Commitments of G-20 in Pittsburgh (September 24-25, 2009)

  • work cooperatively to recover from the global economic crisis and create structural reforms with long-term growth as the goal
  • reform banking sectors and raise capital standards (limit guaranteed bonuses for executives and put a stop to rewards for “risk-taking”)
  • replace the G8 with the G20 as the primary forum for international economic diplomacy (still a far cry from the inclusive global governance called for by the world’s poorest countries and development NGOs)
  • endorse a World Bank-led food security initiative for the world’s poorest countries that would distribute the food aid from the 20-billion-dollar food security initiative that G8 leaders committed to at their July 2009 summit
  • commit to phasing out fossil fuel subsidies
  • shift five percent of the IMF voting power in favor of developing countries at the expense of overrepresented wealthy countries
  • “fight protectionism” and “[bring] the Doha Round to a successful conclusion in 2010”

Other: Environmental issues and global warming saw no major breakthroughs and most major commitments on the issue seem to be put off until the Copenhagen Climate Conference in December.

Next Meeting June 2010 in Canada

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