The G20 member nations united in their commitment to global cooperation by adopting the New Delhi Declaration during the G20 Leaders’ Summit. Prime Minister Narendra Modi, as the chair of the G20 under India’s presidency, emphasised the significance of this achievement, praising the hard work of the team that facilitated consensus.
PM Modi conveyed his delight, stating, “I have received good news. Due to the hard work of our team, consensus has been built on New Delhi G20 Leaders’ Summit Declaration. My proposal is to adopt this leadership declaration. I announce to adopt this declaration. On this occasion, I congratulate my Sherpa, ministers, who worked hard for it and made it possible.”
Amitabh Kant, India’s Sherpa to G20, elaborated on the declaration’s focus, which centred on robust, sustainable growth, accelerating progress toward sustainable development goals, promoting green development pacts, and upholding multilateralism.
The New Delhi G20 Leaders’ Summit Declaration, themed ‘Vasudhaiva Kutumbakam,’ strongly underscores the importance of addressing global challenges while nurturing robust, sustainable, balanced, and inclusive growth. Here are the key highlights and commitments made by the G20 member nations in the declaration:
Fostering Peace and Prosperity
In the New Delhi Declaration, the G20 leaders made a resounding commitment to global peace and prosperity. This was particularly evident in their stance on the ongoing conflict in Ukraine. The declaration emphasised the need for nations to adhere to the Principles and Purposes of the United Nations Charter, which are foundational to maintaining international peace and security. By calling for refraining from the threat or use of force for territorial acquisition, the G20 member nations demonstrated their unwavering dedication to peaceful conflict resolution.
Furthermore, the declaration unequivocally denounced the use or threat of nuclear weapons as inadmissible. This strong stance reflects the G20’s commitment to global disarmament efforts and ensuring that nuclear weapons are never again used as tools of aggression. In doing so, the G20 nations echoed the sentiments previously expressed by Prime Minister Modi in 2022 when he stated, “this is not an era of war.” It sends a powerful message of unity and commitment to a world free from the spectre of nuclear conflict.
Unlocking Strong, Sustainable, Balanced, and Inclusive Growth
The New Delhi Declaration acknowledges the global economic disparities exacerbated by the COVID-19 pandemic. In recognition of the uneven global recovery, the G20 member nations committed to implementing well-calibrated macroeconomic and structural policies. These policies aim to strike a delicate balance between safeguarding vulnerable populations and promoting equitable economic growth. The declaration’s emphasis on enhancing macroeconomic and financial stability is crucial for ensuring that nations are better prepared to weather economic shocks and uncertainties.
Addressing the cost-of-living crisis is another paramount concern addressed in the declaration. As economies strive to recover, the G20 recognizes that the well-being of their citizens hinges on addressing the rising costs of living. By committing to implement policies that alleviate this crisis, the G20 seeks to create an environment where economic prosperity is accessible to all segments of society.
Moreover, the document acknowledges the vital role played by the private sector and enterprises in driving sustainable economic transformations. This recognition highlights the importance of public-private partnerships in achieving the ambitious goals set forth in the declaration. It signifies a collaborative approach toward economic growth that involves governments and businesses working hand in hand to build a more prosperous future for all.
Trade for Growth
The G20 member nations understand the pivotal role of international trade in promoting global economic growth. The declaration reaffirms their commitment to a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system. At its core, this system relies on the World Trade Organization (WTO) to ensure that trade is conducted on a level playing field, free from discriminatory practices.
Furthermore, the G20 leaders expressed their support for policies that leverage trade and investment as drivers of growth and prosperity. By doing so, they seek to harness the potential of global trade to stimulate economic development and job creation. The commitment to discouraging protectionism and eliminating market-distorting practices underscores the G20’s dedication to creating an environment conducive to trade and investment, where nations can prosper together.
Achieving Sustainable Development Goals
The G20 member nations are acutely aware of the urgency of addressing global challenges, particularly in the realm of sustainable development. To this end, they expressed their dedication to taking collective action for the effective and timely implementation of the G20 2023 Action Plan to Accelerate Progress on the Sustainable Development Goals (SDGs).
Sustainable development lies at the heart of the G20’s agenda. This commitment reaffirms their resolve to combat poverty, promote environmental sustainability, and ensure inclusive and equitable development for all. It recognises that the SDGs are not mere aspirational goals but concrete targets that demand coordinated efforts and action on a global scale.
Human Capital Development
Human capital development is an essential component of sustainable growth, and the New Delhi Declaration reflects this understanding. The document emphasizes the importance of eliminating hunger and malnutrition, underlining the significance of global food security and nutrition. In this context, the G20 aligns itself with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023, which provide a roadmap for addressing food insecurity and malnutrition.
