G20 Summit in Goa: Enhancing the Blue Economy and Addressing AI Challenges for Responsible Financial Governance – The G20 High-Level Financial Regulatory Summit took place in Goa, India, under India’s presidency of the G20 Leaders’ Summit. Egypt received an official invitation to participate in the summit and sent a high-level delegation led by Hesham Badawi, Head of the Central Auditing Organization.
The summit focused on exploring opportunities to enhance the blue economy, which encompasses policies and plans to preserve marine environments, support sustainable development in coastal communities, combat marine pollution, address biodiversity loss, climate change, and overfishing. It also discussed the role of high-level financial regulatory authorities in auditing artificial intelligence applications and addressing challenges related to legal compliance, accountability, and positive human values.
Hesham Badawi delivered a general statement at the summit, highlighting Egypt’s efforts since the launch of the National Climate Change Strategy 2050. Egypt aims to achieve a just transition to the blue economy and establish partnerships with various stakeholders. Badawi emphasized supporting existing initiatives to address climate change, implementing pollution control programs, water reuse, and improving irrigation systems. Egypt’s comprehensive framework aligns with international agreements, commitments, and the recommendations of the recent United Nations Climate Conference (COP 27) chaired by Egypt.
On the sidelines of the summit, Hesham Badawi held intensive bilateral meetings. With the Head of the Accounts Chamber of the Russian Federation, they discussed benefiting from training programs at the INTOSAI Digital University, launched during Russia’s presidency of the International Organization of Supreme Audit Institutions (INTOSAI). Badawi also discussed supporting and coordinating work in international committees and working groups with the Head of the Spanish Financial Regulatory Authority, who praised Egypt’s proposals for cooperation as a role model in international relations between financial regulatory authorities. In a meeting with the Head of the Moroccan Financial Regulatory Authority, they coordinated efforts to amend the regulations of the African Union Audit Board, reflecting the mutual interest of both countries in reforming the institutional and financial trajectory of the African Union Commission.
Furthermore, Badawi held bilateral meetings with heads of financial regulatory authorities in Indonesia, Saudi Arabia, the United Arab Emirates, Brazil, Turkey, and India. These discussions focused on professional and regulatory issues of mutual interest. Badawi urged the heads of these authorities to support Egypt’s candidacy for auditing the accounts of the United Nations Development Organization (UNIDO) and the World Tourism Organization, receiving widespread acclaim for the invitation.
The G20 High-Level Financial Regulatory Summit resulted in fruitful discussions and collaboration among countries to enhance the blue economy and tackle challenges associated with artificial intelligence. The summit demonstrated the participating nations’ commitment to environmental sustainability, sustainable development, and responsible financial governance. The initiatives and partnerships formed during the summit have the potential to positively impact global financial regulation and economic stability.
G20 Summit in Goa: Enhancing the Blue Economy and Addressing AI Challenges for Responsible Financial Governance