The G20 is an international forum for the governments and central bank governors of the world’s 20 largest economies. It was established in 1999 to promote international economic cooperation and stability. The G20 summit is held annually and is hosted by one of the member countries.
India assumed the presidency of the G20 in December 2022 and hosted the summit in New Delhi in September 2023. The theme of the summit was “One Earth, One Family, One Future”.
Preamble and Overarching Themes
The preamble sets the tone for the entire declaration, emphasizing the philosophy of “Vasudhaiva Kutumbakam,” which means “the world is one family.” The leaders acknowledge the urgent need for collective action to address global challenges like climate change, poverty, and inequality.
Top 5 Key Achievements of G20 under India’s Presidency
The G20 summit under India’s presidency achieved a number of key outcomes, including:
- A commitment to a global green development pact. The G20 leaders agreed to a set of ambitious goals to reduce greenhouse gas emissions and promote sustainable development. These goals include achieving net zero emissions by 2050, phasing out coal-fired power by 2030, and investing in renewable energy.
- A global biofuel alliance. The G20 leaders agreed to create a global biofuel alliance to promote the production and use of sustainable biofuels. This alliance is expected to help reduce greenhouse gas emissions and improve energy security.
- A commitment to ending plastic pollution. The G20 leaders agreed to take steps to end plastic pollution by 2030. These steps include reducing the production of single-use plastics, increasing recycling rates, and cleaning up existing plastic pollution.
- A consensus on a debt relief framework for developing countries. The G20 leaders agreed to a framework to provide debt relief to developing countries that are struggling to repay their debts. This framework is expected to help prevent a debt crisis in developing countries.
- Recommendations on financial inclusion and productivity gains through digital infrastructure. The G20 leaders agreed on a set of recommendations to promote financial inclusion and productivity gains through digital infrastructure. These recommendations include expanding access to digital financial services, investing in digital infrastructure, and developing regulations that support digital innovation.
Unpacking the G20 New Delhi Leaders’ Declaration:
The G20 New Delhi Leaders’ Declaration is a seminal document that outlines the collective vision and commitments of the world’s major economies. Hosted in New Delhi, India, on September 9-10, 2023, the summit focused on a multitude of global challenges ranging from economic growth and sustainable development to technological transformation and gender equality.
Economic Growth and Stability
The declaration highlights the importance of strong, sustainable, balanced, and inclusive growth. It discusses the current global economic situation, the role of trade in growth, and the need for financial inclusion.
Sustainable Development Goals (SDGs)
The G20 leaders recommit to achieving the SDGs by focusing on eliminating hunger, strengthening global health, and delivering quality education. The declaration also emphasizes the macroeconomic impacts of food and energy insecurity.
Green Development and Climate Change
The leaders pledge to accelerate efforts towards a sustainable future. Topics like macroeconomic risks from climate change, circular economy, and sustainable finance are discussed in detail.
Technological Transformation
The declaration outlines the need for building digital public infrastructure and fostering digital ecosystems. It also delves into the policy and regulation of crypto-assets and central bank digital currencies.
Significance of G20 Summit
The G20 summit under India’s presidency is significant for a number of reasons.
- It is a major opportunity for India to showcase its leadership on the global stage. India is the world’s third-largest economy and a rising power, and its presidency of the G20 is a chance for it to demonstrate its commitment to global cooperation and its ability to play a leading role in addressing the world’s most pressing challenges.
- It is a platform for India to promote its development agenda. India is a developing country with a large population, and its presidency of the G20 is a chance for it to highlight the importance of inclusive and sustainable development. India is also a champion of multilateralism, and its presidency of the G20 is a chance for it to reaffirm its commitment to this principle.
- It is an opportunity for India to build partnerships with other countries. The G20 brings together the world’s major economies, and India’s presidency of the forum is a chance for it to build relationships with these countries and work together to address common challenges. India is particularly interested in building partnerships with other developing countries, and its presidency of the G20 is a chance for it to do so.
- It is a chance for India to address the global challenges of the 21st century. The G20 summit will focus on a number of key issues, including the COVID-19 pandemic, climate change, and economic recovery. India is committed to addressing these challenges, and its presidency of the G20 is a chance for it to make progress on them.
Additional Information
In addition to the key achievements mentioned above, the G20 summit under India’s presidency also made progress on a number of other issues, including:
- Improving global health. The G20 leaders agreed to work together to improve global health, including by investing in research and development for new vaccines and treatments.
- Promoting gender equality. The G20 leaders agreed to promote gender equality and empower women and girls.
- Combating corruption. The G20 leaders agreed to strengthen international cooperation to combat corruption.
- Promoting peace and security. The G20 leaders discussed the situation in Ukraine and agreed to work together to promote peace and security.
The G20 summit under India’s presidency was a historic event that marked India’s growing role in the global economy and its commitment to global cooperation. The summit’s achievements will have a positive impact on the world for years to come.
The G20 summit under India’s presidency was a success. It achieved a number of key outcomes that will help to make the world a more sustainable and inclusive place. India has shown that it is a responsible and capable global leader, and it is poised to play an even greater role in shaping the future of the world economy.
