The most prestigious G20 summit in New Delhi which was long-awaited is finally over. Numerous diplomats from all over the globe came to India to become a part of the G20 summit and meanwhile cherished India’s successful presidency.
The summit laid the foundation stone for deeper future cooperation among various countries. This year under the G20 summit, India has included various things that no other leader has ever done.
G20 witnessed the inclusion of the African Union into the bloc. This will set the base for more reforms that can be done in global multilateral organizations.
The three-day summit from September 8 to 11 that was organized in New Delhi turned out in favor of India where India reflected its rising stature on the global stage. Some experts said that only India could achieve this consensus. Five key takeaways from the G20 Summit held in New Delhi have been summarised below.
5 Key Takeaways
From G20 to G21
Previously G20 constituted a set of 20 powerful developed and developing countries. However, under India’s Presidency, the African Union has been added to the list making G20, and G21. India presented before the world leaders to add Africa as it constitutes one-fifth of global humanity, thus needs to be represented on the global level.
New Corridor: India-Middle East-Europe Economic Corridor
A highly crucial development unfolded in the meeting of the G20 summit on the eve of China celebrating the 10th anniversary of its Belt and Road Initiative. Along with India, the European Union, Italy, Germany, France, Saudi Arabia, the UAE, and the US jointly signed a MoU (Memorandum of Understanding) to establish IMEE-EC or the India-Middle East-Europe Economic Corridor.
The main aim of the newly established corridor is to connect Asia with Europe and foster economic integration.
Moreover, IMEE-EC will also pose a heavy challenge to the Board and Road Initiative of President Xi Jinping. This development held even more crucial importance when Giorgia Meloni, the Prime Minister of Italy, a G-7 nation member stated that they are considering withdrawing from the Board and Road Initiative.
Mohammed bin Salman, the Saudi Arabian Crown Prince showed strong support along with US President Joe Biden for this new project. The project envisages the Arabian Peninsula as an economic bridge between Europe and India. The president of the UAE also promoted the new initiative.
G20 Joint Declaration
The current G20 Summit organized under India’s Presidency is considered a diplomatic triumph. Despite differences prevailing over the Russia-Ukraine conflict, our country Bharat achieved a unanimous, “New Delhi Leaders’ Summit Declaration” on all geopolitical and developmental matters on 8th September, the opening day. India’s negotiators worked hard to bridge the gap between the Chinese-Russian faction and the Western Block. Various G20 sidelines that contributed to this consensus can be understood by knowing the Bilateral meetings held by PM Modi with world leaders like Fumio Kishida, Olaf Scholz, Rishi Sunak, and Joe Biden.
Consensus on Climate Change
The issues prevailing with climate change posed various challenges despite the Russia-Ukraine conflict being a divisive topic at the G20. To address the climate crisis, a consensus emerged that signaled a victory for the entire globe including India. Various issues also faced objections from Saudi Arabia and China are as lowering greenhouse gas emissions, increasing renewable energy targets, reducing fossil fuel use, and many more.
Other developing nations and India emphasized the need and significance of developed countries in achieving their targets and meeting commitments during the declaration negotiations. While the developed nations emphasized climate-related targets as a global focus.
The declaration held in New Delhi calls for boosting clean energy generation by reducing unabated coal power. It also focuses on rationalization and phasing out fossil fuel subsidies.
Global Biofuels Alliance
On 9 September, Saturday, Narendra Modi, the Prime Minister of India announced the rollout of the Global Biofuels Alliance. 12 international organizations along with 19 countries have joined hands and agreed to join this alliance. These countries include both non-members and members of G20. The founding members of the alliance are India, the US and Brazil.