Key Highlights of the 2023 G20 Summit

Key Highlights of the 2023 G20 Summit - Prime Minister of India, Narendra Modi hosted the G20 summit at Bharat Mandapam, Pragati Maidan, and New Delhi from 9-10 September 2023. The two-day summit ended on 10th September after which India passed the G20 presidency to Brazil for 2024. In this article, we will learn about the major events held during the summit.

Key Points:

• The 18th edition of the G20 Summit was hosted by India.

• 2023 G20 summit theme: Vasudhaiva Kutumbakam (One Earth, One Family, One Future).

• The G20 summit, under the presidency of India, emerged as the most zealous in terms of outcomes.
• Under India's presidency, with the 112 outcomes and presidency documents, India has more than tripled the substantive work from the previous presidencies.

Highlights of the 2023 G20 Summit.

1. African Union (AU) joined as the 21st member of G20:

• The African Union became the new permanent member of the G20 at the bloc's summit in New Delhi, India on 9th August 2023.
• With this membership, the African Union now shares its status with the European Union.
• It is the second regional organization to become a permanent member of the G20.
• About the African Union:
  • It is a union of 55 member nations of Africa
  • It was founded on 9 July 2002 in Durban, South Africa.
  • Headquarters: Addis Ababa, Ethiopia
  • African Union (AU) Chairperson: Azali Assoumani
• About Africa continent:
  • It is the second-largest continent.
  • It contains 54 sovereign countries.
  • The Equator, the Tropic of Capricorn, and the Tropic of Cancer pass this continent.
  • The Suez Canal, the Strait of Gibraltar, the Mediterranean Sea, the Red Sea, and the Arabian Sea separate Africa from Asia and Europe.
  • Highest mountain peaks in Africa: Mt. Kilimanjaro and Mt. Kenya
  • Important Rivers: Limpopo, Nile, Niger, Senegal, Zambezi, Congo, and Orange
  • Africa's Voluminous River: Congo River (also known as the Zaire River).
  • Important Desert: Sahara Desert, Kalahari Desert, Namib Desert, and many more.  

2. Exchange of tax-relevant information on crypto assets

• As per the New Delhi Declaration, (also known as reforming of international financial institutions), managing debt vulnerabilities of low and middle-income countries, and the start of exchange of tax-relevant information on crypto assets by 2027.

3. G20 nations pledged to triple renewable energy sources

• The G20 member countries had pledged to a "phase down" of coal “in line with national circumstances".
• With the major fossil fuel producers (including Saudi Arabia, Russia, and Australia) and coal-dependent nations (such as India and South Africa) at the table, the G20 also pledged to triple renewable energy sources by 2030.

4. Net-zero carbon emission goal:

• Under the 2023 G20 summit, the member countries have declared that the developing countries need $ 5.8 to $ 5.9 trillion in the pre-2030 period for their climate goals.

• They also highlighted that the world would need another $ 4 trillion per annum investment by 2030 to help reach the net-zero carbon emission goal by 2050.

• What are the Net-zero commitments?

  • It refers to cutting greenhouse gas emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere, by oceans and forests for instance.

  • According to the researcher, the global temperature increases need to be narrowed to 1.5°C above pre-industrial levels.

  • At present, the temperature of the Earth is already about 1.1°C warmer than late 1800s.

  • The emissions continue to rise.

  • To set global warming to no more than 1.5°C emissions need to be reduced by 45% by 2030 and reach the target of net zero by 2050.

  • In November 2021, at the 26th Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC), Indian PM Modi pledged that India would cut its emissions to net zero by 2070.

5. Nataraja statue installed:

• A 27-foot-tall Nataraja statue was installed in front of Bharat Mandapam.

• Weight of the statue: 18-ton

• Cost: Around Rs 10-12 crore

• It is the tallest statue made of Ashtadhatu.

• It was sculpted by the veteran sculptor Radhakrishnan Sthapaty, who belongs to the Swami Malai in Tamil Nadu.

• This statue is a symbol of cosmic energy, creativity, and power.

• The Ashtadhatu comprises:

  • 87 percent of Copper,

  • 10 percent of Zinc,

  • 3 percent of Lead,

  • Remaining traces: Tin, Silver, Gold, Mercury, and Iron

• This sculpture has drawn inspiration from three Nataraja idols, i.e,:

  • Thillai Nataraja Temple in Chidambaram,

  • Uma Maheswarar Temple in Konerirajapuram,

  • Brihadeeshwara Temple in Thanjavur (UNESCO World Heritage Site)

• The traditional ‘lost-wax’ casting method was used to carve this beautiful statue.

• It is a technique indigenous to the Chola era.

• The process was started with the creation of a highly detailed wax model.

6. Global Biofuel Alliance:

• Prime Minister Narendra Modi announced the launch of the Global Biofuels Alliance on September 9, 2023, during the 2023 G20 Summit.

• Founding members: India, Brazil, and the US

• The Global Biofuel Alliance founding members contribute about 85% of the global production and 81% of the consumption of ethanol.

• Total members: 19 countries and 12 international organizations

• This alliance includes both G20 members and non-member countries.

• Other G20 member countries: Argentina, Canada, Italy, and South Africa. Bangladesh, Singapore, Mauritius, and the UAE

• Non-G20 members: Iceland, Kenya, Guyana, Paraguay, Seychelles, Sri Lanka, Uganda, Finland, World Bank, Asian Development Bank (ADB), World Economic Forum (WEF), World LPG Organization, UN-Energy for All, UNIDO, Biofutures Platform, International Civil Aviation Organization (ICAO), International Energy Agency (IEA), International Energy Forum (IEF), International Renewable Energy Agency (IREA), and World Biogas Association (WBA)

7. India-Middle East-Europe Mega Economic Corridor (IMEE EC):

• Indian Prime Minister Narendra Modi has launched the India-Middle East-Europe mega economic corridor (IMEE EC).

• Members: India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US.

• Aim: To make larger greater trade among the member countries, including energy products.

• Two separate corridors of this project:

  • (i) East Corridor: It connects India to West Asia/Middle East.

  • (ii) Northern Corridor: It connects West Asia/Middle East to Europe.

• This corridor will include a rail link, an electricity cable, a hydrogen pipeline, and a high-speed data cable.

• The rail and shipping corridor is part of the PGII (Partnership for Global Infrastructure Investment).

• PGII is a collaborative effort by G7 nations (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, and the European Union) to fund infrastructure projects in developing nations.

• PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative (CBRI).