Moreover, delivering quality education and ensuring access to education for all is pivotal to human capital development. The G20 member nations recognize that education is a cornerstone of social and economic progress. They commit to creating more inclusive, equitable, and high-quality educational systems, which include skill training programs for vulnerable populations. By doing so, the G20 aims to empower individuals with the skills and knowledge necessary to participate fully in the global economy.
Green Development Pact
In the face of mounting environmental challenges, the New Delhi Declaration underscores the importance of environmentally sustainable and inclusive economic growth and development. The G20 leaders recognize that policies and actions taken today have far-reaching consequences for future generations and the planet.
The declaration commits member nations to adopting holistic and balanced approaches that prioritize environmental sustainability. This means taking into account the impact of policies and initiatives on the environment and striving for a harmonious coexistence between economic development and ecological preservation. It represents a commitment to safeguarding the planet’s natural resources and ensuring that future generations inherit a sustainable and thriving environment.
Macroeconomic Risks from Climate Change and Transition Pathways
The New Delhi Declaration acknowledges the significant macroeconomic costs associated with climate change. It highlights the economic risks posed by climate-related events and the need for proactive measures to mitigate these risks. This recognition underscores the G20’s commitment to addressing climate change as an economic imperative.
The declaration emphasizes the importance of international dialogue and cooperation in tackling climate change. It recognizes that climate action requires not only sound policies but also financial support, particularly for developing countries. By emphasizing timely policy action consistent with country-specific circumstances, the G20 member nations signal their commitment to a just transition toward a sustainable and low-carbon economy.
Climate and Sustainable Finance
The G20 nations are cognizant of the critical role that finance plays in addressing climate change and supporting sustainable development. The declaration welcomes the recommendations of the Sustainable Finance Working Group (SFWG) to mobilize resources for climate finance. This includes financing initiatives aimed at reducing greenhouse gas emissions and supporting countries in their transition to more sustainable practices.
While recognizing that each nation faces unique challenges, the G20 commits to considering country-specific circumstances when mobilizing sustainable finance. This approach ensures that financial support is tailored to the needs and capacities of individual countries, facilitating a more effective response to climate change.
Ocean-Based Economy
The G20 member nations reaffirmed their commitment to the preservation, protection, and restoration of the world’s oceans and marine ecosystems. This commitment is particularly crucial given the alarming state of the world’s oceans, including issues such as overfishing, marine pollution, and habitat destruction.
The declaration also emphasized the sustainable use of ocean resources, recognizing that oceans are a source of livelihood for many communities and play a vital role in maintaining global ecosystems. Furthermore, the G20 leaders expressed their commitment to making progress toward the 2025 UN Ocean Conference. This signifies their intent to actively contribute to international efforts aimed at safeguarding the oceans and their biodiversity.
Ending Corruption and Ensuring Integrity
In addition to the thematic commitments, the New Delhi Declaration also addresses the critical issue of ending corruption. The G20 nations reaffirmed their commitment to fostering integrity and transparency in governance. This commitment is crucial for building trust in public institutions and ensuring that resources are used efficiently and equitably.
India’s Ambitious G20 Presidency
Prime Minister Modi proudly declared that India’s G20 presidency has been the most ambitious in the history of the summit. He highlighted the substantial outcomes achieved during this presidency, citing a total of 112 outcomes and presidency documents. This represents more than double the substantive work of previous presidencies.
Other Initiatives:
Beyond the New Delhi Declaration, India announced several other initiatives designed to address pressing global challenges:
1. Global Biofuel Alliance: India called on G20 nations to increase the global blend of ethanol with petrol to 20 per cent. This initiative reflects a commitment to sustainable and renewable energy sources, reducing greenhouse gas emissions and dependence on fossil fuels.
2. G20 Satellite Mission for Environment and Climate Observation: This proposal demonstrates India’s dedication to leveraging space technology for environmental monitoring and climate research. Such initiatives can enhance our understanding of climate change and support informed policy decisions.
3. Green Credit Initiative: This initiative is geared toward promoting sustainable and environmentally friendly financial practices. By incentivizing green investments and sustainable financing, the G20 seeks to accelerate the transition to a greener economy.
In conclusion, the New Delhi Declaration and the G20 Leaders’ Summit mark a significant step toward global cooperation and addressing pressing global challenges. The commitments made in the declaration span a wide range of crucial issues, from peace and prosperity to sustainable development, environmental conservation, and climate action. India’s ambitious presidency has added momentum to these efforts, demonstrating the G20’s commitment to shaping a better future for all nations and generations to come.
