Address by the President of the Republic, Michel Temer, during the opening of the Third Plenary Session of the G20 Leaders Summit

Buenos Aires (Argentina), 1 December 2018.

Dear friends,

This session, in fact, has the relevance President Macri has just reported. That is, dealing with three great themes not only for the present, but for the future of our societies, and also the future of all peoples: quality infrastructure, energy transition and food security. These are challenges that, each in their own way, can only be adequately addressed through collective efforts. Of course, everyone does their part, but it is fundamental that we act in an open and integrated manner.

In infrastructure, I think the diagnosis has already been made: financing is the keyword. The problem is that here, in fact, we are faced with a paradox. According to data from the G20 itself, we need more or less an additional US$ 15 trillion by 2040 to remedy infrastructure deficits on a global scale. It is evident that the volume is quite expressive. But the fact is this money exists: there is, according to studies, the most varied studies, 120 trillion dollars available that could finance infrastructure projects, including in emerging markets. Our real goal must be to break with this paradox. We must make the money get to where it's needed.

To do this, first, we must ensure transparent and predictable governance models, stable and rational rules. Legal certainty must be enhanced, and the business environment more conducive to whomever wants to invest. This is what we have, in fact, done in Brazil, with significant results.

At the same time - and so important for so many countries - we must improve international cooperation and financing mechanisms. In this regard, the G20 has made an important contribution.

I think, for example, of the conversion of projects into marketable securities aiming to create a new class of financial assets linked to infrastructure. It is an initiative that relies on the engagement not only of G20 members, but on multilateral development banks, international organisations and the private sector.

Advances in infrastructure are also essential for the energy transition imperative. A transition that also depends on our ability to unite efforts.

Joining efforts does not mean establishing uniform models. It means, rather, to adapt solutions to local circumstances. Hence we speak today of energy transitions, in the plural. What is crucial is that different societies, by learning and coordinating with each other, can find their own paths to low-carbon economies.

In Brazil, we begun treading our way since at least the 1970s. And we can say, without fear of making mistakes, that we have made much progress: the proportion of renewable sources in the Brazilian energy mix already exceeds 40%, compared to a world average of 14%.

Relying on its successful experience with bioenergy, in 2016, Brazil launched, with a group of countries, the Biofuture Platform. Our purpose is to accelerate the development and dissemination of so-called "sustainable bioenergy" as an alternative to fossil fuels.

Food security is another major challenge that mobilise us. Ensuring quality food for all is, first and foremost, a moral obligation. FAO data from this year indicates that one in nine people in the world is starving. This is a situation we simply cannot tolerate. It is the situation we have to respond to - and do so a sustainable way.

I would also like to mention the Brazilian trajectory here.

From being a net importer of food in the 1980s, Brazil has become one of the world's largest agricultural exporters. It is no exaggeration to say that we have become a sustainable food powerhouse, providing cheap, quality food.

All this, I repeat, thanks to the knowledge we have produced and sought to share with partners around the world.

There are, ladies and gentlemen, Heads of State, Heads of Government... there are no false shortcuts. It is with clarity of ideas and responsibility, it is with permanent openness to others, that we will rise to the great issues of our time.

Thank you very much.