G20 Summit: 11 key highlights of the New Delhi declaration

Image credit: Narendra Modi/Twitter

India’s presidency of the G20 group of countries saw the adoption of the New Delhi Declaration on the first day.

It was adopted on Saturday, September 9 with a full consensus on all developmental and geo-political issues. Leaders from the world’s top economies found common ground in spite of significantly different stances on topics such as the Ukraine war and climate change.

“With everyone’s cooperation, consensus has been reached on New Delhi G20 Leadership Declaration…I announce the adoption of this declaration,” announced Prime Minister Narendra Modi.

The 37-page document contained 112 outcomes which is two-and-a-half- times more than any other. For the first time, the declaration contained no footnote or Chair’s Summary.

Here are the highlights from the G20 New Delhi declaration:

1. The declaration called on states to abide by the principles of the UN Charter and dubbed the use or threat of nuclear weapons ‘inadmissible’.

2. It called on Russia and Ukraine to ensure immediate and unhindered delivery of grains, fertilizers and other goods in order to “meet the demand in developing and least developed countries, particularly those in Africa”.

3. It called for a cessation of military destruction or other attacks on food and energy infrastructure and flagged concerns about high levels of volatility in food and energy markets.

4. The member countries committed to a “phasedown” of coal “in line with national circumstances”. With major fossil fuel producers including Saudi Arabia, Russia and Australia – and coal-dependent nations such as India and South Africa – at the table, the G20 also pledged to triple renewable energy sources by 2030.

5. Another big takeaway of the declaration was the launch of the Global Biofuels Alliance. Brazil, India, and the United States, as leading biofuel producers and consumers, will work together during the next few months towards the development of a Global Biofuels Alliance along with other interested countries.

6. Developing countries need $5.8 to $5.9tn in the pre-2030 period for their climate goals, while the world would need another $4tn per annum investment by 2030 to help reach net-zero carbon emission goal by 2050.

7. The first day of the summit saw the announcement of the India-Middle East-Europe shipping and railway connectivity corridor by India, the US, Saudi Arabia and the European Union. The trade corridor will consist of two separate corridors (i) East Corridor connecting India to West Asia/Middle East and (ii) Northern Corridor connecting West Asia/Middle East to Europe.

8. The Group of 20 top world economies welcomed the African Union as a member at their annual summit.

9. The New Delhi Declaration also called for reforming of international financial institutions, managing debt vulnerabilities of low and middle-income countries and the start of exchange of tax-relevant information on crypto assets by 2027.

10. The global leaders stressed that central banks remain strongly committed to achieving price stability in line with their respective mandates. “With notable tightening in global financial conditions, which could worsen debt vulnerabilities, persistent inflation and geo-economic tensions, the balance of risks remains tilted to the downside. We, therefore, reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability,” it added.

11. The document welcomed the initial steps taken by the Financial Stability Board, Standard Setting Bodies and certain jurisdictions to examine what lessons can be learned from this recent banking turbulence and encourage them to advance their ongoing work. It further added that they recognised the importance of supply-side policies, especially policies that increase labour supply and enhance productivity to boost growth and alleviate price pressures.

The close of the summit saw India handover the ceremonial gavel to Brazil, which will assume the presidency of the group next year. “I want to congratulate Brazil’s president and my friend Lula da Silva, and hand over the presidency’s gavel to him,” PM Modi said.