Outcomes of the G-20 summit in New Delhi
Ukraine Conflict:
G-20 members agreed to a joint statement, forging consensus on the contentious “Ukraine paragraphs”.
The New Delhi Declaration simply refers to differing “national positions” of the various G-20 members on the “war in Ukraine”, with a generic reference that “all states must refrain from the threat or use of force to seek territorial acquisition against the territorial integrity and sovereignty or political independence of any state”.
The declaration of 83 paragraphs, which included eight paragraphs on the Ukraine war and its resultant economic impact.
The paragraph diluted the harsh criticism of Russia contained in last year’s statement.
Japan, as current President of the G-7 group of advanced economies, played a key role in bringing the West on board with a compromise on the reference to Russia’s war against Ukraine in the New Delhi Leaders’ Declaration at the G-20 Summit.
Finance:
It contained many agreements as a part of the Finance Track.
Highlighting an agreed plan to strengthen multilateral development banks.
A way forward for regulating cryptocurrencies.
Endorse the Financial Stability Board’s (FSB’s) recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements.
Use of digital public infrastructure for financial inclusion as major gains.
Faster debt distress plan for vulnerable countries.
On climate change:
the declaration included a “quantum jump” in climate financing from billions of dollars to trillions of dollars.
Noting the need for — $U.S. 5.8.-5.9 trillion in the pre-2030 period for developing countries as well as $U.S. 4 trillion per year for clean energy technologies by 2030 to reach net zero by 2050.
The G-20’s promise to reach ‘net zero’, or when there were no net carbon emissions into the atmosphere, did not imply all nations had to equally contribute to the costs of doing so and would have to account for principles of “common but differentiated responsibility”.
The G-20 communique also “encourages tripling of renewable energy capacity by 2030, and voluntarily doubling the rate of energy efficiency improvement by 2030”.
The G-20 nations resolved to increase women’s participation and leadership in climate change mitigation and adaptation, and support gender-responsive solutions to build resilience to its impact.
The declaration adopted accepted the disproportionate impact of climate change on all women and girls, and decided to accelerate climate action with gender equality at its core.
India launched the Global Biofuels Alliance, with urging G-20 nations to join the initiative with a plea to take blending of ethanol with petrol to 20% globally.
New membership:
G-20 members accepted the membership of the African Union into the grouping.
The 55-nation African Union, the second regional bloc to join the G-20 after the European Union.
Global food and nutritional security:
The leaders’ declaration adopted at the G-20 meeting laid emphasis on ensuring global food and nutritional security for all in line with the G-20 Deccan High-Level Principles on Food Security and Nutrition 2023.
Efforts to strengthen research cooperation in climate-resilient and nutritious grains such as millet, quinoa, sorghum, and other traditional crops, including rice, wheat and maize.
Emphasised the importance of increasing access to, availability, and efficient use of fertilizer and agricultural inputs, including through strengthening local fertilizer production, and to improve soil health.
The leaders committed to accelerating innovations and investment focused on increasing agricultural productivity and reducing food loss and waste across the value chain, and improving marketing and storage, to build more sustainable and climate-resilient agriculture and food systems.
Commit to support developing countries’ efforts and capacities to address their food security challenges, and work together to enable access to affordable, safe, nutritious and healthy diets, and to foster the progressive realisation of the right to adequate food.
G-20 will also facilitate open, fair, predictable, and rules-based agriculture, food and fertilizer trade, not impose export prohibitions or restrictions and reduce market distortions, in accordance with relevant WTO rules.
The leaders said they are committed to strengthen the Agricultural Market Information System (AMIS) and the Group on Earth Observations Global Agricultural Monitoring (GEOGLAM), for greater transparency to avoid food price volatility, supporting AMIS’s work on fertilizers, its expansion to include vegetable oils, and for enhancing collaboration with early warning systems.
On education:
The leaders pledged their commitment to inclusive, equitable, high quality education and skills training for all, including for those in vulnerable situations.
The leaders resolved to recognise the importance of foundational learning (literacy, numeracy, and socio-emotional skills) as the primary building block for education and employment.
They reiterated their commitment to harness technologies to overcome the digital divides for all learners.
The meeting extended support to educational institutions and teachers to enable them to keep pace with emerging trends and technological advances, including AI.
They emphasised expanding access to Technical and Vocational Education and Training.
What does the G-20 mean for India?
What does the G-20 mean for India?
The G-20 in Delhi has made its mark in terms of the Indian initiative to bring on board the “Voice of the Global South”, ensuring that more than 125 countries of the developing world raised their concerns at a “feeder conference” in January 2023, that were included in the declaration.
Inducting the African Union at the summit, a proposal by the grouping of 55 African countries, endorsed by Mr. Modi, is also a feather in India’s cap.
The move helps tilt the balance within the G-20 away from the Power-11 of geopolitical powers, the G-7 (Canada, France, Germany, Italy, Japan, the U.K. and the U.S.), U.S. allies Australia and South Korea, the European Union and the Russia and China combine to the Developing-10 (Argentina, Brazil, India, Indonesia, South Korea, Mexico, Saudi Arabia, South Africa, Turkey and the African Union), who make up the rest of the members.
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