Highlights of G20 Leaders' Declaration on First Day of Summit

G20 SUMMIT - New Delhi. The Group of 20 nations adopted a consensus declaration at a summit on Saturday that avoided condemnation of Russia for the war in Ukraine but called on all states to refrain from the use of force to seize territory.

The consensus came as a surprise as the group is deeply divided over the war in Ukraine, with Western nations earlier pushing for strong condemnation of Russia in the Leaders' Declaration, while other countries demanded a focus on broader economic issues.

Following are excerpts from the declaration (for full official text see https://cutt.ly/EwzxHg9i)

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UKRAINE WAR

• Concerning war in Ukraine, all states must act in a manner consistent with the purposes and principles of the UN charter in its entirety
• On war in Ukraine, all states must refrain from threats or use of force to seek territorial acquisition against the territorial integrity and sovereignty or political independence of any state
• In the war in Ukraine, the use or threat of use of nuclear weapons is inadmissible
• On the Ukraine crisis, "there were different views and assessments of the situation"
• Peaceful resolution of conflicts and efforts to address crises as well as diplomacy and dialogue are critical
• "Today’s era must not be of war."

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GRAIN/FOOD/ENERGY SECURITY

• Calls on Russia and Ukraine to ensure immediate and unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from Russia and Ukraine
• Emphasizing the importance of sustaining food and energy security, called for the cessation of military destruction or other attacks on relevant infrastructure
• The potential for high levels of volatility in food and energy markets remains

ECONOMIES AND FINANCIAL MARKETS

•  "Will protect the vulnerable, through promoting equitable growth and enhancing macroeconomic and financial stability"
•  Reaffirm the April 2021 exchange rate commitment made by our finance ministers and Cenbank governors
•  We endorse the financial stability board’s high-level recommendations for regulation, supervision, and oversight of crypto-assets, activities
•  Our finance ministers and central bank governors will discuss taking forward the cryptocurrency roadmap at their meeting in October
•  Renew our commitment to ensure a level playing field and fair competition by discouraging protectionism, market-distorting practices

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CLIMATE CHANGE

• Need to accelerate efforts to phasedown unabated coal power, in line with national circumstances
• Will work towards facilitating low-cost financing for developing countries to support their transition to low carbon/emissions
• Will pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies, in line with national circumstances by 2030
• Reiterate our commitment to take action to scale up sustainable finance
• Reiterate the use of carbon pricing and non-pricing mechanisms and incentives toward carbon neutrality and net zero
• Recognise the need for increased global investments to meet our climate goals of the Paris Agreement
• Note the need for US$ 5.8 trillion - US$ 5.9 trillion in the pre-2030 period required for developing countries, in particular for their needs to implement their emission targets
• Calls on parties to set an ambitious, transparent, and trackable New Collective Quantified Goal of climate finance in 2024, from a floor of $100 billion a year.

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GLOBAL DEBT VULNERABILITIES

• Commit to promoting resilient growth by urgently and effectively addressing debt vulnerabilities in developing countries
• Call for swift conclusion of the debt treatment for Ethiopia

HEALTH

• Remain committed to strengthening global health architecture
• Will enhance the resilience of health systems and support the development of climate-resilient and low-carbon health systems in collaboration with multilateral development banks (MDBs)