labour market access and job opportunities for vulnerable groups.
Session Highlights
The discussion majorly focused on the contribution by the T20 during the Italian Presidency of the G20, outcomes for the forthcoming summit, three pillars of T20 i.e. People, Planet and Prosperity, key priorities of each pillar, role of public and private investments in achieving the goals.
The Panellists discussed that with the help of researchers and discussants 125 policy briefs have been made. Key recommendations of the G20 Agenda include tackling problems related to poverty and unemployment, equity, enhancing job opportunities and the basic role played by education. The Panellists also advised to continue supporting economic recovery by keeping monetary and fiscal policy expansionary, better coordinating tax policy which is a key to fair competition and commitment to establish a global minimum tax on Multinational Corporations, and structural reforms of the WTO so that everyone can benefit.
The Panellists highlighted that for the people pillar, there is a need to target simultaneously individual and social welfare and for that special focus on policies that aim four things: address emergency, how it will be affected, to mitigate the effects on the most vulnerable section of the society, to plan recovery, and imagining a more inclusive future. The key recommendation for the people pillar includes global health, to enhance labour market and job opportunities, to strengthen cross country policy coordination to provide basic income and improving access to education.
The Panellists stressed on the importance of planet pillar as the climate change is the greatest challenge of this time, the goal to limit global warming to below 2 degrees preferably 1.5 degree Celsius is nowhere in reach, also international efforts to meet the same are also very uneven across the countries, for this T20 will recommend G20 Countries for coordination of efforts to decarbonise the economies. This Decarbonisation will require not only government intervention but also a lot of private support in investment.
On the prosperity pillar front, the Panellists highlighted that investments are not just limited to infrastructure, buildings, networks but also a soft infrastructure in which there is a need to invest, and that investments will have some financial dimensions but largely that would deal with change in policies in terms of dealing with the preconditions for greater prosperity.
Opening
- James Zhan, Director, Division on Investment and Enterprise, UNCTAD
On the panel were:
- Alejandra Cardini, Director of the Education Programme, Centre for the Implementation of Public Policies for Equity and Growth (CIPPEC)
- Luiz De Mello, Director, Economics Department, Organisation for Economic Cooperation and Development (OECD)
- Bernard Hoekman, Director, Global Economics, European University Institute (EUI)
- Carlo Secchi, Vice President, Italian Institute for International Political Studies (ISPI)
Moderator
- Liliana Faccioli Pintozzi, Head of International News, Anchor “Mondo” Sky TG24