Poster: World Bank Announces Ambitious Goal to Expand Social Protection at G20 Summit

In July 2024, at the G20 Global Alliance Against Hunger and Poverty meeting in Brazil, the World Bank unveiled an ambitious target to extend social protection measures to 500 million people by 2030. This announcement reflects the World Bank’s commitment to addressing the global challenge of poverty and food insecurity, which has been exacerbated by economic shocks, conflicts, and climate change.

Social protection programs, such as cash transfers, unemployment benefits, and food assistance, are vital tools for reducing poverty and promoting economic stability. The World Bank’s goal to reach 500 million people—nearly 7% of the global population—represents a significant step towards universal social protection coverage, a key objective for the international community in the fight against poverty.

The World Bank emphasized that these measures are not only critical for helping vulnerable populations weather economic hardships but are also an investment in long-term development. By providing a safety net for those facing poverty or crises, social protection programs enable individuals and families to meet their basic needs and invest in health, education, and entrepreneurship, thus fostering sustainable economic growth.

The announcement was made during discussions among world leaders, international organizations, and civil society at the G20 summit, where the focus was on strengthening global partnerships to address the interlinked issues of hunger and poverty. The World Bank’s commitment to expanding social protection is aligned with the United Nations’ Sustainable Development Goal 1 (SDG 1) to end poverty in all its forms everywhere by 2030.

The World Bank’s plan involves strengthening national social protection systems, particularly in low- and middle-income countries, where coverage is often limited or fragmented. The organization called for increased investment in these programs, especially in regions such as sub-Saharan Africa and South Asia, where the most extreme poverty is concentrated. The World Bank also emphasized the need for governments to implement policies that ensure social protection is inclusive, targeting the most marginalized groups, including women, children, the elderly, and people with disabilities.

In addition, the World Bank urged greater collaboration between governments, NGOs, and the private sector to effectively scale up social protection programs. It stressed that data-driven approaches and robust monitoring and evaluation mechanisms are essential to ensure that these programs deliver tangible, long-lasting benefits.

By setting this bold target, the World Bank aims to catalyze global efforts to build more resilient societies and reduce the vulnerability of millions of people to economic and social shocks.