The world has hailed India for the success of the G20, which saw the Modi government pull a diplomatic win by unveiling a declaration with consensus. However, beyond the declaration that avoided condemning Moscow for its invasion of Ukraine, the Summit also saw multiple initiatives that will help better relationships between the G20 countries and the newly included African Union.
According to External Affairs Minister S Jaishankar, the New Delhi Declaration showed that our Presidency was able to table ideas, shape global issues, bridge divides and forge consensus. "We kept the focus on Global South. We showcased our civilisational heritage even as we highlighted contemporary achievements," tweets EAM Dr S Jaishankar.
The landmark initiatives launched included the Global Biofuel Alliance and the India-Middle East-Europe Economic Corridor (IMEC). He added that G20 membership of the African Union was a major achievement. "The Prime Minister's vision gave the Summit a clear direction for growth and development in the years ahead," he added.
Green Development Pact: According to the EAM, the declaration envisages a green development pact for a sustainable future, it endorses high-level principles on lifestyle for sustainable development, voluntary principles of hydrogen, the Chennai principles for a sustainable resilient blue economy and the Deccan principles on food security and nutrition among others.
"The key achievements include achieving achieved a green development pact…every single country has come together to focus on green development pact which has financing, which has a focus on global greenhouse gas emission by 43 per cent by 2030, which has a doubling provision of adapting finance by 2025, which has a global biofuel alliance," said G20 Sherpa Amitabh Kant.
India-Middle East-Europe Corridor: The ambitious India-Middle East-Europe Economic Corridor was announced during the summit. Many see the corridor as an alternative to China's Belt and Road Initiative. It was jointly announced by the leaders of the United States, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit. The countries signed the Memorandum of Understanding to establish the India-Middle East-Europe Economic Corridor which is expected to stimulate economic development through enhanced connectivity and economic integration between Asia, the Arabian Gulf, and Europe.
Digital public infrastructure: The third key outcome was the Digital Public Infrastructure. According to G20 Chief Coordinator Harsh Vardhan Shringla, there will be a strong emphasis on technology, linked to digital public infrastructure during the G20 India’s presidency. He pointed out that one of the major takeaways is the central bank’s digital currency, through which even international media persons, who did not have bank accounts in India got some money in their mobile wallets to buy products digitally in the crafts mela.
Reform of Multilateral Development Banks: Finance Minister Nirmala Sitharaman said the key achievements of the Indian Presidency in the finance track were the reforms of Multilateral Development Banks (MDB). The Capital Adequacy Frameworks (CAF) recommendations are focused on enabling MDBs to use the existing resources effectively. The member countries endorsed the G20 Roadmap for Implementing the Recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks and called for its ambitious implementation.
Inclusion of African Union: A major diplomatic win for India was in the inclusion of the African Union, which saw G20 become G21. South African presidential spokesperson Vincent Magwenya on Saturday said it signals an important step to the reforms that the 55-nation bloc has been seeking in global and multilateral institutions including the United Nations Security Council. African leaders have welcomed the unanimous decision of the G20 to admit the African Union as its permanent member, with most hailing it as an opportunity for the huge and resource-rich continent to further its agenda on the global stage.
Global bio fuel alliance: The G20 members on Saturday agreed on phasing out unabated coal power, trebling investment in renewables and doubling targets under energy efficiency by 2030 for a smoother energy transition and on the creation of Global Biofuel Alliance.
Prime Minister Narendra Modi on Saturday announced the launch of the Global Biofuel Alliance and urged G20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20 per cent. According to the G20 Delhi Declaration, the members stated: "Recognize the importance of sustainable biofuels in our zero and low- emission development strategies, and note the setting up of a Global Biofuels Alliance."
The members also agreed on the need to increase the investment in renewable energy. They agreed to "take note of the Voluntary Action Plan on Doubling the Rate of Energy Efficiency Improvement by 2030".