From Russia war to cryptocurrencies to climate, 15 key takeaways from G20 declaration

G20 leaders discussed a range of issues including Russia-Ukraine war, trade, education, health and clean energy at the summit, as well as, during bilateral meetings.

The G20 communique’ highlighted global issues of the Russia-Ukraine war, food and energy security, vaccine, cryptocurrencies and COVID-19 pandemic fund. Issued at the end of the two-day summit, it extensively deliberated on the Russian invasion of Ukraine and its implications for the world. The two-day G20 summit, which was held in Bali, Indonesia, concluded on Wednesday.

World leaders, including Prime Minister Narendra Modi, UK Prime Minister Rishi Sunak, China President Xi Jinping and US President Joe Biden, attended the meeting. They discussed a range of issues including trade, education, defense and clean energy at the summit, as well as, during bilateral meetings.

The war in Ukraine was the most debated article of the leaders’ declaration approved by all members of the G20 bloc, said the president of host Indonesia.

Here are some key takeaways from the declaration:

  • Point 4 of the declaration echoed PM Modi’s message that said “today’s era must not be of war”. In his bilateral meeting with Russian President Vladimir Putin in Uzbekistan on September 16, the prime minister had said “today’s era is not of war” and nudged him to end the conflict.
  • The declaration said many G-20 members strongly condemned Russia’s war against Ukraine and expressed the view that Moscow’s “illegal, unjustified and unprovoked war of aggression against Ukraine is impairing the global economic recovery.”
  • Most members “strongly condemned the war” in Ukraine and stressed, “it is causing immense human suffering and exacerbating existing fragilities in the global economy”. It also mentions that “there were other views and different assessments of the situation and sanctions”.
Joe Biden and PM Modi at G20 meet in Indonesia.
  • G20 leaders pledged to “take action to promote food and energy security and support stability of markets, providing temporary and targeted support to cushion the impact of price increases, strengthening dialogue between producers and consumers, and increasing trade and investments for long-term food and energy security needs, resilient and sustainable food, fertilizer and energy systems”.
  • They also committed to taking “urgent actions to save lives, prevent hunger and malnutrition, particularly to address the vulnerabilities of developing countries, and call for an accelerated transformation towards sustainable and resilient agriculture and food systems and supply chains.”
  • The leaders reiterated their support for “open, transparent, inclusive, predictable, and non-discriminatory, rules-based agricultural trade based on WTO rules”.
  • G20 leaders emphasised the importance of ensuring that “global energy demand is matched by affordable energy supplies”. They underlined “the urgency to rapidly transform and diversify energy systems, advance energy security and resilience and markets stability, by accelerating and ensuring clean, sustainable, just, affordable, and inclusive energy transitions and flow of sustainable investments”.
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  • G20 leaders in Bali agreed to pursue efforts to limit the rise in global temperatures to 1.5 degrees Celsius and recognised the need to speed up efforts to phase down coal use, in a potential boost to the COP27 climate talks.
  • The importance of strengthening national health systems was also stressed upon in the declaration. The leaders emphasized the need for equitable access to pandemic medical countermeasures. “We reaffirm our commitment to strengthen global health governance, with the leading and coordination role of WHO and support from other international organizations, the declaration said.
  • On the pandemic fund, G20 leaders supported the establishment of a new Financial Intermediary Fund for Pandemic PPR (the ‘Pandemic Fund’) hosted by the World Bank. They called on “new donors to join the Pandemic Fund, as they are able to”.
PM Modi shakes hands with Indonesian President Joko Widodo
  • G20 leaders underscored the importance of public-private partnership, and technology transfer and knowledge sharing on voluntary and mutually agreed terms.
  • To enable global pathogen surveillance as part of our commitment to implement the IHR (2005), G20 leaders encouraged sharing of pathogen data in a timely manner on shared and trusted platforms in collaboration with the World Health Organization (WHO).
  • G20 leaders said their central banks will continue to calibrate the pace of monetary policy tightening, while being mindful of the need to limit “cross-country spillovers.” They also reaffirmed their commitment to avoid excessive exchange-rate volatility while recognising that “many currencies have moved significantly” this year.
PM Modi meets UK PM Rishi Sunak
  • They called on the “OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) to finalize Pillar One, including remaining issues and by signing the Multilateral Convention in the first half of 2023, and to complete the negotiations of the Subject to Tax Rule (STTR) under Pillar Two that would allow the development of a Multilateral Instrument for its implementation.”
  • On cryptocurrencies, the G20 declaration said: “We welcome the FSB’s proposed approach for establishing a comprehensive international framework for the regulation of crypto-asset activities based on the principle of ‘same activity, same risk, same regulation’.”

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