Context:

Recently, the G-20 Leader’s Summit was held in Rio de Janeiro (Brazil).

More on News:

• The theme for G20 Summit 2024: “Building a Just World and a Sustainable Planet”.

Major Outcomes of the G20 Summit:

(I) Global Alliance Against Hunger and Poverty:

• It is an initiative advocated by Brazil.
• The initiative will serve as a platform for connecting countries in need of assistance with public policies targeted towards eradicating hunger and poverty, with partners willing to offer expertise or financial support.
• The Alliance includes 81 countries, including India. It also has the participation of 26 international organizations, 9 financial institutions, and 31 philanthropic foundations and NGOs.
• The Alliance is funded by member countries and institutions such as the World Bank, UN-FAO and UNICEF. It requires $2-3 million annually for operations.

(II) Tax the super-rich: The leaders agreed to ensure that the world's billionaires pay their fair share of taxes.

• This decision is a key initiative of the Brazilian President. It aims to address global inequality and raise funds to combat poverty and climate change.

(III) Inclusion of New Sustainable Goal in SDGs: The Summit was officially a new Sustainable Development Goal (SDG) i.e., SDG 18: ‘Ethnic-Social Equality’. This SDG aligns with equality and sustainable global development.

(IV) Focus on Renewable Energy Transition: The summit has also advocated for continuous investment in renewable energy transition and clean technologies. But, the leaders did not reaffirm phasing out fossil fuels (highlighted in COP-28).

(V) No breakthrough in climate finance:

• Leaders declared the need to decide on a new financial target for contributions from affluent nations to poorer developing countries.
• They set the deadline for this agreement by the end of the United Nations COP29 climate change meeting in Azerbaijan.
• They only acknowledged the necessity of substantially scaling up climate finance from billions to trillions from all sources.
• Importantly, they made no mention of who would supply the trillions.

(VI) Efforts toward peace negotiations:

• Chinese President Xi Jinping, along with Brazil, has been advocating for Kyiv to enter peace negotiations with Russia. He urged the G20 to help cool the war.
• In their closing statement, G20 leaders expressed support for all relevant and constructive initiatives that support a comprehensive, just, and durable peace in Ukraine.

(VII) Call for ceasefires in conflict zones:

• The leaders of the G20, which includes staunch Israel supporters such as the United States and Argentina, as well as more pro-Palestinian countries such as Turkey, have called for comprehensive ceasefires in Gaza and Lebanon.
• They stated that the Gaza ceasefire should be consistent with a UN resolution asking for a lasting truce in the area in exchange for Hamas’s release of all captives.
• It also asked for a truce in Lebanon that would allow residents to return safely to their homes on both sides of the Blue Line, which separates Lebanese and Israeli armed troops.

Role of India in the G20 Summit

• Approach: ‘Back to basics’ and ‘March to the future’.
• Since 2014, India has pulled 250 million people out of poverty and distributed free food grains to 800 million people in the country. Also, India will support and strengthen food security in Africa.
• India also focuses on nutrition. The Saksham Anganwadi and Nutrition 2.0 campaign which is an Integrated Nutrition Support Programme, focuses in particular on nutrition for pregnant women, newborn babies, children under the age of 6, and adolescent girls.
• India developed over 2000 climate-resilient crop varieties and has started the ‘Digital Agriculture Mission’.
• The countries of the Global South are most adversely impacted by the food, fuel and fertiliser crisis caused by global conflicts such as the Russia-Ukraine War and the Middle East Crisis.

About G20

It is the international forum for economic cooperation and stability in the world.

Establishment and Evolution:

• In 1999, the G20 was founded after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues.
• In 2008, it was upgraded to the level of Head of State/Government after the global economic and financial crisis of 2007.
• In 2009, it was designated the premier forum for international economic cooperation.
• In 2023, the African Union (AU) was granted permanent membership in the G20.

Role in Global Governance: It plays an important role in strengthening and shaping global governance and strengthening the global architecture on all major international economic issues.

Members: Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Türkiye, the UK, and the US.