G20 Summit: The announcement is significant as the deliberations on the Delhi declaration were clouded by the different positions on Russia-Ukraine war.
G20 Summit: PM Modi announced on Saturday that the leaders of G20 countries have reached a consensus on New Delhi G20 Leaders Declaration. The announcement is significant as the deliberations on the Delhi declaration were clouded by the different positions on Russia-Ukraine war. Here's the full text of the New Delhi G20 Leaders Declaration:
Preamble
1. We are One Earth, One Family, and we share One Future.
2. We, the Leaders of the G20, met in New Delhi on 9-10 September 2023, under the theme ‘Vasudhaiva Kutumbakam’. We meet at a defining moment in history where the decisions we make now will determine the future of our people and our planet. It is with the philosophy of living in harmony with our surrounding ecosystem that we commit to concrete actions to address global challenges.
3. G20 cooperation is essential in determining the course the world takes. Headwinds to global economic growth and stability persist. Years of cascading challenges and crises have reversed gains in the 2030 Agenda and its Sustainable Development Goals (SDGs). Global greenhouse gas (GHG) emissions continue to increase, with climate change, biodiversity loss, pollution, drought, land degradation and desertification threatening lives and livelihoods. Rising commodity prices, including food and energy prices are contributing to cost of living pressures. Global challenges like poverty and inequality, climate change, pandemics and conflicts disproportionately affect women and children, and the most vulnerable.
4. Together we have an opportunity to build a better future. Just energy transitions can improve jobs and livelihoods, and strengthen economic resilience. We affirm that no country should have to choose between fighting poverty and fighting for our planet. We will pursue development models that implement sustainable, inclusive and just transitions globally, while leaving no one behind.
5. As Leaders of G20, the premier global forum for international economic cooperation, we resolve to act in concrete ways through partnerships. We commit to:
a. Accelerate strong, sustainable, balanced and inclusive growth.
b. Accelerate the full and effective implementation of the 2030 Agenda for Sustainable Development.
c. Pursue low-GHG/low-carbon emissions, climate-resilient and environmentally sustainable development pathways by championing an integrated and inclusive approach. We will urgently accelerate our actions to address development and climate challenges, promote Lifestyles for Sustainable Development (LiFE), and conserve biodiversity, forests and oceans.
d. Improve access to medical countermeasures and facilitate more supplies and production capacities in developing countries to prepare better for future health emergencies.
e. Promote resilient growth by urgently and effectively addressing debt vulnerabilities in developing countries.
f. Scale up financing from all sources for accelerating progress on SDGs.
g. Accelerate efforts and enhance resources towards achieving the Paris Agreement, including its temperature goal.
h. Pursue reforms for better, bigger and more effective Multilateral Development Banks (MDBs) to address global challenges to maximise developmental impact.
i. Improve access to digital services and digital public infrastructure, and leverage digital transformation opportunities to boost sustainable and inclusive growth.
j. Promote sustainable, quality, healthy, safe and gainful employment.
k. Close gender gaps and promote the full, equal, effective and meaningful participation of women in the economy as decision-makers.
l. Better integrate the perspectives of developing countries, including LDCs, LLDCs, and SIDS, into future G20 agenda and strengthen the voice of developing countries in global decision making.
6. Through these actions today, we are building towards a system that better empowers countries to address global challenges, is human-centric, and brings prosperity and well-being to humanity.
For the Planet, People, Peace and Prosperity
7. We note with deep concern the immense human suffering and the adverse impact of wars and conflicts around the world.
8. Concerning the war in Ukraine, while recalling the discussion in Bali, we reiterated our national positions and resolutions adopted at the UN Security Council and the UN General Assembly (A/RES/ES-11/1 and A/RES/ES-11/6) and underscored that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety. In line with the UN Charter, all states must refrain from the threat or use of force to seek territorial acquisition against the territorial integrity and sovereignty or political independence of any state. The use or threat of use of nuclear weapons is inadmissible.
9. Reaffirming that the G20 is the premier forum for international economic cooperation, and recognizing that while the G20 is not the platform to resolve geopolitical and security issues, we acknowledge that these issues can have significant consequences for the global economy.
