As world leaders converged upon New Delhi for the latest G20 summit, they brought with them not just their nations' hopes and aspirations, but also a collective responsibility to address some of the most pressing challenges of our time. In the heart of India's capital city, against a backdrop of centuries-old history and a bustling modern metropolis, the leaders of the world's largest economies gathered to deliberate on matters of paramount significance – economic stability, geopolitical cooperation, and sustainable development.

However, this year's G20 summit stands out not only for its prestigious venue but also for the increasing emphasis placed on Environmental, Social, and Governance (ESG) considerations. The concept of ESG has evolved from being a niche concern among ethical investors to becoming a central pillar of global economic policy. In New Delhi, world leaders face a pivotal moment where they must grapple with the complex interplay of economic growth, social equity, and environmental preservation.


Figure 1: G20 New Delhi Declaration from September 9th-10th

The ESG lens through which this summit will be viewed reflects a growing recognition that our economic prosperity cannot come at the expense of our planet's health, the well-being of our societies, and the principles of responsible governance. In this article, we explore how the G20 meeting in New Delhi aims to advance the global ESG agenda and the implications of these discussions for the world's future. From climate action to inclusive growth and financial responsibility, this summit holds the promise of charting a more sustainable course for humanity.

At the forefront of the G20 summit's ESG agenda is the pressing issue of climate change. With the world experiencing more frequent and severe climate-related events, the urgency to take meaningful action has never been greater. In New Delhi, leaders must grapple with how to align economic growth with ambitious climate goals, especially considering India's commitment to reducing carbon emissions while still ensuring development and energy access for its large population.

The summit provides an opportunity for the G20 to reaffirm its commitment to the Paris Agreement, set concrete targets for emissions reductions, and support initiatives that promote renewable energy adoption, sustainable transportation, and conservation efforts. How these leaders reconcile the pursuit of economic growth with the need for sustainable practices will undoubtedly shape the global response to the climate crisis.

ESG considerations extend beyond the environment to encompass social and governance aspects. One critical facet is inclusive growth, a concept that emphasizes economic development that benefits all members of society. In India, where economic disparities are significant, leaders at the summit are tasked with exploring policies and initiatives that reduce inequality, promote access to education and healthcare, and ensure decent work opportunities for all.

Moreover, as the world grapples with the lasting effects of the COVID-19 pandemic, discussions in New Delhi will likely revolve around bolstering healthcare systems, vaccine equity, and strengthening global health security. The G20 can play a vital role in fostering international cooperation to address not only the ongoing pandemic but also future health crises.

The "G" in ESG, which stands for governance, underscores the importance of transparent, accountable, and responsible business practices. Leaders at the summit will deliberate on regulatory frameworks that promote ethical conduct, prevent corruption, and enhance corporate governance. Moreover, discussions on responsible finance will be critical, as sustainable investments and financial systems can help direct capital towards environmentally and socially beneficial projects. The New Delhi summit provides an opportunity to advance initiatives such as the Task Force on Climate-related Financial Disclosures (TCFD), which seeks to encourage companies to disclose climate-related financial risks and opportunities. By promoting transparency and responsible financial practices, the G20 can foster trust in global markets and encourage more sustainable investments.


Global economic growth is currently lagging behind its typical long-term performance and is characterized by disparities across regions. The tightening of global financial conditions is a notable concern, as it has the potential to exacerbate debt vulnerabilities, persistent inflation, and geopolitical tensions. As a result, there is a significant downside risk to the global economic outlook. In response to these challenges, there is a reiterated call for the implementation of well-designed monetary, fiscal, financial, and structural policies. These policies are deemed essential not only to stimulate economic growth but also to address income inequalities and uphold both macroeconomic and financial stability. Moreover, there is a commitment to bolster cooperation in macroeconomic policy and support progress toward achieving the 2030 Sustainable Development Goals.

Recognizing the need for strong, sustainable, balanced, and inclusive growth (often referred to as SSBIG), policymakers are urged to remain adaptable and flexible in their policy decisions. Additionally, there is appreciation for the initial steps taken by entities like the Financial Stability Board (FSB), Standard Setting Bodies (SSBs), and specific jurisdictions in examining the lessons learned from recent banking disruptions. Encouragement is given for these efforts to continue.

Central banks are committed to maintaining well-anchored inflation expectations and transparently communicating their policy positions to mitigate adverse spillover effects across countries. Furthermore, there is a commitment to prioritize temporary and targeted fiscal measures aimed at safeguarding vulnerable populations while upholding medium-term fiscal sustainability. The importance of aligning monetary and fiscal policies for overall coherence is stressed.

G20 leaders acknowledge the vital role played by private enterprise in expediting economic growth and fostering sustainable economic changes. In pursuit of this objective, they commit to collaborating with the private sector to establish global value chains that are inclusive, sustainable, and resilient. Additionally, they will provide support to developing nations in their efforts to ascend the value chain. Facilitation of various forms of investments, including Foreign Direct Investments (FDIs), aimed at promoting sustainable business models. Moreover, they will work on developing a pipeline of investment-ready projects in developing countries, leveraging the expertise of Multilateral Development Banks (MDBs) to attract investments and reduce barriers to doing business.

Leaders recognize the significance of startups and Micro, Small, and Medium-sized Enterprises (MSMEs) as natural drivers of economic growth. They play a crucial role in fostering innovation and generating employment, thus contributing to socio-economic transformation. They applaud the establishment of the Start-up 20 Engagement Group during India's G20 Presidency and support its continuation.

