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Political leaders from the world’s top economies gathered in New Delhi, India, on Saturday for the G20 Summit. They reached an agreement well ahead of schedule, addressing price increases and climate change on a broad economic agenda.
Discussions on the economic effects of war, particularly in terms of food and energy prices, were successfully advanced by Indian politicians, who have consistently remained neutral in the Russo-Ukrainian conflict, despite concerns about division among G20 members over the issue of conflict in Ukraine. keeping the pace of world expansion.
As the summit’s host, India’s main objective was to highlight answers to the specific problems that the global South faced, which was a crucial strategic objective for South Asian countries.
Here are the G20 summit’s three main lessons:
Extending a G20 invitation to the African Union
The Group of Twenty (G20) welcomed the African Union to join as a permanent member on Saturday, making it the only representative from the continent, which is home to the world’s fastest-growing cities, economies, and inhabitants. Africa currently has 1.4 billion people, some of whom have the highest birth rates, and it is predicted that by 2050, a quarter of the world’s population will come from Africa
The G20’s primary objective going forward, in addition to promoting diverse renewable energy sources and other natural
resources as a whole, will be to promote effective solutions to climate change challenges, an area where it has made substantial progress thus far. At the G20 summit in Indonesia last year, President Joe Biden lobbied for the AU’s invitation, calling it “long overdue.”
Taking Care of Climate Change
The main concern remained dealing with climate change. One of the main areas of discussion during the negotiations on Saturday was the progress made toward attaining the Sustainable Development Goals by 2030.
Only 12% of the SDG targets are still on track as of 2030’s halfway point, falling off the global development track. We, the G20 coordinating power, and its full and effective implementation will leverage the group’s joint commitment during this decade of action, it was claimed in the announcement.
Large financial contributions were also made to boost financial support for the World Health Organization, increase educational possibilities, and address the pervasive consequences of food poverty on the economy.
The WHO Director-General Tedros Adhanom Ghebreyesus commended the G20’s declaration and underlined that economic restructuring is required to meet both human and environmental health requirements.
Enhanced Digital Infrastructure
Strengthening the global digital infrastructure and fostering confidence in the future of the digital economy are two other important aspects of the accord.
The commitment of member nations to hold substantive conversations about the need for thorough financial rules and increased control of central bank digital currencies and crypto-assets was expressed.
Some analysts claim that for countries that are lagging in digital development, a state-controlled digital system that can hold both public and private apps and websites is a crucial place to start. technological advancement. Indian President Narendra Modi has invested a sizable amount of money in such a system.