Published by Global Banking & Finance Review®
Posted on February 27, 2025
3 min readLast updated: January 25, 2026
Add as preferred source on GoogleThe G20 finance meeting in Cape Town ended without consensus, revealing divisions on climate finance and economic cooperation.
By Wendell Roelf and Leika Kihara
CAPE TOWN (Reuters) - South Africa voiced dismay on Thursday that Group of 20 talks it hosted on global economic issues ended without consensus after top officials from several countries skipped it, and delegates remained far apart on issues like climate finance.
The two-day G20 meeting of finance ministers and central bankers in Cape Town failed to come up with a joint communique. However a "chair's summary" issued by the host said participants "reiterated the commitment to resisting protectionism".
The summary added that they had "supported a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system," using several words the Trump administration has already strongly objected to.
South Africa had hoped to make the G20 a platform for putting pressure on rich countries to do more to tackle climate change, and to give more towards poorer countries' transitions to green energy and reform a financial system that favours investment banks at the expense of poor sovereign debtors.
But the talks were overshadowed by the absence of several key finance chiefs - such as from the United States, China, India and Japan - and foreign aid cuts by major economies like the United States and Britain against a backdrop of rising geopolitical tensions.
South Africa's Finance Minister Enoch Godongwana said he was "not happy" the G20 meeting could not issue a joint communique.
"I can say now there are specific matters that will be a challenge, (such as) ... climate finance ... There are a difference of opinion on the way forward," Godongwana told a news conference.
But he added: "There has been general agreement against protectionism and economic fragmentation."
G20 countries account for 85% of global gross domestic product and 75% of international trade. The grouping was formed in response to the 1999 Asian financial crisis to improve cooperation in addressing shocks across national borders.
The chair's summary has become a feature of multilateral meetings in which participants do not reach a formal consensus.
On the global economy, the summary noted that growth patterns varied across economies and said various risks and trends had been discussed.
"Inflation has receded, supported by well-calibrated monetary policies and the unwinding of supply shocks, although progress has varied across countries," the summary said.
(Reporting by Leika Kihara, Kopano Gumbi, Wendell Roelf, Duncan Miriri and Andy Bruce; Additional reporting by Tannur Anders and Sfundo Parakozov; Writing by Alexander Winning and Tim Cocks; Editing by Hugh Lawson)
The G20 finance meeting in Cape Town ended without a consensus or a joint communique, disappointing South Africa, the host country.
The meeting was overshadowed by the absence of key finance ministers from countries like the US, China, India, and Japan, which hindered discussions.
South Africa aimed to pressure wealthy nations to tackle climate change and support poorer countries in transitioning to green energy.
The chair's summary noted that growth patterns varied across economies and highlighted the receding inflation supported by monetary policies.
Finance Minister Enoch Godongwana expressed dissatisfaction that the meeting could not produce a joint communique, citing challenges such as climate finance.
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