“Wealth and income inequalities are undermining economic growth and social cohesion and aggravating social vulnerabilities.”

Brazil’s Finance Minister Fernando Haddad said that “from a moral point of view it is important that the 20 richest nations consider that we have a problem, which is to have progressive taxation on the poor and not on the rich.”

International Monetary Fund chief Kristalina Georgieva hailed the G20’s position on “tax fairness.”

“The shared vision of G20 Ministers on progressive taxation is timely and welcome, as the need to rebuild fiscal buffers while also attending to social and development needs involves difficult decisions in many countries,” she said in a statement.

French economist Gabriel Zucman, who authored a report on taxing the rich, welcomed the fact that “for the first time in history, there is now a consensus among G20 countries that the way we tax the super-rich must be fixed.”

“Now it is time to go further,” said Nobel Prize-winning economist Joseph Stiglitz on Friday, urging heads of state to coordinate minimum standards by November.

“The climate crisis is expected to cost trillions of dollars every year and it is outrageous to expect that the regular taxpayer should pay for it, while the super-rich evade taxes,” said Camila Jardim of Greenpeace Brazil.

On the sidelines of the thorny tax discussions, US Treasury Secretary Janet Yellen and Brazilian Economy Minister Haddad announced on Friday the signing of a partnership on climate protection.

Founded in 1999, the organisation was originally focused on global economic issues but has increasingly taken on other pressing challenges — even though member states do not always agree on what should be on the agenda.

Divisions within the G20, of which Russia is also a member, have made drafting a joint communique at the outcome of meetings a challenge.