Bharat’s G20 presidency: Shaping global governance for development

The outstanding success and the rich, multisectoral and meaningful outcome of the Delhi Summit and India’s G20 presidency, it’s blazing a trail and leaving a valuable legacy have been proudly hailed by Indians of all hues as by G20 Summit participants and the world. Deciphering each win would take a multilateralist like me, who has seen them all over decades, more than can be covered in one article. So let me pick a few. 1.  There was unprecedented ownership and commitment, an investment of resources — political, human, and financial — at an unparalleled scale and scope, resulting in a significant number of substantive outcomes, documents, and initiatives – approximately 112. India’s G20 presidency celebrated the conjunction of excellent organization of events, logistics, and infrastructure, as well as the variety, importance, and urgency of the issues addressed. The New Bharat dynamism and its strategic geopolitical positioning hint at India’s potential dominance not just for a decade, but possibly a century, as it overcomes all challenges. 2. It was a ‘People’s G20’ in the truest sense, diverging from the typical elitist diplomatic approach often associated with other countries’ presidencies. This was a manifestation of ‘Jan Bhagidari’ in action, involving officials, corporations, civil society, grassroots community leaders, women, youth, and school children in 220 events across 60 cities in various states of India – a collective engagement that brought some 67 million people into different roles. Consequently, the Summit evolved into a genuine people’s movement — ‘Jan Andolan’ firmly embedded in the consciousness of India and the world. 3. It marked the centre — the staging of an exemplary New India — in all its cultural, depth and grandeur, making a ‘civilisational state’ statement with aplomb. Both Indians and foreigners had the opportunity to witness its economic and technological progress, as well as its impressive social transformation projects, which demonstrated their replicability and potential for scaling up in the Global South and even the North." 4. Belying motivated and ill-intentioned critics here and abroad, India’s credentials as a flourishing, largest, oldest, most diverse and vibrant democracy were burnished even further. Its resilience in crisis, especially its prodigious COVID-19 pandemic response and Vaccine Maitri, its Vasudhaiva Kutumbakam, inclusive and human-centric ethos was demonstrated in every way. Unifier at times of crisis and division 5. In a world that may be more riven and fragmented than ever, India successfully built trust and overcame geopolitical tensions, ultimately unifying the G20 into what could be seen as an Economic Security Council. This unity centred around addressing pressing issues, including the post-COVID socio-economic meltdown, food, fuel, financial challenges, debt, climate crises, conflicts and SDG regression, which predominantly affect the Global South. Additionally, India addressed broader concerns related to global economic and financial management and governance from: ~ terrorist funding and money laundering, ~ regulating crypto assets, ~ combating corruption ~ preparing for future of work, ~ One Health and Pandemic preparedness and response ~ Finance - Health collaboration, ~ Goa roadmap for tourism, ~ Higher education and quality education collaboration, ~ Ocean-based blue economy, ~ Financing cities of tomorrow, ~ an international taxation system - globally fair, sustainable and modern for the 21st century. System shaper 6. The New Delhi Summit marked India’s true emergence as a global system shaper and if not maker from being a conscientious objector, from being on the periphery to the centre of global economic and sustainable development decision-making. It took on responsibilities and made contributions and down payments in climate change and environment, digital public infrastructure and disaster risk reduction and response including the historic setting up of a Working group on it. Voice of Global South/North South bridge 7. The New Delhi Summit gave direction, set templates and targets, adopted principles and standards, and stimulated actions by governments and global institutions to deliver “inclusive, decisive, action-oriented and ambitious" results in the Indian presidency’s seven thematic priorities, especially to benefit the Global South. 