South Africa G20 declaration highlights: minerals, debt, climate

JOHANNESBURG: Leaders from the G20 group of major economies on Saturday (Nov 22) endorsed a summit declaration in South Africa highlighting access to critical minerals, efforts to curb inequality and measures to cope with climate change.

South Africa, the first African nation to host a G20 summit, set “Solidarity, Equality, Sustainability” as the theme for its presidency of the bloc, which includes 19 countries plus the European Union and African Union and accounts for 85 per cent of global GDP.

The summit was boycotted by the United States.

CRITICAL MINERALS, VALUE CHAINS UNDER SCRUTINY

Leaders said they would work to protect global critical mineral supply chains from “disruption”, including from geopolitical tensions, unilateral trade actions that violate World Trade Organization rules, pandemics or natural disasters.

Demand for minerals used in renewable energy technologies, such as those in solar panels, electronics and electric vehicles has surged. Many of these resources are concentrated in Africa, where governments are seeking more value-added production rather than exporting raw materials alone.

The declaration also backed “increased exploration of critical minerals, particularly in developing countries”, and noted concerns over China’s dominance in global supply chains.