10. We highlighted the human suffering and negative added impacts of the war in Ukraine with regard to global food and energy security, supply chains, macro-financial stability, inflation and growth, which has complicated the policy environment for countries, especially developing and least developed countries which are still recovering from the COVID-19 pandemic and the economic disruption which has derailed progress towards the SDGs. There were different views and assessments of the situation.
11. We appreciate the efforts of Türkiye and UN-brokered Istanbul Agreements consisting of the Memorandum of Understanding between the Russian Federation and the Secretariat of the United Nations on Promoting Russian Food Products and Fertilizers to the World Markets and the Initiative on the Safe Transportation of Grain and Foodstuffs from Ukrainian Ports (Black Sea Initiative), and call for their full, timely and effective implementation to ensure the immediate and unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from the Russian Federation and Ukraine. This is necessary to meet the demand in developing and least developed countries, particularly those in Africa.
12. In this context, emphasizing the importance of sustaining food and energy security, we called for the cessation of military destruction or other attacks on relevant infrastructure. We also expressed deep concern about the adverse impact that conflicts have on the security of civilians thereby exacerbating existing socio-economic fragilities and vulnerabilities and hindering an effective humanitarian response.
13. We call on all states to uphold the principles of international law including territorial integrity and sovereignty, international humanitarian law, and the multilateral system that safeguards peace and stability. The peaceful resolution of conflicts, and efforts to address crises as well as diplomacy and dialogue are critical. We will unite in our endeavour to address the adverse impact of the war on the global economy and welcome all relevant and constructive initiatives that support a comprehensive, just, and durable peace in Ukraine that will uphold all the Purposes and Principles of the UN Charter for the promotion of peaceful, friendly, and good neighbourly relations among nations in the spirit of ‘One Earth, One Family, One Future’.
14. Today’s era must not be of war.
A. Strong, Sustainable, Balanced, and Inclusive Growth
Global Economic Situation
15. Cascading crises have posed challenges to long-term growth. Facing an uneven recovery, and cognizant of the need to boost long-term growth, we will implement wellcalibrated macroeconomic and structural policies. We will protect the vulnerable, through promoting equitable growth and enhancing macroeconomic and financial stability. Such an approach will help resolve the cost-of-living crisis and unlock strong, sustainable, balanced, and inclusive growth.
16. Global economic growth is below its long-run average and remains uneven. The uncertainty around the outlook remains high. With notable tightening in global financial conditions, which could worsen debt vulnerabilities, persistent inflation and geoeconomic 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. We will continue to enhance macro policy cooperation and support the progress towards the 2030 Agenda for Sustainable Development. We reaffirm that achieving strong, sustainable, balanced and inclusive growth (SSBIG) will require policymakers to stay agile and flexible in their policy response, as evidenced during the recent banking turbulence in a few advanced economies where expeditious action by relevant authorities helped to maintain financial stability and manage spillovers. We welcome the initial steps taken by the Financial Stability Board (FSB), Standard Setting Bodies (SSBs) and certain jurisdictions to examine what lessons can be learned from this recent banking turbulence and encourage them to advance their ongoing work. We will use macroprudential policies, where required, to safeguard against downside risks. Central banks remain strongly committed to achieving price stability in line with their respective mandates. They will ensure that inflation expectations remain well anchored and will clearly communicate policy stances to help limit negative cross-country spillovers. Central bank independence is crucial to maintaining policy credibility. We will prioritise temporary and targeted fiscal measures to protect the poor and the most vulnerable, while maintaining medium-term fiscal sustainability. Ensuring the overall coherence of the monetary and fiscal stances remains important. We recognise the importance of supply-side policies, especially policies that increase labour supply and enhance productivity to boost growth and alleviate price pressures. We reaffirm the April 2021 exchange rate commitment made by our Finance Ministers and Central Bank Governors.
17. We recognise the critical role of private enterprise in accelerating growth and driving sustainable economic transformations. To this end, we resolve to work with private sector to: i. Create inclusive, sustainable, and resilient global value chains, and support developing countries to move up the value chain. ii. Facilitate investments including Foreign Direct Investments (FDIs) towards sustainable business models. iii. Devise pipelines of investible projects in developing countries, by leveraging expertise of MDBs to mobilise investments. iv. Promote the ease and reduce the cost of doing business.
