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.
The 18th edition of the G20 Summit was hosted by India.
2023 G20 summit theme: Vasudhaiva Kutumbakam (One Earth, One Family, One Future).
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.
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.
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.
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)
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).