Advancing innovative, inclusive and collaborative growth
The Business 20 is working to push G20 governments towards creating and implementing commitments that positively impact the business community – and the world
The Business 20 Indonesia had an energising start with its inception meeting in January 2022, marking its official start. At that meeting we confirmed our priorities for this year: embracing a collaborative recovery and growth, boosting an innovative global economy, and forging an inclusive, sustainable future. The presidency will culminate in the B20 summit on 13–14 November in Bali.
The B20’s theme – ‘Advancing innovative, inclusive and collaborative growth’ – has been reflected through our six task forces and the action council as they have developed concrete, actionable recommendations for G20 governments that address the most pressing global issues. It is important to identify the fundamental challenges to our global economy and invite us all to reflect on the principal role of multilateral forums such as the G20 and B20.
The Covid-19 pandemic has had unequal effects on an already unequal world. Despite some improvements in business models and growing new opportunities for a digital and health-based economy, the pandemic pushed more than 120 million people into extreme poverty and massively reduced household incomes. It also exacerbated inequalities in the labour market that translated into greater racial and gender disparities in many countries.
During the pandemic, we have learned many valuable lessons: business was often highly disrupted and vulnerable: vulnerable in terms of economic shocks, crises and price fluctuations, and disrupted by rapid digitalisation and environmental and societal changes.
Risks come to light
The pandemic has shown us the risks of uncontrolled and imbalanced international financial and economic integration among advanced economies, emerging markets and developing economies. Structural and systematic improvements of that integration are the way out of this trap.
The aggregated impacts of Covid-19 and climate change have challenged the energy sector in many developing countries, including Indonesia, India and Brazil. Disruptions caused by environmental degradation and uncertain supply chains threaten the energy security of billions of people across the globe. In addition, about $311 billion of G20 governments’ pandemic response was spent on activities that produced or consumed fossil fuels.
Governments cannot address these issues alone. Business plays an instrumental role. The B20 task forces have therefore submitted solutions to the G20 governments.
The Trade and Investment Task Force has been responding to the unprecedented disruptions in the global supply chain due to recent world events. To drive inclusivity, sustainability and resilience, it recommended the G20 promote open, fair and efficient global trade and multilateral investment governance, including through reform of the World Trade Organization.
This push towards sustainability is complemented by our Energy, Sustainability and Climate Task Force. It recommended enhancing cooperation to accelerate the energy transition and ensure a just, orderly, and affordable energy transition in developed and developing countries.
The Finance and Infrastructure Task Force proposed measures to improve access to affordable financing, increase funding for green infrastructure and decarbonisation, accelerate the accessibility of digital infrastructure, and improve the regulation of global financial services.
Ensuring the transparency and security of such financing is also crucial, yet faces many challenges. Our Integrity and Compliance Task Force presented solutions such as promoting collective action to alleviate integrity risk, combatting money laundering and terrorist financing risks, fighting cybercrime, and supporting environmental, social and governance disclosures and monitoring for businesses.
The Future of Work and Education Task Force endorsed the acceleration of job creation, improvement of learning systems to narrow the skills gaps in the labour market, and workforce inclusivity, especially for the most vulnerable workforce members.
Increasing digital coverage
The Digitalisation Task Force recommended responding to the emerging necessity to increase digital penetration and coverage and promote innovation by building adequate infrastructure, enabling safe transactions, and fostering digital-ready mindsets for individuals and small businesses, as well as promoting risk-based cybersecurity standards to protect companies’ networks.
Finally, our Women in Business Action Council is working to ensure that recommendations are inclusive. It pushes key solutions: empowering women entrepreneurs, enabling women’s digital and leadership capabilities, and promoting safe and equitable workplaces. These objectives are critical to increasing women’s participation and ensuring equal opportunities in business and the workforce.
I am inspired by the progress of the B20 task forces, and also honoured that the B20 Indonesia is developing four legacy programmes across priority topics: the Carbon Center of Excellence, the B20 Wiki, the One Global Women Empowerment, and the Global One Shot programme These programmes are designed to be more than just one-time initiatives and should last well beyond our presidency. Businesses are invited to work together to shape these programmes and support their implementation, thereby promoting cross-country collaboration for global economic recovery.
We are at the forefront of change, and we need to maintain momentum to drive our impact in B20 communities. It is the moment for us to push the G20 governments to create and implement actionable commitments to make a positive difference in the world.
