The G20 member nations adopted the New Delhi Declaration on Saturday, showing a consensus among the member states. As the chair of the G20 under India's presidency, Prime Minister Narendra Modi announced that this was a significant step for the summit towards global cooperation.
PM Modi told the state leaders, "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, added that the declaration focused on strong, sustainable growth, as well as accelerating Progress on sustainable development goals, green development pacts, and multilateralism.
The New Delhi G20 Leaders' Summit Declaration, held under the theme 'Vasudhaiva Kutumbakam,' strongly emphasises addressing global challenges while fostering strong, sustainable, balanced, and inclusive growth. Here are some of the highlights of the declaration and the commitments the G20 member nations have agreed upon.
Peace and prosperity
Addressing the ongoing conflict in Ukraine, the declaration stressed the need for nations to align themselves with the United Nations Charter's Principles and Purposes. The document emphasised the need to refrain from the threat or use of force for territorial acquisition, and it unequivocally deems the use or threat of nuclear weapons as inadmissible.
The joint declaration echoed the sentiments shared by PM Modi in 2022 that "this is not an era of war."
Unlocking strong, sustainable, balanced, and inclusive growth
In recognition of an uneven global recovery, the declaration commits to implementing "well-calibrated macroeconomic and structural policies". The aim of these policies is to protect vulnerable populations while promoting equitable growth through enhanced macroeconomic and financial stability. It also looks to address the cost-of-living crisis. Moreover, the document acknowledges the role of the private sector and enterprises in driving sustainable economic transformations.
The declaration read, "Facing an uneven recovery, and cognizant of the need to boost long-term growth, we will implement well-calibrated macroeconomic and structural policies… Such an approach will help resolve the cost-of-living crisis and unlock strong, sustainable, balanced, and inclusive growth."
Trade for growth
The G20 nations reaffirmed that a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system, with the World Trade Organisation (WTO) at its core, was essential for growth.
The declaration continues to support policies that leverage trade and investment as drivers of growth and prosperity while committing to maintaining a level playing field. This is done through discouraging protectionism and eliminating market-distorting practices to create a conducive trade and investment environment.
Achieving sustainable development goals
The G20 member nations expressed their dedication to taking collective action for effective and timely implementation of the G20 2023 Action Plan to Accelerate Progress on the Sustainable Development Goals (SDGs).
Human capital development
Recognising the crucial role of human capital development, the document emphasises the importance of eliminating hunger and malnutrition. This means improving global food security and nutrition and aligning with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023.
Moreover, delivering quality education and access to education for all was crucial to human capital development. The nations are committing to create more inclusive, equitable and high-quality education for all. This includes skill training for everyone, especially those in vulnerable situations.
Green development pact
Looking at environmentally sustainable and inclusive economic growth & development, the declaration highlights the importance of current policies on the present and future generations when planning for the environment. Member nations have committed to holistic and balanced approaches that preserve the planet and pursue environmentally sustainable and inclusive economic growth and development.
Macroeconomic risks from climate change and transition pathways
The declaration acknowledges the substantial macroeconomic costs associated with climate change, emphasising the importance of international dialogue, cooperation, and financial support, as well as timely policy action to address these challenges in alignment with country-specific circumstances.
The declaration states, "The macroeconomic costs of the physical impacts of climate change are significant both at aggregate and country levels, and the cost of inaction substantially outweighs that of orderly and just transitions. We recognise the importance of international dialogue and cooperation, including in the areas of finance and technology, and timely policy action consistent with country-specific circumstances."
Climate and sustainable finance
The G20 nations welcome the recommendations of the Sustainable Finance Working Group (SFWG) to mobilise resources for climate finance and support transition activities while considering country-specific circumstances.
G20 member nations stated their commitment to conserving, protecting, and restoring the world's oceans and marine systems. The declaration also highlighted the importance of sustainably using the ocean's resources. The declaration also mentioned making Progress and contributing to the 2025 UN Ocean Conference.
In addition to these key points, the G20 Declaration also addresses the vital issue of ending corruption. This reaffirmed the G20 nations' commitment to fostering integrity and transparency in governance.
PM Modi stated that India's presidency has been the most ambitious in the history of G20. He stated, "There are 73 outcomes (lines of effort) and 39 annexed documents (presidency documents, not including Working Group outcome documents). With 112 outcomes and presidency documents, we have more than doubled the substantive work from previous presidencies," according to a report by the Times of India.
Other initiatives India has announced include the Global Biofuel Alliance, pushing G20 nations to take a plea to blend ethanol with petrol globally to 20 per cent. The PM also proposed to launch the "G20 Satellite Mission for Environment and Climate Observation" as well as work on a "Green Credit Initiative."