18. We recognise that start-ups and MSMEs are natural engines of growth. They are key to socio-economic transformation by driving innovation and creating employment. We welcome the establishment of the Start-up 20 Engagement Group during India’s G20 Presidency and its continuation.
Unlocking Trade for Growth
19. We reaffirm that a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with WTO at its core, is indispensable. We will support policies that enable trade and investment to serve as an engine of growth and prosperity for all. Today, we:
i. Renew our commitment to ensure a level-playing field and fair competition by discouraging protectionism and market distorting practices, to foster a favourable trade and investment environment for all. We reiterate the need to pursue WTO reform to improve all its functions through an inclusive member-driven process, and remain committed to conducting discussions with a view to having a fully and wellfunctioning dispute settlement system accessible to all members by 2024. We commit to work constructively to ensure positive outcomes at the WTO’s Thirteenth Ministerial Conference (MC13).
ii. Recognise challenges MSMEs, particularly in developing countries, face with respect to access to information and thus, welcome Jaipur Call for Action for enhancing MSMEs’ access to information to promote the integration of MSMEs into international trade.
iii. Welcome the adoption of G20 Generic Framework for Mapping Global Value Chains (GVC) to help members identify risks and build resilience.
iv. Welcome the High-Level Principles on Digitalization of Trade Documents and will make efforts to encourage implementation, and encourage other countries to consider these principles.
v. Ensure that trade and environment policies should be mutually supportive, consistent with WTO and multilateral environmental agreements.
vi. Recognize the importance of WTO’s ‘Aid for Trade’ initiative to enable developing countries, notably LDCs to effectively participate in global trade, including through enhanced local value creation. We welcome all efforts to mobilize necessary resources in this regard.
Preparing for the Future of Work
20. We commit to addressing skill gaps, promoting decent work and ensuring inclusive social protection policies for all. Towards this aim, we:
i. Recognise that well-integrated and adequately skilled workers benefit origin and destination countries alike and commit to working towards ensuring well-managed, regular and skills-based migration pathways.
ii. Welcome efforts to map global skill gaps and the development of the G20 policy priorities to address skill gaps globally, including through further strengthening our national statistical data, extending the coverage of the ILO and OECD Skills for Jobs Databases to G20 countries, as appropriate. We commit to effectively addressing global skills for sustainable and inclusive economic development.
iii. Commit to consider the development of an international reference classification of occupations by skill and qualification requirements to facilitate cross-country comparability and mutual recognition of skills and qualifications.
iv. Welcome the comprehensive toolkit with adaptable frameworks for designing and introducing digital upskilling and reskilling programmes.
v. Aim to achieve sustainably financed universal social protection coverage and consider portability of social security benefits through bilateral and multilateral agreements.
vi. Support progress on the implementation of the UN Global Accelerator on Jobs and Social Protection for Just Transitions.
vii. Acknowledge the economic significance and societal value of the cultural and creative sector to support inclusive growth, sustainable development and decent work.
viii. Ensure adequate social protection and decent working conditions for gig and platform workers.
ix. Will increase our efforts for the elimination of child labour and forced labour along global value chains.
Advancing Financial Inclusion
21. We welcome the 2023 Update to Leaders on Progress towards the G20 Remittance Target and endorse the Regulatory Toolkit for Enhanced Digital Financial Inclusion of Micro, Small and Medium Enterprises (MSMEs). We endorse the voluntary and nonbinding G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure. We take note of the significant role of digital public infrastructure in helping to advance financial inclusion in support of inclusive growth and sustainable development. We also encourage the continuous development and responsible use of technological innovations including innovative payment systems, to achieve financial inclusion of the last mile and progress towards reducing the cost of remittances. We also support continuous efforts to strengthen digital financial literacy and consumer protection. We endorse the G20 2023 Financial Inclusion Action Plan (FIAP), which provides an action oriented and forward-looking roadmap for rapidly accelerating the financial inclusion of individuals and MSMEs, particularly vulnerable and underserved groups in the G20 countries and beyond.
