Development

Sub-Saharan Africa made its appearance on the oil and gas map quite recently when compared with other regions of the world^[1] and although it seems marginal on the global oil and gas markets (it represents less than 5% of global oil production, around 2% of global gas production, just above 3% of both global oil and gas reserves^[2]), it accounts for a quarter to a third of the activities of all the major international oil companies (and even half of Italian ENI’s global activities).

Russia’s presence in Africa has returned to the fore. The first-ever Russia-Africa summit, held in Sochi on 23-24 October 2019, sparked international attention, raising questions about Russia’s new Africa strategy.

During his state visit to Russia in June 2019, Chinese leader Xi Jinping together with president Vladimir Putin oversaw several signings of investment cooperation agreements between Chinese and Russian companies^[1]. These documents promised over a billion dollars worth of Chinese foreign direct investments (FDI) in Russia in the years to come.

As the world’s premier forum on international economic governance, the G20 plays an important role in global rule-making. Born out of crisis, the G20 has morphed into the inner sanctum of world governance. Given that Africa has been a rule-taker since its decolonisation, its limited participation in this grouping (only South Africa is a full member) runs the risk of perpetuating this situation.

The implications of aging societies have been rising on advanced economy agendas for a long time. The challenges posed by a shrinking labor force, potential declines in productivity and a growing number of retirees which, in turn, threaten the sustainability of pension systems and public finance in general are cases in point. In the recent past, several middle- and low-income countries have also been increasingly exposed to the aging of their populations.

The G20 has the potential and responsibility to lead the world in developing more sustainable economic systems and life styles. Today’s patterns of consumption and waste generation are unsustainable. They contribute to social inequalities and the environmental degradation that is polluting our oceans, heating up the planet, threatening species survival, and contributing to the spread of disease.

During the Think 20 (T20) hosted by Japan in 2019 to prepare analyses and policy proposals for the G20, a specific working group of think tank experts (Task Force n.2: TF2) devoted its discussions and proposals to the issue of the adequacy of the International Financial Architecture. This has always been a traditional and central theme of the G20. The guiding idea of this Task Force has been to concentrate its analyses and advice on the most urgent and novel aspects and problems that mark the evolution of global financial markets and institutions.