A G20 taskforce set up by South African President Cyril Ramaphosa is urging the establishment of an international panel to address what experts are calling a global “inequality emergency.”
The Extraordinary Committee of Independent Experts on Global Inequality, chaired by Nobel laureate Joseph Stiglitz, highlighted alarming disparities in a new report: the richest 1% have captured 41% of new wealth since 2000, while the poorest half of the population has gained only 1%.
The report warns that rising inequality threatens democracy, economic stability, and social cohesion, worsened by crises like COVID-19 and the war in Ukraine.
The proposed panel, modeled after the Intergovernmental Panel on Climate Change, would monitor inequality, advise governments, and propose solutions. The taskforce will present its findings to the G20 summit in Johannesburg this November.
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The financing is designed to cushion energy costs while supporting Botswana’s private-sector and jobs reforms.