Snapshot: B20
The Business 20 (B20)—comprising of business leaders from the G20 countries and invited nations—is one of the civil society engagement groups that makes policy recommendations to the G20 presidency. Here's a snapshot of what the B20 is all about.
Saudi Arabia
assumed the G20 presidency in December 2019 from G20 Japan. Similarly, in November 2019, the B20 presidency was handed over to Yousef Abdullah Al-Benyan, B20 Chair for Saudi Arabia and Vice Chairman and CEO of SABIC.
The B20 serves as the private sector's official voice to the G20, representing the global business community across all G20 members and all economic sectors. The group develops and presents its policy recommendations to the G20 presidency, in this case, to King Salman bin Abdulaziz, to be agreed to and included in the G20 joint communique.
Key priorities
The B20 Saudi Arabia prioritizes six taskforces: digitalization; energy, sustainability and climate; finance and infrastructure; future work and education; integrity and compliance; and trade and investment. The policy recommendations were discussed during the B20 virtual summit on October 26 and 27, 2020, with this year's theme being “Transforming For Inclusive Growth.”
“Women In Business” is the signature topic for B20 Saudi Arabia, which is advocated through a dedicated action council for women in business. The first of its kind initiative is committed to gender equality and increasing women's participation in business, especially in leadership positions, globally.
B20 policy recommendations
Empowering people
by unleashing opportunities for all. Under this point, B20 recommends 10 policies that highlight women's leadership, employment recovery, employability, trade investments, and enabling SMEs and entrepreneurs, among others. It has also called on the G20 to “facilitate sustainable financing by developing a roadmap for international coordination on sustainable finance taxonomies.”
Safeguarding the planet
by fostering growth within the limits of the planet. The B20 urges the G20 economies to “strengthen the climate resilience of infrastructure” and “define policies and guidelines that promote the sustainable use of freshwater systems and the ocean.” This is in addition to its call for the G20 members' commitment to achieving carbon neutrality by 2050 and the development of financial policy frameworks to support the cause.
Shaping new frontiers
by enabling even adoption of technological advances and enhancing a culture of integrity. This area covers nine policy recommendations to the G20, which highlight the importance of technology, enhancing global standards of anti-corruption, and digital inclusion, among others.