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Business News/ News / India/ G20 Summit: Highlights from New Delhi Leaders' Declaration passed on Day 1

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G20 Summit: Highlights from New Delhi Leaders' Declaration passed on Day 1

2 min read 09 Sep 2023, 06:24 PM IST Anwesha Mitra

New Delhi Declaration adopted with 100% consensus on all issues at G20 summit, including Ukraine war.

Prime Minister Narendra Modi delivers his remarks at Session 1 on 'One Earth' during the G20 Leaders' Summit at Bharat Mandapam (ANI) — Prime Minister Narendra Modi delivers his remarks at Session 1 on 'One Earth' during the G20 Leaders' Summit at Bharat Mandapam **(ANI)**

The New Delhi Declaration was adopted on Saturday with 100% consensus on all developmental and geo-political issues. Delegates from the world's top economies found common ground in spite of significantly different stances on topics such as the Ukraine war and climate change.

“There is good news. With everyone's cooperation, consensus has been reached on New Delhi G20 Leadership Declaration…I announce the adoption of this declaration," announced Prime Minister Narendra Modi.

Here are some highlights from the 37 page document:

The missive avoided condemnation of Russia for the war in Ukraine but called on all states to refrain from the use of force to seize territory. It also called on states to abide by the principles of the UN Charter and dubbed the use or threat of nuclear weapons ‘inadmissible’.
It called on Russia and Ukraine to ensure immediate and unhindered delivery of grains, fertilizers and other goods in order to “meet the demand in developing and least developed countries, particularly those in Africa".
It called for a cessation of military destruction or other attacks on food and energy infrastructure and flagged concerns about high levels of volatility in food and energy markets.
The member countries committed to a "phasedown" of coal “in line with national circumstances". With major fossil fuel producers including Saudi Arabia, Russia and Australia – and coal-dependent nations such as India and South Africa – at the table, the G20 also pledged to triple renewable energy sources by 2030.
Developing countries need $ 5.8 to $ 5.9 trillion in the pre-2030 period for their climate goals, while the world would need another $ 4 trillion per annum investment by 2030 to help reach net-zero carbon emission goal by 2050.

The New Delhi Declaration also called for reforming of international financial institutions, managing debt vulnerabilities of low and middle-income countries and the start of exchange of tax-relevant information on crypto assets by 2027.
The global leaders stressed that central banks remain strongly committed to achieving price stability in line with their respective mandates. “With notable tightening in global financial conditions, which could worsen debt vulnerabilities, persistent inflation and geo-economic tensions, the balance of risks remains tilted to the downside. We, therefore, reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability," it added.
The document welcomed the initial steps taken by the Financial Stability Board, Standard Setting Bodies and certain jurisdictions to examine what lessons can be learned from this recent banking turbulence and encourage them to advance their ongoing work. It further added that they recognised the importance of supply-side policies, especially policies that increase labour supply and enhance productivity to boost growth and alleviate price pressures.
The Group of 20 top world economies welcomed the African Union as a member at their annual summit.

(With inputs from agencies)

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