G20 leaders Stress Importance of Cooperation to Address Challenges Affecting Global Economy

The G20 leaders stressed that G20 cooperation is essential as headwinds to global economic growth and stability persist, and as years of cascading challenges and crises have reversed gains in the 2030 Agenda and its Sustainable Development Goals (SDGs).


This affirmation appears in the “G20 New Delhi Leaders’ Declaration”, following the G20 summit, which concluded yesterday in India, where it was held under the theme “One Land, One Family, One Future”.


Leaders of G20, the premier global forum for international economic cooperation, have committed to:
a. Accelerating strong, sustainable, balanced, and inclusive growth.

b. Accelerating the full and effective implementation of the 2030 Agenda for Sustainable Development.


c. Improving access to medical countermeasures and facilitating more supplies and production capacities in developing countries, to prepare better for future health emergencies.


d. Promoting resilient growth by urgently and effectively addressing debt vulnerabilities in developing countries.

e. Pursuing reforms for better, bigger, and more effective Multilateral Development Banks (MDBs) to address global challenges to maximize developmental impact.


f. Improving access to digital services and digital public infrastructure, and leveraging digital transformation opportunities to boost sustainable and inclusive growth.


g. Promoting sustainable, quality, healthy, safe, and gainful employment.


h. Closing gender gaps and promoting the full, equal, effective, and meaningful participation of women in the economy as decision-makers.


i. Better integrating the perspectives of developing countries, including the least developed countries (LDCs), landlocked developed countries (LLDCs), and small island developing states (SIDS), into future G20 agendas and strengthening the voice of developing countries in global decision-making.


On accelerating progress on SDGs, the leaders committed to enhancing global food security and nutrition for all in line with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023. They also committed to inclusive, equitable, high-quality education and skills training for all, including those in vulnerable situations.


On the Green Development Pact for a sustainable future, the leaders committed to urgently accelerating their actions to address environmental crises and challenges, enhancing environmentally sound waste management, substantially reducing waste generation by 2030, restoring at least 30% of all degraded ecosystems by 2030, scaling up efforts to achieve land degradation neutrality, and conserving, protecting, restoring and sustainably using the world’s ocean and marine ecosystems. They also recalled and reaffirmed the commitment made in 2010 by the developed countries to jointly mobilize $100 billion annually to finance climate issues.


On the subject of multilateral institutions for the 21st century, the leaders reiterated their commitment to a strong, quota-based, and adequately resourced IMF at the center of the global financial safety net.


On gender equality and women’s empowerment, the G20 leaders committed to enhancing women’s economic and social empowerment, bridging the gender digital divide, and driving gender-inclusive climate action.


G20 leaders also committed to strengthening their ties with and supporting the African Union to realize the aspirations under Agenda 2063.


G20 leaders reiterated their commitment to achieving net zero global greenhouse gas (GHG) emissions/carbon neutrality by or around mid-century, while taking into account the latest scientific developments and in line with different national circumstances, as well as taking into account different approaches, including the Circular Carbon Economy, socioeconomic, technological and market development, and promoting the most efficient solutions.


Additionally, they emphasized the importance of maintaining uninterrupted flows of energy from various sources, suppliers, and routes, exploring paths of enhanced energy security and market stability, including through inclusive investments to meet the growing energy demand, in line with their sustainable development and climate goals, while promoting open, competitive, non-discriminatory and free international energy markets.


Lastly, G20 leaders thanked India for successfully hosting the 18th G20 Summit in New Delhi, for its warm welcome to delegates, and for its valuable contributions to the strengthening of the G20. They expressed appreciation for the successful conclusion of various G20 working groups and ministerial meetings and welcomed their outcomes.


They also said they looked forward to meeting again in Brazil in 2024, in South Africa in 2025, and in the US in 2026, and welcomed Saudi Arabia’s ambition to advance its turn for hosting the G20 Presidency in the next cycle.

Short link :

Related Stories

Back to top button