8. As Prime Minister Modi promised, India became the voice of the Global South making the priorities of the developing countries Bharat‘s. This was not done in an adversarial way to the Global North but in a bridge-building way straddling as India does, North and South features – in the spirit of Vishvamitra and Vishwaguru. We sought support and concessions for developing countries from the countries of the North but also took care to keep space for developing countries to make contributions to the global public goods according to their capacity and needs, Accelerating SDGs 9. Recognising slow progress in SDGs at this - 88 per cent of targets are off track - the Delhi Summit recommitted to important deliverables. These include the adoption of G20 high-level principles to accelerate progress on SDGs to guide the next seven years of action; data for development; analytical framework for SDG-aligned financing; UNSG’s SDG stimulus of $500 billion per year and his SDG financing summit; acknowledging the need to provide $1.2 trillion (ex-China) by 2030 in SDG funding with MFIs to provide $260 billion a year. 10. It further committed to mobilising affordable, adequate and accessible financing from all sources to close the financing gap and scale up sustainable finance in line with the G20 roadmap. Significantly it clarified that climate finance would not displace SDG finance but complement it. On SDG2 - the zero-hunger goal, adopted the Deccan High-level principles on Food Security and Nutrition; undertook to advance resilient, climate-smart, sustainable agriculture; address effects of food and energy price volatility and enhance IFAD resources. Green Development Pact 11. The agreement on a robust Green Development Pact for a Sustainable Future is a major win for India’s leadership. PM Modi’s LIFE mission was turned into G20 High-Level Principles on Lifestyles for Sustainable Development. An ambitious second replenishment of the Green Climate Fund was called for, along with private finance and a strong commitment to developed countries sharing, deploying and financing climate-friendly technologies and implementing the Multiyear Technical Assistance Plan (TAAP). 12. The biggest achievement was affirming the necessity of climate financing for the Global South to go from billions to trillions - $5.9 trillion for the Global South before 2030 to implement their NDCs and set ambitious climate adaptation targets, $4 trillion for clean energy technologies alone and annual incremental investment of $1.8 trillion and scaling up of blended finance. 13. It called for implementation of the 100 billion Paris commitment and set an ambitious, traceable, transparent New Collective Quantifiable Goal - NCQG with developed countries and MDBs to raise their game on this; agreed on peaking of emissions by 2025 on a differential basis for developing countries; acceleration of progress on early warning systems on climate-triggered disasters and agreed to pegging the global Net Zero target by 2050 with CBDR and national capacity determined policy space retained for developing countries. Just energy transitions 14. It is committed to accelerating clean, sustainable, affordable, just and inclusive energy transitions - each of these has a meaning for the Global South; to maintaining uninterrupted flow of energy sources, suppliers and routes for enhanced energy security and market stability; low-cost financing for developing countries; doubling of renewable energy targets by 2030; adopted an action plan for doubling rate of energy efficiency, provided necessary policy space for developing countries on inefficient fossil fuel subsidies and green signalled cooperation in small to medium nuclear reactors - a breakthrough for India and the South. Three concrete initiatives included establishing the Green Hydrogen Innovation Centre steered by the International Solar Alliance (ISA); High-Level Principles for Collaboration on Critical Minerals for Energy Transitions and the launch of the Global Bio Fuels Alliance. Digital Public Infrastructure 15. The Delhi Summit initiated the evolving concept of technological transformation and digital public infrastructure or DPI for enabling rapid transformations and ending digital divides. India’s marvel of JAM trinity for financial inclusion was recognised as a role model. It adopted a G20 Framework for Systems of DPI, welcomed India’s plan to build and maintain a Global DPI Repository for sharing with G20 and beyond and acknowledged the Indian proposal of One Future Alliance for assistance to developing countries. Global South and AU admission 16. Before the Delhi summit and at the start of its presidency, India convened the first-ever Summit of the Global South with 125 countries participating. India made the Delhi summit most inclusive by inviting the largest number of guest countries from the Global South. Forty-three countries and IOs (one of the largest ever in geographical reach with 125 nationalities represented. Thirty-one leaders and 11 heads of IOs attended the G20 Summit. It witnessed Africa’s largest-ever participation - South Africa plus Nigeria, Mauritius, Egypt (including as NEPAD Chair) and the AU Chair Comoros. 17. Prime Minister Modi ‘masterstroke of securing the African Union’s admission into the G20 as a permanent member solidified India’s credentials as a champion and trusted partner of Africa. It presages the deepening of bilateral and multilateral strategic and economic cooperation including on the shared agenda of reforming through expansion of the UN Security Council itself. 