Fighting Corruption
22. We reaffirm our commitment to zero tolerance for corruption. i. We endorse the three G20 High-Level Principles on:
o Strengthening Law Enforcement related International Cooperation and Information Sharing for Combating Corruption.
o Strengthening Asset Recovery Mechanisms for Combating Corruption
o Promoting Integrity and Effectiveness of Public Bodies and Authorities responsible for Preventing and Combating Corruption
ii. Reaffirm our support to enhance global efforts to seize, confiscate and return criminal proceeds to victims and states, in line with international obligations and domestic legal frameworks, including through support to the Financial Action Task Force (FATF) and operationalization of the GlobE Network.
iii. Reaffirm our commitment to demonstrate and continue concrete efforts and share information on our actions towards criminalizing foreign bribery and enforcing foreign bribery legislation, in line with Article 16 of the United Nations Convention against Corruption (UNCAC), and welcome Anti-Corruption Working Group’s efforts in striving towards this goal. We look forward to enlarging participation to the OECD Anti-Bribery Convention, as appropriate.
B. Accelerating Progress on Sustainable Development Goals (SDGs)
23. At the midway point to 2030, the global progress on SDGs is off-track with only 12 percent of the targets on track. During this Decade of Action, we will leverage the G20’s convening power and its collective resolve to fully and effectively implement the 2030 Agenda and accelerate progress toward the SDGs, in a timely manner, to shape the world we want to see for our future generations.
Recommitting to Achieving SDGs
24. To accelerate progress on SDGs, we commit to taking collective action for effective and timely implementation of the G20 2023 Action Plan to Accelerate Progress on the SDGs, including its High-Level Principles. We will ensure that no one is left behind. We commend the efforts of the Indian Presidency to accelerate the implementation of the 2030 Agenda. To this end, we:
i. Recognise the role of digital transformation, AI, data advances, and the need to address digital divides. We endorse the G20 Principles on Harnessing Data for Development (D4D) and welcome the decision to launch Data for Development Capacity Building Initiative, and other existing initiatives.
ii. We reaffirm our commitment towards the mobilisation of affordable, adequate and accessible financing from all sources to support developing countries in their domestic efforts to address bottlenecks for implementation of the 2030 Agenda and the Addis Ababa Action Agenda. We call upon developed countries to fully deliver on their respective ODA commitments that complements and encourages development financing from all other sources, including public and private, domestic and international, in a timely manner, and contribute to addressing the financing needs of developing countries.
iii. Highlight the crucial role of tourism and culture as a means for sustainable socioeconomic development and economic prosperity, and take note of the Goa Roadmap for Tourism as one of the vehicles for achieving the SDGs.
iv. Commit to enhancing G20 cooperation and partnerships to address challenges being faced in the implementation of the 2030 Agenda. We welcome ongoing efforts at the UN, including the Secretary General’s efforts to address the SDG financing gap through an SDG stimulus, and will provide full support to the United Nations 2023 SDG Summit, the United Nations Summit of the Future, and other relevant processes.
25. We reiterate our commitment to take action to scale up sustainable finance. In line with the G20 Sustainable Finance Roadmap, we welcome the analytical framework for SDG-aligned finance and voluntary recommendations for scaling up adoption of social impact investment instruments and improving nature-related data and reporting, informed by the stocktaking analyses, considering country circumstances.
Eliminating Hunger and Malnutrition
26. We commit to enhance global food security and nutrition for all in line with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023. To achieve this, we:
i. We encourage efforts to strengthen research cooperation on climate-resilient and nutritious grains such as millets, quinoa, sorghum, and other traditional crops including rice, wheat and maize. We welcome the outcomes from the G20 members engagement in the 12th G20 Meeting of Agriculture Chief Scientists (MACS).
ii. Emphasize the importance of increasing access to, availability, and efficient use of fertilizer and agricultural inputs, including through strengthening local fertilizer production, and to improve soil health.
