Let’s catch up on the most important information from the sessions held throughout the first day of the G20 Summit.
On the first day of the eagerly anticipated G20 Leaders’ Summit, both sessions, “One Earth” and “One Family,” came to a successful conclusion with the adoption of the momentous joint declaration by the member states. The “War in Ukraine” and Prime Minister Narendra Modi’s remark that “Today’s era must not be of war” are both highlighted in the 37-page declaration.
Moreover, the African Union has now been formally admitted as a permanent member of the international forum by the Group of Twenty (G20) countries after great expectations. The alliance included the European Union (EU) and 19 other nations. and the joining of the 55-member African bloc added another member to the forum.
Here are key takeaways from day 1 of the G20 Leaders’ Summit:
1. Leaders’ Declaration
After Russia threatened to reject any declaration that did not reflect Moscow’s viewpoints and after the EU continued to criticise Russia, which also made its way to this summit, rumours were widespread about the failure to reach a common declaration. However, this year’s declaration included PM Modi’s comment on conflict resolution, showing that the G7 nations and EU have valued India’s stance during the Russia-Ukraine crisis. This year’s declaration softened its language from last year’s meeting in Bali.
Also read: G20 Summit 2023: Key Highlights Of PM Modi’s Bilateral Talks With Japan’s PM Fumio Kishida
Recalling the G20’s founding principles, the declaration acknowledged that the forum is not a place to resolve security and geopolitical disputes, but it also recognised that these matters can have significant effects on the world economy.
The declaration demanded that all governments support international law, particularly territorial integrity and sovereignty, with regard to the “war in Ukraine”.
2. India’s rail and waterway link to Europe and the Middle East
The ambitious India-Middle East-Europe Corridor’s official announcement on the fringes of the G20 Summit has paved the way for a groundbreaking initiative to boost trade ties between India and other sub-continental nations like Nepal and Bangladesh as well as Middle Eastern and European countries like the UAE, Saudi Arabia, Italy, Germany, and France.
The Belt and Road project (BRI) of China will be significantly tempered by this project. Rail connections, ports, power, hydrogen pipelines, and a data network would be built between the participating countries. US President Joe Biden shook hands with Modi, Mohammed bin Salman, and other leaders after saying, “This is a real big deal.”
3. Accepting new members into the coalition
The G20 welcomed the African Union into its league before the start of the 2023 Summit in order to fulfil India’s commitment. The participation of the AU, a union of resource-rich countries, will guarantee its contribution to halting climate change. More than 30% of the minerals needed to create renewable technologies with minimal carbon emissions are found there, and it possesses 60% of the world’s renewable energy.
Also read: G20 Summit 2023: Key Highlights Of PM Modi’s Bilateral Talks With Japan’s PM Fumio Kishida
At full strength, the African bloc has 55 members; however, six junta-ruled countries are now suspended. With almost 1.4 billion inhabitants, it has a $3 trillion global GDP.
4. Encourage climate finance
Making a meaningful financing system to fight climate change is one of the G20’s biggest concerns. The Green Development Pact will be a step in the right direction towards addressing this issue. By 2025, the industrialised countries are urged to quadruple their contribution to the cause from the current level of $100 billion annually.
In an effort to create a coalition of worldwide organisations, governments, and industry to assure the adoption of biofuels, the India-led “global biofuels alliance” has also been announced.
The G20 Satellite Mission for Environment and Climate Observation, which was also announced by India, aims to provide information on weather and climate for all countries, particularly those in the Global South.
“All the countries, especially those in the Global South, will have access to the climate and weather data that are obtained via this. All G20 nations are invited to participate in this endeavour, India declared during a meeting.
