16th G-20 Summit: People, Planet & Prosperity

Oct 30: 16th G-20 Summit: People, Planet & Prosperity – https://youtu.be/6B2Ao2sBBlc 

TOPIC:

• GS-II: International relations

16th G-20 Summit: People, Planet & Prosperity

Context: The 16th G-20 Summit is very significant in view of COVID-19 pandemic. 

With the theme- ‘People, Planet, Prosperity’ discussions are being held on 

• Recovery from the pandemic & strengthening global health governance
• Economic recovery & resilience
• Climate change & energy transition 
• Sustainable development & food security

About G20

G20 has emerged as the premier global forum for international cooperation. The grouping represents 

• 80% of the world’s GDP
• 75% of global trade
• 60% of the world’s population

Italy is holding the Presidency of the G20 this year and India will take on the G20 Presidency during 1 Dec, 2022-30 Nov 2023 term.

Key Points to Note

On Climate Change & energy transition

• Made a commitment to reach carbon neutrality “by or around mid-century”; G20 will ‘put an end to the provision of international public finance for new unabated coal power generation abroad by the end of 2021’
• Called for “meaningful and effective” action to limit global warming at 1.5 degrees Celsius (no reference to a specific 2050 date to achieve net-zero carbon emissions; Net zero means reducing greenhouse gas emissions as much as possible, until a country is absorbing the same amount of emissions from the atmosphere that it is putting out. )
• This is the first time that G20 has identified sustainable and responsible consumption and production, along with the provision of finance and technology as “critical enablers” for achieving climate goals of keeping 1.5 degrees within reach.

On Economic recovery & resilience

• Endorsed a landmark global agreement that seeks to block large corporations from shifting profits and jobs across borders to avoid taxes – An initiative to stop companies from sheltering profits in tax havens, where tax rates are low and corporations often maintain little physical presence beyond an official headquarters.

On Recovery from the pandemic & strengthening global health governance

• Indicated they are against premature withdrawal of support measures initiated by the various countries to boost Covid-hit economy. Committed themselves to work together to monitor and address challenges facing the global economy and take steps to support stability.
• Vowed to take steps to boost its supply in developing nations and remove relevant supply as well as financing constraints for advancing toward the global goal of vaccinating at least 40 per cent of the population in all countries by the end of 2021 and 70 per cent by mid-2022.

Leaders are still unsure about…

• Removed references in a previous draft to the target to “reduce emissions significantly”. Instead, it stated that it recognises that the reduction of emissions is one of the quickest, most feasible and most cost-effective ways to limit climate change.
• Did not touch upon the dispute over vaccine patent waivers
• States current national plans on how to curb emissions will have to be strengthened “if necessary” and includes a pledge to halt financing of overseas coal-fired power generation by the end of this year. However, the communique set no target for phasing out coal domestically, a clear nod to top carbon polluters China and India. Coal is still China’s main source of power generation, and both China and India have resisted attempts for a G-20 declaration on phasing out domestic coal consumption.

India’s Stand

India fully supports the priority areas of this summit and G -20 has also acknowledged India’s Leadership on global concerns and has supported views of India on wide array of issues. 

PM Modi – 

On Recovery from the pandemic & strengthening global health governance

• Underlining the need to address vaccine inequity across the world, especially in developing countries, told G-20 leaders that India is ready to produce over 5 billion vaccine doses by the end of next year.
• Used the opportunity to convey that the early emergency approval to Covaxin by WHO will facilitate India’s efforts to help other countries.
• Emphasized on vaccine research, manufacturing and innovation. 
• Spoke about facilitating international travel and spoke about the mechanism of mutual recognition of vaccine certification as a means of achieving this.
• Highlighted India’s contribution in the fight against Covid-19. In this regard, mentioned India’s medical supply to over 150 countries, and India’s vision of “One Earth One Health”, or the need for a collaborative approach in the international domain in the fight against the pandemic. 

On Economic recovery & resilience

• Stressed on the need for resilient global supply chains and invited G-20 countries to make India their partner in economic recovery and supply chain diversification.
• Expressed “satisfaction” over the G-20’s decision to come up with a 15-per cent minimum corporate tax to make the global financial architecture “more just and fair” (ensures that companies don’t go to the lowest possible tax haven in order to minimise their tax burden, and that the large multinational corporations pay their share of taxes to countries that they are located in.)

On Climate Change & energy transition

• Introduces Action Language to Reach Climate Goals

On Sustainable development & food security

• India pushed for and was able to obtain a commitment from G20 nations on improving livelihoods for small and marginal farmers. The focus of the members will now be on the marginal farmers rather than just the prosperous ones

Can you answer the following questions?

1. Essay: ‘If Glasgow fails, the whole thing fails’
2. The figure 1.5°C is at the heart of any discussion on climate change. Discuss.