iii. Commit to accelerating innovations and investment focused on increasing agricultural productivity, reducing food loss and waste across the value chain, and improving marketing and storage, to build more sustainable and climate-resilient agriculture and food systems.
iv. Commit to support developing countries’ efforts and capacities to address their food security challenges, and work together to enable access to affordable, safe, nutritious and healthy diets, and to foster the progressive realization of the right to adequate food.
v. Commit to facilitate open, fair, predictable, and rules-based agriculture, food and fertilizer trade, not impose export prohibitions or restrictions and reduce market distortions, in accordance with relevant WTO rules.
vi. Commit to strengthening the Agricultural Market Information System (AMIS) and the Group on Earth Observations Global Agricultural Monitoring (GEOGLAM), for greater transparency to avoid food price volatility, supporting AMIS’s work on fertilizers, its expansion to include vegetable oils, and for enhancing collaboration with early warning systems.
Macroeconomic impacts of food and energy insecurity
27. While global food and energy prices have fallen from their peak levels, the potential for high levels of volatility in food and energy markets remains, given the uncertainties in the global economy. In this context, we take note of the G20 Report on Macroeconomic Impacts of Food and Energy Insecurity and their Implications for the Global Economy. We look forward to an ambitious replenishment of the International Fund for Agricultural Development (IFAD) resources at the end of the year by IFAD members to support IFAD’s fight against food insecurity. Strengthening Global Health and Implementing One Health Approach
28. We remain committed to strengthening the global health architecture, with the World Health Organization (WHO) at its core, and building more resilient, equitable, sustainable, and inclusive health systems to achieve Universal Health Coverage, implement One Health approach, enhance pandemic preparedness and strengthen existing infectious diseases surveillance systems. To achieve this, we will:
i. Focus on strengthening primary health care and health workforce and improving essential health services and health systems to better than pre-pandemic levels, ideally within the next 2-3 years, as well as continue progress towards polio eradication and ending ongoing epidemics including AIDS, tuberculosis, malaria, hepatitis and water-borne and other communicable diseases, also recognising the importance of research on long COVID.
ii. Promote the One Health-based approach driven by the Quadripartite’s One Health Joint Plan of Action (2022-2026).
iii. Enhance the resilience of health systems and support development of climateresilient and low-carbon health systems in collaboration with MDBs, and support the work of the WHO-led Alliance for Transformative Action on Climate and Health (ATACH).
iv. Implement and prioritise tackling Antimicrobial Resistance (AMR) following the One Health approach, including through research and development, infection prevention and control, as well as antimicrobial stewardship efforts within respective national action plans through AMR and antimicrobial consumption surveillance.
v. Facilitate equitable access to safe, effective, quality-assured, and affordable vaccines, therapeutics, diagnostics, and other medical countermeasures, especially in Low-and Middle-income Countries (LMICs), LDCs and SIDS.
vi. Look forward to a successful outcome of the ongoing negotiations at the Intergovernmental Negotiating Body (INB) for an ambitious, legally binding WHO convention, agreement or other international instruments on pandemic PPR (WHO CA+) by May 2024, as well as amendments to better implement the International Health Regulations (2005).
vii. Recognize the potential role of evidence-based Traditional and Complementary Medicine in health, and take note of international efforts in this direction, including WHO’s global and collaborating centres, and clinical trial registries.
viii. Support the WHO-led inclusive consultative process for the development of an interim medical countermeasures coordination mechanism, with effective participation of LMICs and other developing countries, considering a network of networks approach, leveraging local and regional R&D and manufacturing capacities, and strengthening last mile delivery. This may be adapted in alignment with the WHO CA+.
ix. Promote and improve access to mental health services and psychosocial support in an inclusive manner.
x. While highlighting the public health dimension of the world drug problem, call for strong international counter-narcotics cooperation, free of unnecessary restrictions, including information sharing and capacity building to disrupt production and proliferation of illicit drugs, including synthetic drugs, and precursor chemicals at their origin, in transit and at destination points. Finance-Health Collaboration.
