Key Outcomes of the 2023 G20 Summit Held in India
The 18th G20 Summit of 2023 has come to a close in New Delhi, India, making it the inaugural G20 summit to be held in the country's history. The summit adopted the theme "Vasudhaiva Kutumbakam," translating to "One Earth, One Family, One Future," drawing inspiration from ancient Sanskrit texts and emphasizing the objective of sustainable development.
The 2023 G20 Summit, hosted by India, was a significant event that brought together leaders from the world's largest economies to discuss pressing global issues. This summit yielded several key outcomes that are relevant not only on an international scale but also for common citizens who are interested in global affairs.
The scheduling of the G20 Summit was also well-timed, occurring after India's successful moon landing as part of the Chandrayaan-3 program.
G20 New Delhi Declaration: The 2023 G20 New Delhi Leaders' Declaration, comprising 83 paragraphs, received unanimous approval, achieving a remarkable 100 percent consensus, with notable participation even from China and Russia. Importantly, this declaration is distinguished by its absence of footnotes or the Chair's Summary, making it a historic milestone.
The G20 New Delhi Leaders' Declaration also included pledges to incorporate Lifestyle for Environment (LiFE) into mainstream practices, carry out sustainable energy transitions, offer sustainable financial solutions, reiterate the dedication to achieving Sustainable Development Goals (SDGs), combat plastic pollution, safeguard the ocean-based economy, and various other commitments.
Finance Track: During its G20 presidency, India effectively delivered on its Finance Track objectives. Key achievements include bolstering multilateral development banks (MDBs), shaping a global policy for crypto assets, addressing debt in lower and middle-income nations, supporting sustainable urban financing, etc.
Climate Change: Concerning climate change, the declaration emphasized the need to secure financing for clean energy technologies by 2030 to work towards achieving net-zero emissions by 2050. It called for a significant escalation in climate funding, transitioning from billions to trillions of dollars.
African Union accepted as part of the G20: The 2023 G20 welcomed the inclusion of the African Union. Prior to this, the G20 had just one African member, which was South Africa. During the G20 Summit in New Delhi, the African Union, representing all 55 African nations, was granted full membership, similar to the representation of the European Union.
India – Middle East – Europe Economic Corridor (IMEC): During the G20 Summit in New Delhi, a Memorandum of Understanding (MoU) was signed to establish the India – Middle East – Europe Economic Corridor. IMEC is designed to be a network of transportation routes, including railways and sea lanes, with its core aim being the facilitation of economic growth by encouraging connectivity and collaboration among Asia, the Arabian Gulf, and Europe. The project falls under the umbrella of the Partnership for Global Infrastructure Investment (PGII), an initiative led by Western nations to support infrastructure projects worldwide.
Furthermore, the summit marked the launch of the Global Biofuel Alliance (GBA), an innovative entity dedicated to advancing sustainable biofuels, as well as the formulation of pertinent standards and certifications.
Quoting India’s honourable Prime Minister, “India's G20 Presidency will work to promote this universal sense of one-ness. Hence our theme - 'One Earth, One Family, One Future'” India's G20 Presidency achieved remarkable success. The G20 Presidency also heralds for India the start of "Amritkaal," a 25-year period commencing from the 75th anniversary of its independence on August 15, 2022, leading up to the centenary of its independence
