Brazil called for a "new globalization" to address poverty and climate change as finance ministers from the world's top economies met Wednesday, but the wars in Ukraine and Gaza risked overshadowing that plea.
"It is time to redefine globalization," Brazilian Finance Minister Fernando Haddad told his counterparts from the Group of 20 leading economies, opening their first meeting of the year in Sao Paulo.
"We need to create incentives to ensure international capital flows are no longer decided by immediate profit but by social and environmental principles," said Haddad, who gave his speech remotely after coming down with COVID-19.
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