This is not only a strategic investment — it is one that can boost growth, create business opportunities, and reduce pressure on public budgets in key member states,” said Klingbeil.

U.S. Treasury Secretary marked his second absence from a South Africa G20 event, though Washington assumes rotating presidency by end of year

G20 chair South Africa warned Thursday that abandoning the rules-based global order and declining cooperation could derail 2030 development goals to end hunger, eradicate extreme poverty and fight climate change.

The G20 finance ministers stressed Friday that central banks must remain independent, after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell.

"The G20 was built around a presumption that all the world's major economies shared a common interest in a stable, relatively open global economy," said Brad Setser of the Council on Foreign Relations. "But Trump doesn't really care about stability and wants a more closed global economy."

Deputy Minister of Forestry, Fisheries and the Environment, Narend Singh, has urgently called for global leaders to address climate action and provide the necessary support for mitigation and adaptation.

We are, of course, meeting at a moment of ongoing uncertainty in the global economy, while there are signs of resilience in some areas, various challenges do remain,'Pieterse said.

The G20's financial stability watchdog delivered a new plan on how to tackle climate risks on Monday, but paused further policy work amid a retreat by the United States that has tested efforts to advance a united financial policy on climate-related risks.