29. We remain committed to strengthening the global health architecture for pandemic prevention, preparedness and response (PPR) through enhanced collaboration between Finance and Health Ministries under the Joint Finance and Health Task Force (JFHTF). Under the JFHTF, we welcome the participation of invited key regional organisations in the Task Force meetings as they enhance the voice of low-income countries. We welcome the discussion on the Framework on Economic Vulnerabilities and Risks (FEVR) and the initial Report for Economic Vulnerabilities and Risks arising from pandemics, created through collaboration between World Health Organisation (WHO), World Bank, IMF, and European Investment Bank (EIB). We call on the Task Force to continue refining this Framework over its multi-year work plan in order to regularly assess economic vulnerabilities and risks due to evolving pandemic threats, taking into account country-specific circumstances. We welcome the Report on Best Practices from Finance Health Institutional Arrangements during Covid-19 that will contribute towards joint finance-health sector readiness to support our response to future pandemics. We welcome the Report on Mapping Pandemic Response Financing Options and Gaps developed by the WHO and World Bank and look forward to further deliberations on how financing mechanisms could be optimized, better coordinated and, when necessary, suitably enhanced to deploy the necessary financing quickly and efficiently, duly considering discussions in other global forums. We welcome the conclusion of the first call for proposals by the Pandemic Fund and look forward to the second Call for Proposals by the end of 2023, based on lessons learned from the first Call for Proposals. We highlight the importance of securing new donors and coinvestment. We ask the Task Force to report back to Finance and Health Ministers in 2024 on its progress.
Delivering Quality Education
30. We are committed to inclusive, equitable, high-quality education and skills training for all, including for those in vulnerable situations. We recognize the importance of investment in supporting human capital development. To this end, we:
i. Recognize the importance of foundational learning (literacy, numeracy, and socioemotional skills) as the primary building block for education and employment.
ii. Reiterate our commitment to harness digital technologies to overcome the digital divides for all learners.
iii. Extend support to educational institutions and teachers to enable them to keep pace with emerging trends and technological advances including AI.
iv. Emphasize expanding access to high-quality Technical and Vocational Education and Training (TVET).
v. Reaffirm our commitment to promote open, equitable and secure scientific collaboration and encourage mobility of students, scholars, researchers, and scientists across research and higher education institutions.
vi. Emphasize the importance of enabling life-long learning focused on skilling, reskilling, and upskilling especially for vulnerable groups.
Culture as a Transformative Driver of SDGs
31. We call for the full recognition and protection of culture with its intrinsic value as a transformative driver and an enabler for the achievement of the SDGs and advance the inclusion of culture as a standalone goal in future discussions on a possible post-2030 development agenda. We reiterate our commitment to strengthen our fight against illicit trafficking of cultural property at national, regional or international levels to enable its return and restitution to their countries and communities of origin as relevant, and call for sustained dialogue and action in that endeavour, with a view to strengthen cultural diplomacy and intercultural exchanges, consistent with national law and relevant UNESCO Conventions. We encourage the international community to protect the living cultural heritage, including the intellectual property, notably with regard to the impact of the over commercialization and misappropriation of such living heritage on the sustainability and on the livelihoods of practitioners and community bearers as well as Indigenous Peoples.
C. Green Development Pact for a Sustainable Future
32. Recognising that the prosperity and well-being of present and future generations depends on our current development and other policy choices and actions, we resolve to pursue environmentally sustainable and inclusive economic growth and development in an integrated, holistic and balanced manner.
