G20 Summit 2023 Delhi Highlights: PM Modi calls for virtual G20 session in November, hands over G20 presidency to Brazil

For a country that pictures itself as the voice of the global South, matters relating to health and climate change will, inescapably, wind their way up as key items in any agenda.

Granted that a consensus statement is a political event and given the differing views among countries over Russia and Ukraine, agreements may not be easily forthcoming this time.

Last year, the big moment for Indonesia under its presidency was the efforts leading to the creation of a new financial intermediary fund for pandemic prevention, preparedness and response, which again would not have been easy, especially with China. (Read More)

President Droupadi Murmu and Prime Minister Narendra Modi welcome World Bank president Ajay Banga at the Bharat Mandapam.

The G20 nations on Saturday resolved to promote faster, cheaper, more transparent and inclusive cross-border payments as envisaged in the G20 Roadmap for Enhancing Cross-border Payments.

The New Delhi Leaders' Declaration, adopted by the G20 leaders, also appreciated the successful conclusion of the G20 TechSprint 2023, a joint initiative with the BIS Innovation Hub, which will promote innovative solutions aimed at improving cross-border payments.

“We reaffirm our commitment to the effective implementation of the prioritised actions for the next phase of the G20 Roadmap for Enhancing Cross-border Payments to achieve global targets for faster, cheaper, more transparent and inclusive cross-border payments by 2027 and welcome the initiatives undertaken by SSBs and international organisations in this direction,” it said.

The leaders also welcome discussions on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system. (PTI)

Nirmala Sitharaman, Indian Finance Minister, addressed questions around the possibilities of a regulatory framework for crypto assets, at the G20 New Delhi summit, 2023. From what it’s understood, Sitharaman was also asked to speak on the policy paper for crypto activities, jointly published by International Monetary Fund (IMF) and Financial Stability Board (FSB).

According to Sitharaman, FSB has focused more on the crypto regulations, whereas IMF has emphasised on the macroeconomic implications of crypto assets. “The synthesis paper is something which the G20 membership will go through in detail. There’s one more meeting, under our presidency for the finance track, in Marrakesh,” Sitharaman added. (Read More)

Prime Minister Narendra Modi unveiled the inauguration of the India-Middle East-Europe expansive economic corridor on Saturday. He expressed the significance of this momentous partnership, emphasizing its role as a pivotal means of economic integration between India, West Asia, and Europe in the future. PM Modi also highlighted that this corridor would revolutionize global connectivity and sustainable development.

This initiative comprises the participation of India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany, and the United States.

Union Finance Minister Nirmala Sitharaman stated on Saturday that India's G20 leadership had effectively translated its commitments into action. She emphasized the dedicated efforts made to ensure the active inclusion of nations from the Global South in the global decision-making framework, the IE reported.

“It has been very clear in our mind to ensure that no one is left behind in our pursuit of global solutions. Thus we have endeavored to support countries especially those from the Global South to be an integral part of the global decision-making process,” she said in a press briefing today.

“The G20 is a very diverse group and each country is at a different milestone of economic development and their trajectory is also very different in achieving their developmental growth goals. So through well-curated debates, the Indian presidency has crafted solutions that resonate with each member offering a shared path forward for all,” said Sitharaman.

The G20 has contributed to making “India world-ready and the world India-ready”, External Affairs Minister S Jaishankar said on Saturday as he underlined that India's presidency of the grouping prioritised addressing urgent concerns of the Global South.

Addressing a press briefing on the G20 Summit outcomes, Jaishankar said the African Union became a member of the grouping under India's presidency which was in keeping with the priority that the country attaches to addressing urgent concerns of the Global South.

“You would recall that at the beginning of our presidency, at Prime Minister Narendra Modi's initiative, 125 nations were consulted to express voice of the Global South,” he said.

“In terms of organisation and programme, the Indian presidency, if I may say so, has been exceptional. Events have been spread across 60 cities which are truly across the length and breadth of India. There has been a popular participation and a societal involvement of an extraordinary degree,” Jaishankar said.

The interest in G20 proceedings have been particularly strong among the youth and it has been an opportunity to showcase India's culture, traditions and heritage, the external affairs minister said.

“The G20 has contributed to making India world-ready and the world India-ready,” he said. (PTI)

The G20 leaders, in their collective declaration, endorsed the pursuit of a “comprehensive, equitable, and lasting peace in Ukraine.” They called upon member nations to abstain from using threats of force to pursue territorial expansion or infringe upon the territorial integrity of any sovereign state.

Furthermore, the declaration emphasized the absolute unacceptability of using or threatening to use nuclear weapons.

