G20 Summit 2023: The New Delhi Declaration

The G-20 Leader's New Delhi Declaration acknowledges the substantial financial requirements of 5.8-5.9 trillion dollars for developing countries before 2030 and 4 trillion dollars annually for clean energy to achieve net-zero emissions by 2050.

Key Highlights of New Delhi Declaration:

• G-20 Welcomes ‘African Union’: The Group of 20 (G-20) annual summit welcomed the African Union as a member, marking an important development in global economic cooperation.
• Avoiding Condemnation of Russia: The summit did not explicitly condemn Russia for its war in Ukraine but called on all states to refrain from using force to seize territory.
• UN Charter Principles: The G-20 emphasized the importance of abiding by the principles of the United Nations Charter and declared the use or threat of nuclear weapons as 'inadmissible.'
• Humanitarian Aid for Ukraine: The declaration urged Russia and Ukraine to ensure the immediate and unhindered delivery of essential goods, including grains and fertilizers, to meet the demands of developing and least developed countries, particularly in Africa.
• Protection of Food and Energy Infrastructure: The G-20 called for a halt to military destruction and attacks on food and energy infrastructure and expressed concerns about high volatility in food and energy markets.
• Phasedown of Coal: Member countries committed to a "phasedown" of coal usage in line with their national circumstances. They also pledged to triple renewable energy sources by 2030.
• Climate Finance: Developing countries require $5.8 to $5.9 trillion in the pre-2030 period to meet their climate goals. The world needs an additional $4 trillion annually by 2030 to achieve the net-zero carbon emission goals by 2050.
• Financial Reforms: The New Delhi Declaration called for reforms in international financial institutions, addressing debt vulnerabilities in low and middle-income countries, and initiating the exchange of tax-relevant information on crypto assets by 2027.
  • It stressed the importance of well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities, and maintain economic stability.

• Geopolitical Diplomacy: The declaration's avoidance of direct condemnation of Russia for the war in Ukraine is notable. It reflects the complex geopolitical dynamics at play and the G-20's effort to maintain a diplomatic stance without escalating tensions.
• Commitment to Peace and Stability: The call for refraining from using force to seize territory and the designation of the use or threat of nuclear weapons as 'inadmissible' underscores the G-20's commitment to global peace and stability.
• Climate Action and Renewable Energy: The G-20's commitment to a phasedown of coal and a significant increase in renewable energy sources aligns with global efforts to combat climate change.