33. We commit to urgently accelerate our actions to address environmental crises and challenges including climate change. We recognize that the impacts of climate change are being experienced worldwide, particularly by the poorest and the most vulnerable, including in LDCs and SIDS. Mindful of our leadership role, we reaffirm our steadfast commitments, in pursuit of the objective of UNFCCC, to tackle climate change by strengthening the full and effective implementation of the Paris Agreement and its temperature goal, reflecting equity and the principle of common but differentiated responsibilities and respective capabilities, in light of different national circumstances. We note with concern that global ambition and implementation to address climate change remain insufficient to achieve the temperature goal of the Paris Agreement to hold the increase in the global average temperature to well below 2°C above preindustrial levels, and pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels. We highlight the importance of ambitious action on all pillars of the Paris Agreement, taking into account the best available science. Noting the IPCC assessments, that the impacts of climate change will be much lower at a temperature increase of 1.5°C compared with 2°C, we reiterate our resolve to pursue further efforts to limit the increase to 1.5°C. This will require meaningful and effective actions and commitment by all countries, taking into account different approaches, through the development of clear national pathways that align long term ambition with short and medium-term goals, and with international cooperation and support, including finance and technology and sustainable and responsible consumption and production as critical enablers, in the context of sustainable development. We recognize that limiting global warming to 1.5°C requires rapid, deep and sustained reductions in global GHG emissions of 43% by 2030 relative to the 2019 levels. We also take note of the finding of the IPCC AR6 Synthesis Report, based on global modelled pathways and assumptions, stating that “Global GHG emissions are projected to peak between 2020 and at the latest before 2025 in global modelled pathways that limit warming to 1.5°C with no or limited overshoot and in those that limit warming to 2°C and assume immediate action." This does not imply peaking in all countries within this timeframe; timeframes for peaking may be shaped by sustainable development, poverty eradication needs, equity, and in line with different national circumstances. We further recognize that technology development and transfer on voluntary and mutually agreed terms, capacity building and financing can support countries in this regard.
34. We urge all countries that have not yet aligned their NDCs with the temperature goal of the Paris Agreement, to revisit and strengthen the 2030 targets in their NDCs, as necessary, by the end of 2023, taking into account different national circumstances, and we welcome those who have already done so. We recall the nationally determined nature of NDCs and Article 4.4 of the Paris Agreement, which provides that “Developed country Parties should continue taking the lead by undertaking economy-wide absolute emission reduction targets. Developing country Parties should continue enhancing their mitigation efforts, and are encouraged to move over time towards economy-wide emission reduction or limitation targets in the light of different national circumstances." In this context, we commend those countries whose NDCs include economy-wide targets covering all GHGs, and others are encouraged to include such economy-wide targets in their upcoming NDC cycle(s), in the light of different national circumstances. We will contribute to a successful conclusion of the first global stocktake at COP28 in Dubai, that drives enhanced climate action across mitigation, adaptation, and means of implementation and support. We reiterate our commitment to achieve global net zero GHG emissions/carbon neutrality by or around mid-century, while taking into account the latest scientific developments and in line with different national circumstances, taking into account different approaches including the Circular Carbon Economy, socioeconomic, technological, and market development, and promoting the most efficient solutions. Macroeconomic risks stemming from climate change and transition pathways.
35. The macroeconomic costs of the physical impacts of climate change are significant both at aggregate and country levels, and the cost of inaction substantially outweighs that of orderly and just transitions. We recognise the importance of international dialogue and cooperation, including in the areas of finance and technology, and timely policy action consistent with country-specific circumstances. It is also critical to assess and account for the short, medium and long-term macroeconomic impact of both the physical impact of climate change and transition policies, including on growth, inflation, and unemployment. We endorse the G20 Report on Macroeconomic Risks Stemming from Climate Change and Transition Pathways. Building on analysis in this Report, we will consider further work on the macroeconomic implications, as appropriate, particularly as relevant for fiscal and monetary policies, drawing on the inputs from a diverse set of stakeholders.
Mainstreaming Lifestyles for Sustainable Development (LiFE)
36. Based on the G20 High-Level Principles on Lifestyles for Sustainable Development, we commit to robust collective actions that will enable the world to embrace sustainable production and consumption patterns and mainstream Lifestyles for Sustainable Development. Relevant studies on it show that it could contribute to significant emission reduction by 2030 for a global net-zero future. We support the creation of an enabling policy environment to promote sustainable lifestyles for climate action. Towards this end, we:
i. Commit to implement the G20 High-Level Principles on Lifestyles for Sustainable Development.
ii. Support the implementation of the High-Level Principles (HLPs) through international cooperation, financial support, and development, deployment and dissemination of technology. We encourage International Organizations to incorporate the HLPs into their programs, as appropriate.
iii. Note the launch of “Travel for LiFE" and support the development of smart destinations that are responsible and sustainable.
