The G20 warned this Saturday of the need for a “rapid and substantial” increase in investment and financing in the fight against climate change, calling for more money to help developing countries meet climate targets, AFP reports.
In a joint statement at the end of the New Delhi summit, quoted by the French news agency, rich countries are urged to fulfill their pledges to help vulnerable countries adapt to climate change, and multilateral credit institutions are invited to take more ambitious set financial goals.
Indian PM announces consensus on G20 declaration
Indian Prime Minister Narendra Modi had already announced a consensus at the G20 on the New Delhi summit declaration, despite the group’s fragmentation over issues such as the war in Ukraine and debt restructuring.
“Thanks to the hard work of our teams and your support, a consensus has emerged on the declaration of the G20 Summit of Heads of State and Government in New Delhi”Modi said, quoted by the AFP and EFE agencies.
“I announce the adoption of the declaration,” the Indian prime minister said, accompanying the words with a ceremonial banging of the gavel as host of the summit.
The G20 brings together the 19 most developed and emerging economies and the European Union.
The African Union has joined the group as of today and the name change to G21 has not yet been mentioned.
Reaching consensus within the G20 has become increasingly complex in recent years.
The group’s members mainly disagreed on the position to take in light of the Russian invasion of Ukraine and on the financing needed for climate change adaptation.
According to EFE, the so-called New Delhi Declaration consists of more than 100 points.
According to sources connected to the negotiations, the condemnation of the invasion of Ukraine was the issue that most threatened the joint agreement.
India presented a draft text, but most countries, especially those in the G7, found the proposal and the terms under which the war was conducted insufficient, a European Union (EU) official told EFE.
The language surrounding the conflict was once again the biggest obstacle, as at last year’s summit in Bali, Indonesia, where the final statement stated that “the majority of members” strongly condemned Russia’s war against Ukraine.
Tensions between Western countries and Russia and China characterized the Indian chairmanship of the G20, mainly due to disagreements over the war in Ukraine or the debt restructuring of emerging economies.
The absence of the presidents of Russia, Vladimir Putin, and China, Xi Jinping, from the summit only emphasized the divide with the other countries, making it difficult to reach a consensus.
Had no agreement been reached, this would have been the first G20 summit without a consensus statement, at a time when other multilateral fora have shown an inability to make progress in addressing the crisis.
Source: DN
