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G20 Finance Ministers accelerate efforts on climate but need to go further and faster

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G20 Finance Ministers accelerate efforts on climate but need to go further and faster

The Finance Ministers and Central Bank Governors of the G20 held their final meeting of the year on October 23–24, 2024, during the Annual Meetings of the International Monetary Fund (IMF) and World Bank Group. Their final meeting formed part of the run-up to COP29 in Baku – where governments will negotiate a New Collective Quantified Goal (NCQG) on climate finance – and the G20 Summit in Rio de Janeiro.  

A suite of documents issued after the meeting included several notable developments, summarised below. This builds on E3G’s previous blog outlining multilateral development bank (MDB) outcomes from last week’s Annual Meetings. [The Finance Ministers’ Communiqué and its Annex are here, while the Ministerial Statement and Outcome Document from the Task Force for the Global Mobilization Against Climate Change (TF CLIMA), a collaboration between Finance and Climate Ministers, are here.] 

International financial architecture (IFA) reform 

The G20 Finance Ministers made substantial progress on reforming international financial architecture across the board, on topics ranging from multilateral development banks (MDBs) to the IMF to financial regulation. The Communiqué covers a wide range of climate-related topics, including recognising the macroeconomic and distributional challenges of the climate transition and proposing various forward actions.  

MDB resources and strategies 

The G20 Finance Ministers committed to reviewing MDB resources and strategies, and to measuring progress against a new MDBs Roadmap. The Communiqué tasks the IFA working group with establishing a monitoring and reporting process to ensure that progress is made.  

The G20 Ministers called for deeper reforms to the Capital Adequacy Framework (CAF) and opened the door in principle to new capitalisation for MDBs. However, they stopped short of making concrete commitments for new financing and did not adopt the aim of tripling MDB lending by 2030, a recommendation previously made by the G20 Independent Expert Group. Taking that further step, together with improving lending terms, would significantly enhance trust in the G20 among developing countries. 

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Fiscal space and transition financing 

Creating additional fiscal space to finance the transition to a low-carbon economy in Emerging Markets and Developing Economies (EMDEs) requires ongoing commitment from leaders with support from Finance Ministers. The Finance Ministers’ Communiqué includes actions to address debt vulnerabilities, which may make it difficult for countries to take on additional lending for investment in the climate transition and other development goals. Streamlining innovative debt solutions, such as debt-for-climate swaps or climate-resilient debt clauses, may be an option to help free up fiscal space for EMDEs.  

The Communiqué also discussed fostering international tax cooperation, including dialogue on taxing ultra-high-net-worth individuals.  

We can expect to see more on both themes in 2025, as early signals suggest that South Africa will prioritise them during its upcoming G20 Presidency. 

Financial frameworks and transition planning 

The overall message from TF CLIMA was that a financial framework which combines global financial stability with increased capital flows from developed to developing countries is feasible.  

Building on this overall approach, the TF CLIMA Outcome Document and accompanying Ministerial Statement, together with the report of the Sustainable Finance Working Group, provide overarching principles for: 

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  1. Transition planning at the national level.
  2. Design of country platforms to co-ordinate investment in national transition plans.
  3. Private sector transition planning, building on the work of standards and frameworks created by ISSB, GFANZ, and TPT. 

Looking ahead 

The G20 Finance Ministers’ final publications for 2024, including the TF CLIMA outputs, demonstrate that climate change is increasingly viewed as a macroeconomic issue. It is also clear that Finance Ministers recognise this and are working to implement the tools at their disposal.  

However, with negotiations on a New Collective Quantified Goal on finance in Baku planned in November alongside the G20 Leaders meeting in Rio, a critical question remains: will this momentum be rapid enough to enable agreement on a new finance goal in Baku this year and to provide a springboard for key reform steps to be agreed by Leaders as they tee up next year’s agenda? Ensuring that the G20’s answer is “yes” will be a key task for South Africa and Brazil as they work together during their upcoming G20 and COP30 Presidencies to take this agenda further and faster in 2025.