“We call on all states to uphold the principles of international law including territorial integrity and sovereignty, international humanitarian law, and the multilateral system that safeguards peace and stability. The peaceful resolution of conflicts, and efforts to address crises as well as diplomacy and dialogue are critical. We will unite in our endeavour to address the adverse impact of the war on the global economy and welcome all relevant and constructive initiatives that support a comprehensive, just, and durable peace in Ukraine that will uphold all the Purposes and Principles of the UN Charter for the promotion of peaceful, friendly, and good neighbourly relations among nations in the spirit of ‘One Earth, One Family, One Future’,” the declaration read.

During the G20 Leaders' Summit in New Delhi, the European Commission made an appeal on Saturday, urging G20 nations to come to a consensus on global targets for tripling renewable energy capacity and doubling energy efficiency by 2030. These targets are viewed as crucial in the efforts to restrict the global average temperature rise to 1.5 degrees Celsius.

Addressing the “One Earth” session, European Commission President Ursula von der Leyen stressed the urgency of tackling climate change, stating, “Climate change is a result of human activity, which means we have the capacity to rectify it.” She highlighted the disproportionate impact of climate change, pointing out that G20 countries are responsible for a staggering 80 percent of global greenhouse gas emissions, while Africa, contributing less than 4 percent of emissions, bears a significant burden.

The European Commission president served as a reminder to the G20 nations that “we are on the verge of failing to meet our goal of limiting global warming to 1.5 degrees.”

(With inputs from PTI)

G20 Sherpa Amitabh Kant explained what is New Delhi Leaders' Declaration:

PM Modi announces adoption of New Delhi G20 Leadership Declaration at G20 Summit. “The New Delhi Leaders Declaration has been officially adopted at the G20 India Leaders’ Summit! Today’s era must be marked as the golden age of human-centric globalisation & India’s G20 Presidency under the leadership of PM (Modi) has worked tirelessly towards this goal,” G20 shepa Amitabh Kant posted on X.

On Saturday, India unveiled the initiation of the Global Biofuel Alliance and extended an invitation to G20 nations to participate in this effort, advocating for a worldwide adoption of a 20 percent ethanol blending ratio with petrol. During the G20 Summit session themed 'One Earth,' Prime Minister Narendra Modi also put forth a proposal to initiate the 'G20 Satellite Mission for Environment and Climate Observation' and urged global leaders to commence their efforts on the 'Green Credit Initiative.'

(With PTI inputs)

US President Joe Biden meets US Embassy staff and their families after his arrival in India for the G20 Summit, in New Delhi. (PTI Photo)

During a meeting on the sidelines of the G20 Summit in New Delhi, British Prime Minister Rishi Sunak and Singaporean Prime Minister Lee Hsien Loong have established a new strategic partnership between their nations. Under this fresh UK-Singapore Strategic Partnership, Downing Street announced that both countries will collaborate to finalize a “new and contemporary” bilateral investment treaty. This marks the United Kingdom's first such treaty negotiation post-Brexit. The anticipated treaty is poised to enhance the confidence of Singaporean businesses investing in the UK and reciprocally promote investment, fostering job creation and economic growth for both economies.

Prime Minister Narendra Modi is currently holding bilateral talks with Japan's PM Kishidia.

As global leaders gathered at the G20 Summit, they underscored the pressing need to address various global challenges, particularly in the realm of climate action.

UK Prime Minister Rishi Sunak highlighted that the G20 leaders initially convened 15 years ago to rejuvenate global economic growth following the financial crisis. He emphasized that in today's world, marked by substantial challenges, the international community looks once again to the G20 for leadership. He expressed confidence that by working together, the G20 can effectively confront these challenges.

Brazilian President Luiz Inácio Lula da Silva, during Brazil's G20 presidency, announced the launch of a Task Force for Global Mobilization against Climate Change, reaffirming the group's commitment to addressing the urgent climate crisis.

Several prominent leaders, including German Chancellor Olaf Scholz, Saudi Arabian Crown Prince Mohammed bin Salman, and French President Emmanuel Macron, arrived in Delhi to participate in the two-day G20 Summit. Upon their arrival, Saudi Crown Prince Mohammed bin Salman was received by Union minister Ashwini Vaishnaw, while Macron was greeted by Union minister Anupriya Patel. A group of other leaders, including US President Joe Biden, Brazilian President Luiz Inacio Lula da Silva, and UK Prime Minister Rishi Sunak, had already arrived on Friday for the summit, which commenced at Bharat Mandapam on Saturday morning, and all the leaders were accorded a traditional welcome at the airport.

