Group of 20 (G20) leaders approved a joint statement at their summit in Delhi on Saturday covering a wide range of issues affecting the global economy, including climate change and food supply, after compromising on language regarding Russia’s invasion of Ukraine.
- The G20 reached a consensus on a joint statement covering a wide range of issues affecting the global economy, including climate change and food supply.
- The agreement was reached sooner than expected, after G20 leaders compromised on language related to the war in Ukraine.
- The African Union, a 55-member bloc of African nations, was welcomed as a permanent member of the G20.
The agreement came sooner than expected amid concerns that different positions regarding the war in Ukraine would threaten the group’s ability to come to a consensus.
In the declaration, G20 leaders broadly called for more supportive policies to create stronger trade pathways, as well as cooperation in the “full, timely and effective implementation” of the Black Sea grain deal brokered by the United Nations “to ensure the immediate and unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from the Russian Federation and Ukraine.”
Russia had withdrawn from the deal in July, adding pressure to food security challenges, and the G20’s statement emphasized the deal’s importance to “meet the demand in developing and least developed countries, particularly those in Africa.”
The statement also highlighted the need for reform of international financial institutions, and efforts to support debt vulnerabilities of low and middle-income countries, as well as climate financing.
The G20 suggested the world would need $4 trillion per year in investment by 2030 to reach net-zero carbon emission goals by 2050, with developing countries needing spending of around $5.8 trillion in the pre-2030 period to achieve their climate goals.
The African Union, a 55-member bloc of African nations, was also notably welcomed as a permanent member of the G20 at the Delhi Summit, making it the second regional grouping to be admitted as a full permanent member.