Here are some key takeaways from the G20 Summit:
Recommitting to SDGs
The G20 declaration has recommitted to achieving the Sustainable Development Goals (SDGs) by taking collective action for effective and timely implementation of the G20 2023 Action Plan. The plan focuses on three core agendas:
- Harnessing data and digital technologies for development
- Implementing sustainable, inclusive, and just transitions globally while leaving no one behind
- Investing in gender equality and empowerment of women.
Renewable Energy and Climate Change goals
Prime Minister Narendra Modi launched the Global Biofuel Alliance in partnership with the United States and Brazil. This initiative aims to promote sustainable biofuels to solve energy and economic challenges. By advancing technology, increasing the use of sustainable biofuels, and establishing robust standards and certifications with broad stakeholder participation, the alliance seeks to accelerate the global adoption of biofuels.
The G20 has endorsed an ambitious goal of tripling global renewable energy capacity, which marks a historic moment. Furthermore, the leaders acknowledged the significance of reaching an emissions peak by 2025 and recognised that limiting global warming to 1.5 degrees Celsius requires a substantial 43% reduction in greenhouse gas emissions by 2030.
Building and fostering Digital ecosystems
During their meeting, the leaders of the G20 recognised the immense potential of Artificial Intelligence (AI) in promoting global prosperity and expanding the digital economy. To ensure that AI is used for the public good and in a responsible, inclusive, and human-centric manner, they committed to various measures such as safeguarding individual rights and safety and addressing critical aspects such as transparency, fairness, accountability, regulation, security, ethics, bias mitigation, privacy, and data protection.
The leaders emphasised the importance of promoting international cooperation and discussions on AI governance, reaffirmed their commitment to the G20 AI Principles, pursued a pro-innovation regulatory approach, and actively advocated for the use of AI in achieving the Sustainable Development Goals (SDGs).
Growth, economy and jobs
The G20 nations have pledged to implement various monetary, fiscal, financial, and structural policies. Their overarching goals are to foster economic growth, reduce inequalities, and maintain macroeconomic and financial stability. G20 central banks are committed to achieving price stability, anchoring inflation expectations, and promoting transparent policy communication to mitigate adverse global impacts. They also stressed the significance of central bank independence in sustaining policy credibility. On the fiscal front, G20 nations prioritise temporary and targeted fiscal measures that safeguard the less fortunate while ensuring medium-term fiscal sustainability.
The Delhi Declaration highlights the private sector’s vital role in establishing inclusive, sustainable, and resilient global value chains. It also recognises the importance of fostering investments, promoting ease of doing business, and acknowledging the contributions of startups and MSMEs. Furthermore, the declaration underscores the importance of addressing skill gaps, promoting decent work, and implementing social protection policies.
Enhancing Women’s Food Security
The G20 Declaration is dedicated to bolstering economic and social empowerment, bridging the gender digital gap, advancing gender-inclusive climate initiatives, and ensuring women’s food security, nutrition, and well-being. The declaration advocates for women’s active involvement as decision-makers in addressing global challenges across various sectors and levels of the economy. This inclusive participation is not only pivotal for achieving gender parity but also for fostering global economic growth.
The Declaration ends with a promise of steering the world out of its current challenges and building a safer, stronger, more resilient, inclusive and healthier future for all its people and the planet in the spirit of ‘One Earth, One Family, One Future’.