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G20 finance ministers concluded their second meeting of the year in Washington, D.C., without making progress on proposals for a global wealth tax, disappointing advocates who had hoped for new action on economic inequality.
Despite growing international momentum for taxing billionaires and promoting solidarity-based fiscal reforms, the meeting ended with no new commitments. The lack of progress drew criticism from civil society groups, including Greenpeace Africa.
“Turbulent economic times demand a bold, unified response,” Fred Njehu, Greenpeace Africa’s Global Political Lead, said. “International cooperation is essential to address inequality, corporate greed, and the climate crisis.”
Greenpeace called on G20 leaders to move away from what it described as “wrecking ball diplomacy” and prioritize policies promoting sustainability and fairness, including implementing taxes on extreme wealth.
The call for action comes as economic inequality continues to widen globally. According to recent estimates, the wealthiest 1% of the world’s population has captured nearly two-thirds of new wealth created since 2020.
While discussions on financial reform are expected to continue ahead of the G20 Leaders’ Summit later this year, activists warned that efforts to combat inequality and climate change would fall short without concrete measures.
“The world needs leadership that stands with people and the planet, not billionaires and polluters,” Njehu said.
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