G20 Summit

Why in news ?

India addressed the G20 Summit highlighting the need for efforts to reduce poverty and to strengthen global food security.

History of G20

G20 was established in the wake of Asian financial crisis in 1997-1998. The crisis underscored the need for a better co-ordination among major economies to address the Global Economic Challenges .

The G20 served as a meeting of finance ministers and central bank Governers but was upgraded to a leaders level summit in the year 2008 in the response to the Global Financial Crisis. Since that time ,the G20 has played a crucial role in shaping the international economic agenda and for coordinating global economic policies.

Leaders

How does the leadership of India within G20 impacts the Global Issues ?

1. India has prioritized global food security,levarging its expertise in the feild of agriculture and technology to mitigate the food crisis.
2. India has also supported the program which is enhancing the food supply chains and advocated for the resilent agricultural practices.

India promoted millets as a climate-resilient crops highlighting their potential to address the global hunger and nutrition through the Millet Initiative during the 2023 G20.

India is emerging as a strong advocate for the global south,amplifying its voice on critical issues such as sustainibility ,finance , cimate , etc.

Through the initiatives like the voice of global submit ,India has ensured that the needs and priorities of developing nations remain central to the agenda of G20.

The experties of India in the feild of Innovation and technology has been shared with developing nations remain central to the G20 agenda.

On the sidelines of the 2024 G20 Summit in Brazil, India held significant bilateral discussions with countries like Austrailia, Norway, Indonesia, Portugal, UK, France, and Italy.

Major outcomes of G20 2024?

One of the major acievement was the endorsement of measures to tax ultra-high-net-worth individuals.Brazil led the charge , with the discussions about the national sovereignty and the tax principles were not fully resolved.

G20 recognised the urgent need to scale up the climate finance but there was no concrete plan established for the sources of this funding.The leaders supported the COP29 in Azerbaijan and called for enhanced financing to help the developing nations adapt to the climate change.

It highlighted the the need for continued investment in the renewable energy but did not re affirm the previous CO;P28 commitment to phaseout the fossil fuel subsidies. A greater emphasis was being placed as part of broader climate action.

The G20 called for reforms in the global governance for adressing global inequalities.It culminated with the declaration, combating hunger, poverty , and inequality advocating for sustainibility ,just transition, and global governance reform while highlighting inclusive decesion making and tax justice.

The G20 supported the initiatves made for a comprehensive and lasting peace in Ukraine emphasising the diplomatic efforts for peace.

WAY FORWARD

G20 nations must enhancethe collaborations with the international organisations for ensuring a united response to fuel food and fertilizer in the developing regions. For instance Global hunger and poverty alliance and the millet initiatives serve as a key examples of G20 efforts.

It should also invest in long-term solutions such as alternative fertilizers and sustainable farming …etc to reduce the global dependancy.

It should also encourage the diplomatic engagement and multilateral dialogue , which focuses on conflict resolution. By creating specialised group may help in building the consensus on issues like the Middile east tensions.

The G20 must strengthen the accountability using the monitory bodies and independant assesments to ensure debt releif . By doing partnerships with the multilateral institutions may help in improving enforcement.

The membership of G20 must be broaden for including more global south nations ensuring greater representation.