18th G20 Summit in New Delhi India 2023

Introduction

The 18th G20 Summit took place on September 9 and 10, 2023, in New Delhi, India. The G20 Leaders’ Summit was held for the first time in India. The summit’s slogan was “Vasudhaiva Kutumbakam” which translates to “The world is one family.”
The Global Biofuel Alliance was established, and the G20 Leaders’ New Delhi Declaration, which addressed a variety of global challenges including food security, sustainable development, and tensions between Russia and Ukraine, was widely endorsed.

What is G20 Summit?

The G20 Summit is an annual gathering of the leaders of the Group of Twenty (G20) member nations and guests from the European Union. It is the most well-known event held under the G20 framework and provides a place for heads of state or government to debate and collaborate on significant global topics, including global economic and financial difficulties.

What is G20?

The G20, or Group of Twenty, is an international organization that brings together the heads of 20 different nations as well as the European Union. In reaction to the financial problems of the late 1990s, it was founded in 1999, and the first G20 Leaders’ Summit was held in 2008 in response to the world financial crisis. A variety of global economic and financial concerns are discussed and worked out on the G20 forum. The member countries of the G20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States and European Union (represents the 27 EU member states).

What Will Happen at the G20 Summit in 2023?

1. Global Biofuels Alliance (GBA)
   • The GBA effort, which is being spearheaded by India, intends to create a coalition of countries, international organizations, and businesses to encourage the use of biofuels.
   • The program aims to establish biofuels as a significant element of the energy transition and a source of economic growth and new jobs.
   • It will assist in advancing current biofuel initiatives in India, including the PM-JIVANYojna, SATAT, and GOBARdhan programs.
   • According to the IEA, the Net Zero objectives would increase the growth potential of biofuels by 3.5 to 5 times by 2050, providing India with a major opportunity.
   • The Global Biofuels Alliance was established with nine founding members: India, the United States, Brazil, Argentina, Bangladesh, Italy, Mauritius, South Africa, and the United Arab Emirates.
2. India – Middle East – Europe Economic Corridor (IMEC)
   • To create the IMEC, the governments of India, the US, Saudi Arabia, the EU, the UAE, France, Germany, and Italy signed a Memorandum of Understanding (MoU).
   • The Partnership for Global Infrastructure Investment (PGII), a larger project, includes IMEC. The PGII was first unveiled in June 2021 in the UK at the G7 meeting.
   • The IMEC is a significant infrastructure undertaking that links Europe, the Middle East, and India. A network of transportation routes, including railroads and sea channels, is intended to be established.
   • IMEC offers an alternative infrastructure network in response to China’s Belt and Road Initiative (BRI).
3. Admittance of the African Union (G20 now G21)
   • An important step toward boosting the presence of developing nations in the forum was taken by the G20 leaders when they decided to welcome the African Union as a permanent member.
   • The AU’s participation in the G20 would provide the Global South with a stronger voice inside the group and present a chance to change international trade, finance, and investment.
4. G20 Global Partnership for Financial Inclusion Document
   • The World Bank’s report on the G20 Global Partnership for Financial Inclusion praised India’s Digital Public Infrastructure (DPI) for its transformational effects during the last ten years under the Central Government.
   • The following actions that have a bigger impact on the DPI landscape are highlighted in the document:
     • Pradhan Mantri Jan Dhan Yojna (PMJDY) Succes
     • Government to Person (G2P) Payments
     • Unified Payments Interface (UPI) Dominance
     • Private Sector Efficiency
     • Lower Compliance Costs for KYC

Also read: India’s Economic Challenges in 2023

What are the Other Highlights of G20 Summit 2023?

1. Commitment to Global Food Security and Nutrition
   • The G20 leaders understand how critical it is to address rising commodity costs, such as those for food and energy, which put pressure on people’s standard of living.
   • They recognize that global issues like poverty, climate change, pandemics, and wars disproportionately affect vulnerable groups, especially women and children, and they work to end hunger and malnutrition.
   • The G20 proclamation emphasizes the suffering of people as well as the effects of the war in Ukraine on supply chains, inflation, and economic stability.
2. Tripling the Global Renewable Energy Capacity By 2030
   • By 2030, the G20 nations committed to double the world’s renewable energy capacity.
   • Represents a significant shift away from fossil fuels towards cleaner energy alternatives.
   • The proclamation underscores the fact that the goals of the Paris Agreement must be accomplished with trillions of dollars in financial resources and recognizes that existing climate action is insufficient.
   • Between 2023 and 2030, increasing renewable energy capacity of this magnitude might prevent nearly 7 billion tonnes of CO2 emissions.
3. Small Arms and Terrorist Safe Havens
   • The 2023 New Delhi statement expands upon other G20 resolutions, particularly the Turkiye statement from 2015, which vehemently condemned terrorism. The New Delhi Declaration covers a larger variety of issues than the 2022 G20 Bali Leaders Declaration, which concentrated mostly on countering the funding of terrorism and bolstering the Financial Action Task Force (FATF).
   • In the New Delhi Declaration, the G20 leaders unequivocally denounce terrorism in all of its forms and manifestations.
   • The proclamation backs the FATF’s initiatives to strengthen international networks for asset recovery and recoup illicit revenues.
4. Healthcare Resilience and Research
   • The G20 New Delhi Leaders’ Declaration highlights the need to create a resilient healthcare system and focuses a lot of attention on healthcare.
   • It pledges to fortify the architecture of global health in order to develop health systems that are more durable, egalitarian, sustainable, and inclusive. At the heart of this endeavor is the World Health Organization (WHO).
   • The G20 presidency of India promoted the fusion of traditional medical procedures supported by evidence with modern medical procedures.
5. Finance Track Agreements
   • The basis for a coordinated and comprehensive legislative and regulatory framework for cryptocurrencies has been established thanks to India’s G-20 chairmanship.
   • It was stressed that a worldwide agreement was developing on the regulation of crypto assets.
   • To meet the enormous demands for development throughout the world, G-20 leaders have acknowledged the urgent need for more capable and efficient Multilateral Development Banks (MDBs).
   • The New Delhi Declaration of the G-20 leaders emphasizes the need to keep an eye on the hazards posed by the quick growth of the ecosystem for crypto assets.
6. Climate Financing Commitment
   • The statement calls for a “quantum jump” in climate finance from billions to trillions of dollars, highlighting the need for this rise.
   • To attain net-zero emissions by the year 2050, it is clear that large financial resources are required, including USD 5.8–5.9 trillion for developing nations in the years before 2030 and USD 4 trillion annually for clean energy technology.

What are the India-US partnerships at the G20 Summit in 2023?

• India and the US are stepping up their technological cooperation, concentrating on telecom infrastructure and robust semiconductor supply chains.
• India is in agreement with the US government’s ‘Rip and Replace’ pilot program and supports the removal of Chinese telecom equipment.
• India and the US reiterated their commitment to expanding their collaboration in new and developing fields including artificial intelligence (AI) and space in order to strengthen and diversify the India-US Major Defense Partnership.

Frequently Asked Questions(FAQs)

Sources:

• G20 – Wikipedia
• The Group of Twenty (G20)| National Portal of India
• https://www.thehindu.com/news/national/g20-summit-new-delhi-september-10-live-updates/article67291116.ece
• https://indianexpress.com/article/india/india-to-host-g-20-summit-in-september-2023-8147703/