Designing a Circular Economy World
37. In order to endeavour to decouple our economic growth from environmental degradation and enhance sustainable consumption and production, including primary resource consumption while supporting economic growth, we acknowledge the critical role played by circular economy, extended producer responsibility and resource efficiency in achieving sustainable development. We thank the Indian presidency in launching Resource Efficiency and Circular Economy Industry Coalition (RECEIC). We commit to enhance environmentally sound waste management, substantially reduce waste generation by 2030, and highlight the importance of zero waste initiatives. Implementing Clean, Sustainable, Just, Affordable & Inclusive Energy Transitions.
38. We commit to accelerating clean, sustainable, just, affordable and inclusive energy transitions following various pathways, as a means of enabling strong, sustainable, balanced and inclusive growth and achieve our climate objectives. We recognise the needs, vulnerabilities, priorities and different national circumstances of developing countries. We support strong international and national enabling environments to foster innovation, voluntary and mutually agreed technology transfer, and access to low-cost financing. To this end, we:
i. Emphasise 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 our sustainable development and climate goals, while promoting open, competitive, non-discriminatory and free international energy markets.
ii. Recognizing that developing countries need to be supported in their transitions to low carbon/emissions, we will work towards facilitating low-cost financing for them.
iii. Support the acceleration of production, utilization, as well as the development of transparent and resilient global markets for hydrogen produced from zero and low emission technologies and its derivatives such as ammonia, by developing voluntary and mutually agreed harmonising standards as well as mutually recognised and inter-operable certification schemes. To realise this, we affirm the ‘G20 High Level Voluntary Principles on Hydrogen’, to build a sustainable and equitable global hydrogen ecosystem that benefits all nations. We take note of the Presidency’s initiative to establish the Green Hydrogen Innovation Centre steered by the International Solar Alliance (ISA).
iv. Will work towards facilitating access to low-cost financing for developing countries, for existing as well as new and emerging clean and sustainable energy technologies and for supporting the energy transitions. We note the report on “Low-cost Financing for the Energy Transitions" prepared under the Indian Presidency and its estimation that the world needs an annual investment of over USD 4 trillion, with a high share of renewable energy in the primary energy mix.
v. Will pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies, as well as demonstrate similar ambition with respect to other zero and low-emission technologies, including abatement and removal technologies, in line with national circumstances by 2030. We also note the ‘Voluntary Action Plan for Promoting Renewable Energy to Accelerate Universal Energy Access’.
vi. Pledge to advance cooperation initiatives to develop, demonstrate and deploy clean and sustainable energy technologies and solutions and other efforts for innovation.
vii. Take note of the ‘Voluntary Action Plan on Doubling the Rate of Energy Efficiency Improvement by 2030’.
viii. Recognize the importance of sustainable biofuels in our zero and low- emission development strategies, and note the setting up of a Global Biofuels Alliance.
ix. Support reliable, diversified, sustainable and responsible supply chains for energy transitions, including for critical minerals and materials beneficiated at source, semiconductors and technologies. We take note of the Presidency’s “Voluntary High- Level Principles for Collaboration on Critical Minerals for Energy Transitions".
x. For countries that opt to use civil nuclear energy, will collaborate on voluntary and mutually agreed terms, in research, innovation, development & deployment of civil nuclear technologies including advanced and Small Modular Reactors (SMRs), in accordance with national legislations. These countries will promote responsible nuclear decommissioning, radioactive waste and spent fuel management and mobilizing investments, and share knowledge and best practices, through strengthening international cooperation to promote nuclear safety globally.
xi. Recognize the role of grid interconnections, resilient energy infrastructure and regional/cross-border power systems integration, where applicable in enhancing energy security, fostering economic growth and facilitating universal energy access for all.
xii. Will increase our efforts to implement the commitment made in 2009 in Pittsburgh to phase-out and rationalise, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support for the poorest and the most vulnerable.
xiii. Recognise the importance to accelerate the development, deployment and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems, including by rapidly scaling up the deployment of clean power generation, including renewable energy, as well as energy efficiency measures, including accelerating efforts towards phasedown of unabated coal power, in line with national circumstances and recognizing the need for support towards just transitions.
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