18. It is a major strategic win for Africa, as it gets to join the high table of the Economic Security Council of the world and shape decisions that most affect and respond to their sustainable development needs and to the multiple crises they face while helping tap their enormous potential. It was a win for G20 too, as it marked a milestone in representativeness and democratization of the global governance body, giving it greater credibility without making it unwieldy. Reform of multilateral institutions 19. There were many gains with regard to India and the Global South’s agenda for the reform of multilateral institutions, which as UNSG Gutierrez admitted, “are gridlocked in dysfunction.” The G20 for the first time collectively recalled the UNGA resolution 75/1 for reinvigorated multilateralism and reforms, thus bringing UNSC Reform to the forefront and strengthening India and other developing countries’ drive for expansion of UNSC. 20. On the MDBs it committed to pursuing reforms for” bigger, and more effective Multilateral Development Banks so they can make a quantum jump from billions to trillions of dollars in development assistance with improved operating models and substantial increase in financial capacity that should enable faster and robust mobilization of funds for developing countries. 21. It made an insistent call for enhanced representation and voice of DCs in decision-making in international financial and economic institutions not merely as beneficiaries but as decision-makers and urged that IMF quota reform be completed by December 2023. The $200 billion to provide additional lending headroom for IBRD through a review of the capital adequacy framework marked the first important step -especially for developing countries highly reliant on IBRD’s concessional window. 22. Signalling the voluntary channelling of SDRs through MDBs could pave the way for implementation of the Bridgetown initiative to support more vulnerable countries reducing the cost of investments and increasing the capacity of the IDA crisis response window and concessional lending overall are important pluses. There was a commitment to complement the strengthening of innovative and sustainable financing pathways including private sector, pension funds, asset management companies and blended finance with support from MIGA and IFC for private sector mobilisation. Debt crisis 23. The Delhi Summit addressed the unprecedented and crippling $9 trillion debt burden faced by some 70 developing countries, 30 per cent of which is owed to China. It called for more effective, speedier implementation of the Debt Suspension Initiative of G20 and agreed to go beyond the Common Framework for Debt restructuring for the first time India set up a coordinated mechanism for Srilanka paving the way for non-Common Framework countries to join. 24. It emphasized the importance of addressing debt vulnerabilities in low and middle-income countries in a comprehensive manner, addressing policy issues for the effective implementation of the Common Framework. Launch of the global sovereign debt round table including IMF/WB/G20 Presidency/Paris Club/non-Paris Club creditors including China and India will now enhance coordination and debt transparency. IIF/OECD repository and portal will enhance the transparency of private creditors. Women-led development 25. The concept of women-led development pioneered by PM Modi was consecrated for the first time in G20. The New Delhi Leaders Declaration had the most comprehensive and elaborate commitment to women’s socio-economic empowerment -2 1/2 pages. It included driving gender-responsive climate action, securing women’s food security, nutrition and wellbeing and ending violence and bias. It set a new target of reducing the gender digital gap by half by 2030 and reaching the target of reducing the labour force participation gap by 25 per cent by 2025 and beyond. The creation of a separate Working Group on women’s empowerment is an enduring legacy enabling systematic focus, gender mainstreaming, monitoring and accountability from now on. 26. The devil, as much as God, resides in the details of the agreements reached and outcomes achieved. India and the G20 countries will no doubt follow up on these to propitiate the gods for posterity. The concluding part of the New Delhi Declaration implies that India has ensured that G20 will remain the premier forum for global economic cooperation and is determined to steer the world out of its current challenges and build a safer, stronger, more resilient, inclusive and healthier future for our people and planet. The author is a former Assistant Secretary-General of the United Nations and Deputy Executive Director of UN Women and a former Ambassador of India. Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect Firstpost’s views. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.