The Virtual G20 Leaders’ Summit on Wednesday will review the progress on the decisions taken by the Leaders in September even as India pushes for early implementation of priorities including climate finance and energy transitions.
The virtual summit will be the culmination of the Indian Presidency in 2023 during which G20 leaders met physically in New Delhi on September 9-10 and agreed upon 205 outcomes.
“The virtual summit will provide an opportunity not only to discuss the implementation of the Leaders’ Declaration but also for leaders to share views and enhance cooperation on critical challenges that we confront and address gaps in global governance, reaffirm our existing commitments towards the Sustainable Development Goals (SDGs), and move towards a reinvigorated multilateral system that is better positioned to positively impact people’s lives,” India’s G20 Sherpa Amitabh Kant said.
Over the past two months, substantive progress on key priorities/outcomes of G20 has been achieved.
G20 consensus on tripling renewable energy capacity globally by 2030 and doubling the global rate of energy efficiency improvement by 2030, which was committed to by G20 Leaders in Delhi for the first time, are the key expected outcomes of COP 28 to be held from November 30 to December 12 in Dubai. COP 28 is referred to the 2023 United Nations Climate Change Conference.
The announcements of USD 5.8-5.9 trillion and USD 4 trillion per year for National Determined Contributions (NDCs) implementation and clean energy technologies for developing countries was the critical outcome of our Presidency and we will continue to work with the Brazilian Presidency in mobilising these resources for the global south
On financing of multilateral development banks (MDBs), the US administration has asked US Congress for funding to unlock $25 billion in IBRD and Germany has pledged Euro 35 million of hybrid capital that will enable the World Bank to have additional IBRD lending of $2.5 billion over next 10 years.
The 2023 G20 New Delhi Update was finalised on November 13. It is a comprehensive report on the progress made by G20 with respect to the achievement of the Sustainable Development Goals and the contribution of the Indian Presidency to the process.