New Delhi, India: G20, in New Delhi declaration was unanimously adopted on Saturday, gaining 100% consensus on all developmental and geo-political matters.
Despite differing topics on issues like the Ukraine conflict and climate change, delegates from the world’s leading economies managed to find common ground.
Prime Minister Narendra Modi proudly announced, “There is good news. With everyone’s cooperation, consensus has been reached on the New Delhi G20 Leadership Declaration…I announce the adoption of this declaration.”
Highlights from the 1st day:
Ukraine Conflict:
While avoiding direct censure of Russia for the war in Ukraine, the declaration called on all nations to withhold from using force to acquire territory. It emphasized adherence to the principles of the UN Charter and deemed the use or threat of nuclear weapons as ‘inadmissible.
Humanitarian Aid:
The document urged Russia and Ukraine to ensure the immediate and unhindered delivery of essential goods like grains and fertilizers, particularly to developing and least developed countries in Africa.
Infrastructure Protection:
It called for a halt to military actions or attacks on food and energy infrastructure. Concerns were raised about the volatility in food and energy markets.
Coal Phaseout: Member countries committed to a “phasedown” of coal, taking into account their individual circumstances. The G20 also pledged to triple the use of renewable energy sources by 2030.
Climate Finance:
Developing nations require $5.8 to $5.9 trillion before 2030 to meet their climate goals. The world needs an additional $4 trillion annually in investments by 2030 to achieve the net-zero carbon emission target by 2050.
Financial Reforms:
The declaration called for the reform of international financial institutions, managing debt vulnerabilities of low and middle-income countries, and the exchange of tax-relevant information on crypto assets by 2027.
Monetary Policies:
Leaders highlighted central banks commitment to achieving price stability, especially in the face of tightening global financial conditions, persistent inflation, and geo-economic tensions. They stressed the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities, and maintain stability.
Financial Stability:
The document welcomed steps taken by various bodies to learn from recent banking turbulence and urged them to continue their efforts. It recognized the importance of supply-side policies, particularly those that enhance labor supply and productivity to foster growth and address price pressures.
African Union Membership:
The G20 welcomed the African Union as a new member during their annual summit.
This consensus-driven New Delhi Declaration reflects the collective commitment of global leaders to address pressing issues and collaborate on solutions, despite their diverse perspectives.