G20 Summit: US President Joe Biden to focus on World Bank reforms, climate change action; check details
The US sees China's growing influence in the world as a threat to its international hegemony. It is concerned over China's investment and lending patterns that are increasing in the lower and middle-income countries.
United States President Joe Biden will leave for India on Thursday to attend the 18th G20 summit in New Delhi. The stalwart Democratic Party leader has prepared numerous agendas for the G20 summit that include World Bank reforms and Climate Change action.
The US sees China's growing influence in the world as a threat to its international hegemony. It is concerned over China's investment and lending patterns that are increasing in the lower and middle-income countries. China has lent billions of dollars to countries in Africa and South Asia.
It is also increasing its financial footprints in Russia's backyard Central America. Currently, the United States has been not able to match China's overseas spending. However, Joe Biden will be pushing World Bank reforms to solve this issue.
His primary agenda for the New Delhi G20 summit includes World Bank reforms and Climate Change action. Climate Change action has been impending especially in lower-income countries due to funding issues for a smooth transition into green energy. The demands for climate change action funds have only increased since the Paris Agreement.
However, the World powers are divided over the climate change action fund. The Global South is pushing for it as it feels that the countries owe funding for transitioning into green energy from the West. However, the West is divided as many feel the need to cut overseas expenditure, especially aid due to the slowing down and contraction of the economy back home.
United States President Joe Biden will visit India for the first time after taking over the primary role in the White House in early 2021. There were a few last-minute health issues pertaining to the India visit. However, he twice tested negative for COVID-19 before finally taking off for the G20 summit.