By Krish Saraf

This past weekend, the G20 summit was held at the Bharat Mandapam International Exhibition-Convention Centre at Pragati Maidan in New Delhi, India. But before we discuss what took place, it’s important to understand what exactly the G20 summit is.

Formed in 1999, the G20, or Group of Twenty, is a collection of the world’s largest economies. The goal was to bring together different countries that were the most industrialized to conduct discussions on global financial stability. Eventually, an annual summit with the G20 leaders was created with the first summit happening in 2008. This event has evolved into a major forum for discussing global issues. The G20 itself comprises 19 countries with some of the world’s largest economies—the United States, Argentina, Brazil, Canada, China, Japan, and more. 

So, first of all, why does this event matter? Well, the G20 accounts for roughly 80% of the world’s economic output, more than 75% of global exports, and roughly 60 percent of the world’s population. Hence, the G20 has a major impact on financial markets, industries, economic outputs, and many more global factors. The highlight of the 2008 and 2009 G20 summit meetings was that the nations agreed on spending over 4 trillion dollars to bolster their economies and reform financial markets. It’s clear that the G20 is an important global power, but let’s talk about what happened at the latest summit.

The theme of this year’s summit was “Vasudhaiva Kutumbakam,” or One Earth, One Family, One Future. This ancient Sanskrit text was created as a way to simplify the goals of sustainable development. India was a major player in this year’s G20 summit, in which there were fewer talks about US and EU involvement in Russian matters and more focus on UN Sustainable Development goals with climate action and green development initiatives. Prime Minister Narendra Modi saw the summit as a milestone for India with its location and presence, hoping to shed light on Global South concerns. 

On a more political note, the outcomes of this summit were key for the Prime Minister, as he is going to be facing general elections next year. During the summit, India was able to use its economic significance to get support from all the G20 member nations for a Leader’s Declaration, which would recognize the ongoing issues in Ukraine, but would not specify any aggressors in the situation. Prime Minister Modi also advocated for evolving global institutions to be able to adapt to changing global dynamics, which received heavy support from the US. All of the 83 paragraphs of the Leaders Declarations. 

There were roughly 8 paragraphs detailing the economic implications of the conflict in Ukraine. But it also detailed the success of the Indian G20 presidency and how India is creating concrete strategies for strengthening multilateral banks, regulating cryptocurrencies, and deploying digital infrastructure to create financial inclusion. Regarding climate change, the declaration also prompted the use of 5.8-5.9 trillion dollars to help developing countries attain clean energy technologies. The leaders did not reach a consensus on the phase-out of fossil fuels which the UN deemed necessary to achieve net zero emissions. However, the G20 did create goals to triple renewable energy output and the newly signed declaration stated that limiting global warming was possible through reducing greenhouse gasses. This was something that many of the countries had plans to initiate. Lastly, continuing off of climate and environment, there was much discussion on plastic pollution, preserving an ocean-based economy, implementing sustainable energy transitions, and much more. 

Another important aspect of the meeting was regarding G20 membership for Africa. Until the 2023 summit, only South Africa was a member of the G20, but the African Union, which represents all of Africa, was given full membership in the summit. On the topic of development, a memorandum was signed among the governments of the US, India, Saudi Arabia, the EU, the UAE, France, Germany, and Italy to create the India-Middle East-Europe Economic Corridor, or IMEC. IMEC’s vision is to create transportation networks that will include railways and sea lanes. Its goal is to foster economic development between the mentioned countries. While no leader mentioned China, the idea is to get better access to Chinese markets to open trade routes and have global connectivity.

During the summit, Prime Minister Modi had bilateral meetings with the world leaders, addressing issues of mutual interest to each leader. In a meeting with Canadian Prime Minister, Justin Trudeau, he expressed deep concerns about the extremist elements gaining power in Canada. In a meeting with President Biden, both parties discussed their partnership and how they have fought to secure peace and trust between both countries. So what will be the lasting impact of this summit? 

Well, for starters, this summit placed more emphasis on sustainability and going green to save the environment. The idea of securing allies through common eco-friendly goals was prevalent throughout this meeting and was something that all countries could agree on. Sustainability played a huge role in the economic advancement of many countries and was a focal point of the summit for that very reason. Russia praised the G20 summit under the Indian presidency as a breakthrough noting how it will create roadmaps for tackling global issues and will showcase the strength of the South. Several leaders also congratulated India on their successful launch of the Chandrayaan 3, saying how it will only further space exploration and travel. 

Overall, besides the main talking points of infrastructure and sustainability, technology was another critical aspect of this summit, with several of the world leaders emphasizing artificial intelligence and plans to harness evolving technology. This summit was truly unique, and I cannot wait to see what will unfold in next year’s G20 summit. In my opinion, discussions on advanced technologies and the environment will continue to be huge talking points for many countries and will be the catalysts for global change.