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Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

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Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments. 

“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.” 

In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.  

After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.  

“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.” 

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Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.  

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Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

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Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.

‘Swiss Monaco’

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How much will Social Security go up next year? See latest forecast

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How much will Social Security go up next year? See latest forecast
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Before Social Security payments are posted this week, many retirees are looking ahead at the potential Cost of Living Adjustment for 2027 with an advocacy group predicting a similar increase to 2026.

On April 10, The Senior Citizens League — a nongovernmental advocacy group for seniors — released its monthly COLA forecast for 2027, saying data showed a 2.8% increase is likely.

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“Over the last seven weeks, crude oil prices have soared, and fuel prices have followed suit. Consumers are getting pinched at the pump as gas prices soar, while businesses are paying more for transportation and/or production costs. This energy price shock is beginning to show up in the monthly U.S. inflation report, and it’s having a tangible impact on 2027 COLA forecasts,” The Motley Fool, a financial and investing advice company, and USA TODAY content partner, reported on April 18.

The official announcement will come in October, as it’s based on third-quarter inflation data.

According to Consumer Price Index data published last week, the annual inflation rate reached a two-year high of 3.3%, up 0.9% over the last month. This is largely due to soaring oil prices caused by the war in Iran.

Social Security payments are always scheduled on Wednesdays, with the final wave of this month scheduled for April 22, according to the Social Security Administration. The schedule is based on the birth dates of the recipients — retired, disabled workers or survivors.

Here’s who will get a Social Security check this week and more on the 2027 COLA forecast:

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When is the final Social Security in April 2026?

Social Security benefits are sent out based on the recipients’ birth dates. Wednesday, April 22, is the final wave of payments for those with birth dates between the 21st and the 31st of April.

What is the 2027 COLA forecast?

The 2027 COLA increase is forecast to be 2.8% due to continuing inflation prices, according to The Senior Citizens League’s April 10 press release. If the SSA approves that rate of increase, average payment for retired workers would go up by $56 per month in January 2027.

The SCL releases a COLA prediction each month based on the Consumer Price Index, Federal Reserve interest rate and the National Unemployment rate from the U.S. Bureau of Labor Statistics.

Beneficiaries who want to stay updated with the monthly predictions may visit the SCL’s “COLA Watch” webpage that includes the forecast, calculations, historical trends and more.

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The official COLA increase for 2027 will be announced in October 2026.

What were the big Social Security changes in 2026?

At the beginning of 2026 recipients received a 2.8% COLA for Social Security and Supplemental Security Income (SSI) payments, according to the SSA’s COLA Fact Sheet and American Association of Retired Persons, increasing payments about $56 per month.

Here are more details on the 2026 COLA increase, per the SSA:

  • The maximum amount of earnings subject to the Social Security tax increased to $184,500.
  • The earnings limit for workers who are younger than full retirement age (67 years old) increased to $24,480. (There will be a $1 deduction for each $2 earned over $24,480.)
  • The earnings limit for people reaching their full retirement age in 2026 increased to $65,160. (There will be a $1 deduction for each $3 earned over $65,160, until the month the worker turns full retirement age.)
  • There is no limit on earnings for workers who are at full retirement age or older for the entire year.

What should I do if I don’t get my Social Security payment?

According to the SSA, if you don’t receive your payment on the scheduled date, wait three days additional days, then call their office.

Where are the Social Security offices in Michigan?

There are 48 offices in Michigan, and to find an office near you, recipients may use the office locator via the Social Security’s website by entering your zip code for office hours, numbers, available services and more.

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How can I replace my Social Security card?

The personal account, “my Social Security” allows recipients to manage their personal records, including a request for a replacement Social Security card and benefit statements for taxes and more. New accounts are created using ID.me or Login.gov as a multifactor authentication.

When will I get my checks in May? Full 2026 schedule

USA TODAY Contributed

Contact Sarah Moore @ smoore@lsj.com

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