Leverage Edu, a study abroad platform, has revealed plans to invest 800 million Nigerian Naira (equivalent to Rs 8.4 crore) in the Nigerian market to facilitate the expansion of its operations within the African nation, reported PTI. This announcement coincides with the 'Nigeria-India Digital Economy Dialogue' held during the G20 Summit, where Akshay Chaturvedi, the Founder and CEO of LeverageEdu, engaged with Nigerian government representatives and the local entrepreneurial community.

During the G-20 summit in India, Spain's Vice-President, Nadia Calvino, ina conversation with the press, emphasized the robust appeal for multilateralism and the shared belief in the collective capability to collaborate effectively in addressing global issues, particularly the challenge of climate change. The morning's discussions were primarily centered around this theme, as well as the positive reception of the European Union's inclusion in the G20. A unanimous agreement was reached to uphold the commitments previously made in Paris and during various international summits. Moreover, there was a shared commitment to actively contribute to the forthcoming CoP28 meeting.

Prime Minister Narendra Modi's bilateral talks with British Prime Minister Rishi Sunak have begun.

French President Emmanuel Macron has arrived in new Delhi for the G20 Summit 2023.

Ursula von der Leyen, President of the European Commission, called on G20 leaders on Saturday to endorse a proposal for the establishment of a global carbon pricing mechanism. Many countries are already employing carbon pricing strategies, such as carbon taxes or emissions trading systems, to aid in achieving their climate objectives. In a statement posted on the social media platform X (formerly known as Twitter), von der Leyen emphasized the human-made nature of climate change, asserting that it can be effectively addressed through innovation, investments in green technologies, expanded renewable energy capacity, and enhanced energy efficiency. She extended an invitation to G20 leaders to join the call for a unified global approach to carbon pricing.

Following the African Union's inclusion in the G20 on Saturday, a senior delegate from South Africa expressed the belief that the voices of both the continent and the Global South will gain greater influence on the global stage. In an interview with PTI, the delegate, currently in New Delhi for the G20 Summit, conveyed South Africa's satisfaction with the AU's inclusion. They stated, “We are very happy, especially considering that South Africa has always supported the inclusion of AU in the G20, which would give our continent a voice on a bigger platform globally, not only for the African continent but the Global South [as well].” Regarding India's G20 Presidency, the delegate noted the significance of the AU's permanent membership being granted during the New Delhi Leaders' Summit. They added that while South Africa had hoped for this inclusion to become a reality during the summit, it was initially just a hope from their side. The African Union's admission as a new permanent member of the G20 marks the first expansion of the influential group since its establishment in 1999.

Prime Minister Narendra Modi makes remarks at Session-1 on 'One Earth' during the G20 Summit 2023 at the Bharat Mandapam convention center, in New Delhi on Saturday. (Image: PTI Photo)

Odisha Chief Minister Naveen Patnaik will not attend the G20 dinner hosted by President Droupadi Murmu on the opening day of the international event in New Delhi on Saturday, as per official sources, reported PTI. The Chief Minister's Office (CMO) has not provided any specific reason for his absence from the G20 program. Sources suggest that Patnaik, who also serves as the president of the ruling BJD in Odisha, is currently focused on preparations for the upcoming simultaneous assembly and Lok Sabha elections next year. He is engaged in discussions with party leaders regarding these important political developments.

Chandrajit Banerjee, Director General, CII issues a statement on the inclusion of African Union in G-20; told ANI, “The G20 decision demonstrates India’s leadership in the global arena and its championship of the Global South in the world economy and multilateral organisations. As a large and dynamic economy with a rich talent reservoir and natural resources, Africa’s rapid development will be instrumental to global inclusive growth. Prime Minister Modi’s strong emphasis on human-centric development and giving a voice to the Global South has guided this momentous outcome from the G20 Summit India. Indian industry looks forward to working with the African Union in catalysing Africa’s growth and inclusive development.”

Delegates from the world's most influential nations have reached a consensus on the language used to describe the situation in Ukraine, according to an insider with knowledge of the discussions, as leaders gathered for the annual G20 summit in New Delhi on Saturday, reported Reuters. Prime Minister Narendra Modi of India, the summit's host, inaugurated the event by urging members to address the “global trust deficit” and announced the bloc's decision to grant permanent membership to the African Union in a bid to enhance its representativeness. “In my capacity as the G20 president, India appeals to the entire world to first transform this global trust deficit into a single trust and unwavering confidence,” he declared. “The time has come for all of us to move forward together.”

Sherpas, the representatives of each country, have brokered an agreement on the language to be incorporated into the final communique, which will be presented to the leaders, according to the insider familiar with the negotiations. While specific details are not yet available, it could resemble the language used in the communique issued during the 2022 summit in Indonesia. This communique acknowledged that while most nations condemned Russia's invasion, there were also differing viewpoints on the matter.