During G20 leaders summit in New Delhi, it  has officially adopted the New Delhi Leaders Summit DeclarationThe declaration says that all States will uphold the principles of international law, including territorial integrity and sovereignty and pitched for initiatives for “comprehensive, just, and durable peace in Ukraine.

          There  were agreements around climate financing, global debt, reform of institutions like the World Bank amd IMF ;This will allow them to spend billions on global priorities over the next decade. Experts have called for them to lend more money for climate change & to help poor nations.  

     There was  a new “green development pact” among member states. The aim of the pact is to accelerate the steps needed to tackle the challenges of environment and climate change.

       The declaration also ratified the African Union officially joining G20, after India extended an invite to the group during its presidency.

       Countries agreed to consider regulations on cryptocurrencies given the threat they pose to the stability of the financial system

          The India-led Global Biofuel Alliance was also launched today. A total of 19 countries and 12 international organizations have so far agreed to join the alliance, including both G20 members and non-member countries. India, Brazil and the US are the founding members of the alliance. The goal: To “take an initiative at a global-level to take ethanol blending in petrol up to 20%”.

         India successfully pushed Digital Public Infrastructure (basically Aadhar, UPI) as a means of financial inclusion.

         India along with the US and several major economies also announced an ambitious India-Middle East-Europe Economic Corridor.

LEARNING FROM HOME/ WITHOUT CLASSES/ BASICS 

G-20

Founded in 1999 to give developing countries a more powerful voice
in the global economy, the summit brings together industrialised and
emerging economies.

   The group makes up 85 per cent of the world’s GDP and two-thirds of its
population. When it was first started, only finance ministers and central bank governors met at G20 summits. But a meeting was held between heads of state after the Lehman Brothers crash in 2008, which led to a global recession. There has been a yearly meeting between G20 country leaders since.

G20 member countries include the US, UK, Germany, India, Australia,
Japan, Russia, Argentina, Brazil, Canada, China, France, Indonesia, Italy, South Korea, Mexico, Saudi Arabia, South Africa and Turkey and EU. With the inclusion African Union(AU) now it has been G21.