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Outcomes
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Description
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Significance
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Russia-Ukraine War
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- G20 nations agreed that states cannot grab territory by force and highlighted the suffering of the people of Ukraine, but avoided direct criticism of Russia for the war.
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- India along with Brazil, Indonesia and South Africa, played a key role in avoiding a fracturing of the G20 over the Ukraine conflict, reflecting the growing power of the Global South developing nations in the group.
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Inclusion of African Union
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- The 55-member African Union was formally made permanent member of the G20, on par with the European Union, in order to make the grouping more representative.
- Until now only South Africa was a member of the G20.
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- The entry of the AU would provide greater voice to the Global South within the G20 where the G7 countries have long played a dominant role.
To know more about India’s G20 Presidency and focus on Africa click here
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India-Middle East-Europe Economic Corridor (IMEE-EC)
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- A multinational rail and shipping project linking India with the Middle East and Europe has been announced.
- The corridor would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union.
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- It will challenge China’s economic ambitions in the region.
- It aims to boost trade, deliver energy resources and improve digital connectivity.
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Climate change
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- The G20 leaders agreed to pursue tripling renewable energy capacity globally by 2030 and accepted the need to phase-down unabated coal power.
- It stressed the urgency of mobilizing “US$5.8-5.9 trillion in the pre-2030 period for developing countries” and “US$4 trillion per year for clean energy technologies by 2030.
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- It will help countries to attain net-zero emissions by 2050.
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Green Development Pact
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The declaration
- Envisages a green development pact
- Endorses high-level principles on lifestyle
- Voluntary principles of hydrogen
- Chennai principles for a sustainable resilient blue economy
- Deccan principles on food security and nutrition among others
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Objectives of this move involves
- Sustainable development
- Resilient blue economy
- Food security and nutrition
- Climate financing
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Global bio fuel alliance
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- It is an alliance driven by India, the United States, and Brazil, is a concerted effort to address pressing energy and economic challenges through sustainable biofuels.
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- The inauguration of the Global Biofuel Alliance at the G20 Summit signifies a pivotal moment in the pursuit of sustainable energy solutions.
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Digital Public Infrastructure (DPI)
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- A G20 Framework for Systems of Digital Public Infrastructure, a voluntary framework for the development, deployment and governance of DPI has been unanimously accepted.
- The declaration also mentions the approval of India’s plan to build and maintain Global Digital Public Infrastructure Repository.
- The declaration takes note of the proposal to create One Future Alliance, a voluntary initiative.
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- The repository will be a virtual stack where non-G20 and G-20 countries can voluntarily share their open-source mechanisms.
- One Future Alliance will assist and fund the implementation of digital public infrastructure in low and middle income countries.
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Reform of Multilateral Development Banks
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- The member countries endorsed the G20 Roadmap for Implementing the Recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks and called for its implementation.
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- The Capital Adequacy Frameworks (CAF) recommendations are focused on enabling MDBs to use the existing resources effectively.
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G20 Satellite Mission
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- India has proposed to launch the G20 satellite mission for environment and climate observation
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- It aims to help the countries of Global South for environment and climate observation.
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