In a world grappling with numerous challenges, world leaders convened to address critical issues and commit to a shared vision for a sustainable future. Here are the key highlights of their resolutions:
The international community firmly declared the inadmissibility of using or threatening to use nuclear weapons. They reaffirmed their commitment to UN Charter principles to maintain peace and security.
Terrorism, regardless of its motivations, was condemned unequivocally. Specific drivers such as xenophobia, racism, and religious extremism were highlighted as unacceptable.
Acts of religious hatred against individuals and symbols were deplored, with a commitment made while respecting domestic legal frameworks.
Leaders acknowledged the need for a strong, sustainable, and inclusive global economy to address the uneven recovery from the pandemic and combat economic inequalities.
The promotion of faster, cheaper, and more transparent cross-border payments was endorsed, aligning with the G20 Roadmap to ensure inclusivity in the financial system.
A commitment was made to accelerate clean, sustainable, and just energy transitions, emphasizing the importance of balanced and inclusive growth in combating climate change.
The need for developing countries to secure approximately $4 trillion annually by 2030 to achieve net-zero emissions by 2050 was acknowledged as crucial for the global climate agenda.
Leaders pledged to facilitate open, fair, predictable, and rules-based trade in agriculture, food, and fertilizers, adhering to WTO rules while avoiding export restrictions.
A commitment to closing gender gaps and promoting women's full and equal participation in the economy and decision-making processes was reaffirmed.
A strong stance against corruption was reiterated, alongside support for efforts to seize and return criminal proceeds to victims and states.
Addressing skill gaps, promoting decent work, and ensuring inclusive social protection policies were highlighted as essential for sustainable economic development.
The endorsement of the Financial Stability Board's recommendations for regulating, supervising, and overseeing crypto assets was made to mitigate associated risks.
The importance of investing in human capital and foundational learning, including literacy, numeracy, and socio-emotional skills, was recognized as the cornerstone of education and employment opportunities.
These global commitments and resolutions represent a collective effort to tackle pressing challenges and work toward a more sustainable, equitable, and inclusive world for all.
Under India's G20 presidency, several significant outcomes were achieved in the Finance Track, aiming to establish a coordinated global approach to cryptocurrency regulation and promote financial inclusion through digital public infrastructure.
The G20 discussions laid the groundwork for a globally coordinated and comprehensive policy framework for crypto assets, reflecting a consensus on the need for clear policies.
The New Delhi Declaration emphasizes close monitoring of risks associated with rapid developments in the crypto ecosystem. Leaders endorsed the Financial Stability Board's recommendations for regulating crypto assets.
G20 leaders recognized the high developmental demands worldwide and agreed on the necessity for more robust and effective MDBs to enhance decision-making for developing countries.
The G20 endorsed a roadmap for implementing recommendations on the capital adequacy framework of MDBs, aiming to optimize existing resources and provide additional lending capacity.
India's G20 presidency sought to align policies with the priorities of the Global South regarding MDB reforms and crypto asset regulation. Discussions will continue during the G20 Finance Ministers and Central Bank Governors meeting in Marrakech, Morocco.
The G20 Leaders' Declaration formally recognized the substantial increase in financial resources needed for transitioning to a renewable energy economy, acknowledging a requirement of $5.85-5.9 trillion for developing countries.
"Net zero" refers to balancing greenhouse gas emissions with removal or offset, preventing net increases in atmospheric carbon dioxide levels, which is crucial for climate change mitigation.
The Declaration acknowledges "common but differentiated responsibility," suggesting that not all nations share equal costs in achieving net zero, recognizing disparities between developed and developing countries.
A longstanding dispute exists regarding the transfer of money and technology from developed to developing countries for climate adaptation. The 2010 commitment to $100 billion annually was reaffirmed, with developed countries expected to meet this goal for the first time in 2023.
The Declaration emphasizes reducing global greenhouse gas emissions by 43% by 2030 relative to 2019 levels and encourages tripling renewable energy capacity and doubling energy efficiency improvements by 2030.
The G20 nations made several resolutions regarding women's participation in climate change mitigation and adaptation. Key points include:
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