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The Group of Twenty, or G20, is the premier forum for international cooperation on the most important aspects of the international economic and financial agenda. It brings together the world’s major advanced and emerging economies. The G20 comprises of Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA. The G20 Countries together represent around 90% of global GDP, 80% of global trade, and two thirds of the world’s population. The objectives of the G20 are: Policy coordination between its members in order to achieve global economic stability, sustainable growth; to promote financial regulations that reduce risks and prevent future financial crises; and to create a new international financial architecture.
India and G20
India’s participation in the G20 process stems from the realization that as a major developing economy it has stake in the stability of the international economic and financial system. India has been actively involved in the G20 preparatory process both at the Sherpas Track and the Financial Track since its inception. India’s agenda at the G20 Summits is driven by the need to bring in greater inclusivity in the financial system, to avoiding protectionist tendencies and above all ensuring that growth prospects of developing countries do not suffer. It has also worked to maintain the dynamism and credibility of G20 deliberations for establishing a framework for strong, sustainable and balanced growth, strengthening international financial regulatory systems, reforming Bretton Woods’s institutions, facilitating trade finance, pushing forward the Doha agenda.
2020 G20 Riyadh summit
It was the fifteenth meeting of G20 which was scheduled to take place in Riyadh, Saudi Arabia, on 21–22 November 2020. However, due to the COVID-19 pandemic, it was held virtually. The theme of this G20 summit was “Realizing Opportunities of the 21st Century for All”. The focus was on three aims viz. Empowering People by creating the conditions in which all people – especially women and youth – can live, work and thrive; Safeguarding the Planet: by fostering collective efforts to protect our global commons and Shaping New Frontiers: by adopting long-term and bold strategies to share benefits of innovation and technological advancement.
Sh. Narendra Modi, Prime Minister of India on 21/11/2020, virtually attended the 15th G20 Summit chaired by Saudi Arabia. He stressed on the need to focus on saving citizens, economy from pandemic while keeping efforts to fight climate change. He was of the view that “Climate change must be fought not in silos but in an integrated, comprehensive and holistic way”. India has adopted low carbon & climate-resilient development practices. He also highlighted that India is “exceeding” its Paris Agreement targets and is taking a number of “concrete actions” such as making LED lights popular which is saving 38 million tons of Carbon Dioxide emissions per year and smoke-free kitchens being provided to 80 million households. India has also taken several measures such as elimination of single-use plastics, expansion of forest cover, restoring 26 million hectares of degraded land by 2030, achieving 175 giga watt of renewable energy aimed at reducing carbon footprint and preventing climate change.
He also pointed out that International Solar Alliance is “among the fastest growing International Organizations, with 88 signatories” and has plans to mobilise billions of dollars to train thousands of stake-holders, and promote research and development in renewable energy and that “the ISA will contribute to reducing carbon foot-print”. He also called for cooperation and collaboration for further increasing research and innovation in new and sustainable technologies and stressed that “The entire world can progress faster if there is a greater support of technology and finance to the developing world. For humanity to prosper, every single individual must prosper”.
The G20 Summit 2020 under the Saudi Presidency concluded on Sunday, Nov’ 22nd with a goal to create free, fair, predictable, and stable trade and investment environment and committed to ensuring that global transportation routes and supply chains remain open, safe, and secure to ensure economic recovery following the adverse impact of Covid-19. The leaders emphasized urgent need to bring the spread of the virus under control, which is key to supporting global economic recovery. The G20 further announced that top 20 economies have mobilized resources to address the immediate financing needs in global health to support the research, development, manufacturing, and distribution of safe and effective COVID-19 diagnostics, therapeutics and vaccine.
Senior Manager (Environment)