G20 Day One: Highlights from the full Consensus Delhi Declaration

Prime Minister Narendra Modi announced on Saturday during a summit that the G20 has adopted a consensus declaration on issues facing the bloc, signalling that negotiators had resolved deep differences over the wording on the war in Ukraine.

The group's consensus came as a surprise as they are deeply divided over the war in Ukraine, with Western nations earlier pushing for strong condemnation of Russia in the Leaders' Declaration, while other countries demanded a focus on broader economic issues.

Heading into the G20 summit, there was widespread speculation about whether leaders would manage to reach a consensus on a joint declaration. However, following multiple rounds of negotiations, the parties have officially adopted the New Delhi declaration.

G20 accelerates coal reduction efforts

The G20 countries have firmly committed to expediting efforts to phase down unabated coal power, aligning with their respective national circumstances. They also reiterate their 2009 promise made in Pittsburgh to eliminate and rationalize inefficient fossil fuel subsidies.

G20 Leaders' Declaration acknowledges the importance of hastening the development, deployment, and dissemination of technologies to transition to low-emission energy systems, particularly by rapidly expanding the deployment of clean power generation.

In the G20 Declaration, it states, "Furthermore, we commit to intensifying our efforts to implement the 2009 Pittsburgh commitment, which involves phasing out and streamlining inefficient fossil fuel subsidies that promote wasteful consumption. We aim to accomplish this goal by offering specific assistance to the most impoverished and vulnerable populations."

"We recognize the urgent need to speed up the development, deployment, and adoption of low-emission energy technologies and policies. This involves scaling up clean power generation, including renewables, and improving energy efficiency. We also acknowledge the importance of accelerating the phase down of coal power, with appropriate support for fair transitions."

Ministry of External Affairs has released the full 37-page document which covers areas ranging from healthcare to finance.

Following are excerpts from the declaration

Ukraine

• All states must act in a manner consistent with the purposes and principles of the UN charter in its entirety regarding the war in Ukraine.
• It is imperative that all states universally refrain from threatening or using force to pursue territorial acquisition, thereby respecting the territorial integrity, sovereignty, or political independence of any state, particularly in the context of the war in Ukraine.
• Using or threatening to use nuclear weapons in the war in Ukraine is inadmissible.
• Different views and assessments of the situation were present on the Ukraine crisis.
• A peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue are critical.
• War must not be the era of today.

Climate Change

• Phase out coal power responsibly.
• Aid low-carbon transition financing.
• Triple global renewable energy by 2030.
• Scale up sustainable finance.
• Promote carbon pricing for neutrality.
• Increase global climate investments.
• $5.8-5.9 trillion for developing countries.
• Set ambitious $100 billion/year climate finance goal by 2024.

Food, Energy, and Grain Safety

• Russia and Ukraine are called upon to ensure immediate and unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from themselves.

• They emphasized the importance of sustaining food and energy security and called for the cessation of military destruction or other attacks on relevant infrastructure.

• The potential for high levels of volatility in food and energy markets persists.

Economies and Money Markets

• We will protect the vulnerable, promote equitable growth, and enhance macroeconomic and financial stability.

• "Our finance ministers and bank governors made a commitment to reaffirm the April 2021 exchange rate."

• We endorse the financial stability board's high-level recommendations for regulation, supervision, and oversight of crypto assets and activities.

• Their meeting in October will discuss taking forward the cryptocurrency roadmap.

• We will renew our commitment to ensure a level playing field and fair competition by discouraging protectionism and market-distorting practices.

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