Lastly, the significance of supply-side policies, particularly those that boost labor force participation and enhance productivity, is acknowledged as a means to foster economic growth and alleviate inflationary pressures. The commitment made by Finance Ministers and Central Bank Governors in April 2021 regarding exchange rates is reaffirmed.

G20 leaders emphasize the continued importance of a multilateral trading system that is based on rules, free from discrimination, fair, open, inclusive, equitable, sustainable, and transparent, with the World Trade Organization (WTO) playing a central role. We are committed to endorsing policies that promote trade and investment as drivers of growth and prosperity that benefit everyone.

i. Reaffirming their dedication to promoting fair competition and equal opportunities by discouraging protectionist measures and practices that distort markets. This is aimed at creating a conducive environment for trade and investment that benefits everyone. They emphasize the importance of pursuing reforms within the World Trade Organization (WTO) to enhance all its functions through a process that involves all member countries. Additionally, they commit to engaging in discussions with the goal of establishing a fully operational and accessible dispute settlement system for all members by 2024. Furthermore, they pledge to collaborate constructively to ensure positive outcomes at the Thirteenth Ministerial Conference (MC13) of the WTO.

ii. Acknowledge the difficulties that Micro, Small, and Medium-sized Enterprises (MSMEs), especially in developing nations, encounter in accessing information. In light of this, express support for the Jaipur Call for Action, which aims to improve MSMEs' access to information as a means to facilitate their participation in global trade.

iii. Acceptance of the G20 Generic Framework for the Analysis of Global Value Chains (GVC), which will assist member countries in recognizing vulnerabilities and enhancing their ability to withstand challenges.

iv. Adoption of the High-Level Principles regarding the digitalization of trade documents and commit to promoting their implementation. Also, urge other nations to contemplate these principles for their own adoption and implementation.

v. Guarantee that trade and environmental policies align in a way that supports each other, in accordance with the principles of the World Trade Organization (WTO) and international agreements related to the environment.

v. Acknowledge the significance of the World Trade Organization's "Aid for Trade" program in facilitating the active involvement of developing nations, particularly Least Developed Countries (LDCs), in international trade, including the promotion of local value addition. We appreciate all endeavors aimed at mobilizing the required resources to support this initiative.

The leaders commit to addressing skill gaps, promoting decent work and ensuring inclusive social protection policies for all. In pursuit of this objective, they acknowledge that having well-integrated and appropriately skilled workers benefits both the countries of origin and the destination countries. As a result, they commit to striving for well-managed, regular, and skills-focused migration pathways. Additionally, they pledge to enhance national statistical data and, where appropriate, extend the reach of the ILO and OECD Skills for Jobs Databases to encompass G20 nations, with the aim of effectively addressing global skills needs for sustainable and inclusive economic development.

They also aim to attain universal social protection coverage that is sustainably financed, and they consider the potential for the portability of social security benefits through bilateral and multilateral agreements. Recognizing the economic importance and societal value of the cultural and creative sector in supporting inclusive growth, sustainable development, and decent work, they commit to promoting this sector. Furthermore, they pledge to ensure that gig and platform workers have adequate social protection and decent working conditions. They will intensify their efforts to combat child labor and forced labor throughout global value chains.

To promote financial inclusion, leaders express their support for the 2023 Update on Progress toward Achieving the G20 Remittance Target and approve the Regulatory Toolkit designed to enhance digital financial inclusion for Micro, Small, and Medium Enterprises (MSMEs). They also endorse the voluntary and non-binding G20 Policy Recommendations for Advancing Financial Inclusion and Enhancing Productivity through Digital Public Infrastructure. They encourage the ongoing development and responsible utilization of technological innovations, including innovative payment systems, to expand financial access to remote areas and work toward reducing the cost of remittances. Additionally, leaders back the G20 2023 Financial Inclusion Action Plan (FIAP), which outlines a proactive and forward-looking strategy to rapidly advance financial inclusion for individuals and MSMEs, particularly those in vulnerable and underserved populations within G20 nations and beyond.

Leaders give their approval to the three G20 High-Level Principles concerning:

  1. Enhancing International Cooperation and Information Sharing for Combating Corruption in Law Enforcement.
  2. Reinforcing Mechanisms for Asset Recovery to Combat Corruption.
  3. Fostering the Integrity and Efficiency of Public Institutions and Authorities Responsible for Preventing and Combating Corruption.

They also affirmed their dedication to actively demonstrate and sustain tangible initiatives, as well as exchange information about measures aimed at criminalizing foreign bribery and enforcing laws related to foreign bribery, consistent with Article 16 of the United Nations Convention against Corruption (UNCAC). They also expressed their appreciation for the Anti-Corruption Working Group's endeavors in working toward this objective.


As we reach the halfway point towards 2030, global progress toward achieving the Sustainable Development Goals (SDGs) is falling short, with only 12 percent of the targets making satisfactory progress. In order to expedite progress on the SDGs, leaders pledge to collectively take action to effectively and promptly execute the G20 2023 Action Plan designed to accelerate advancements toward the SDGs, along with its High-Level Principles.

Recognizing the significance of digital transformation, artificial intelligence (AI), data innovations, and the imperative to bridge digital divides, they reaffirm their commitment to mobilizing affordable, sufficient, and accessible funding from all available sources. This funding is intended to support developing countries in addressing obstacles to the implementation of the 2030 Agenda and the Addis Ababa Action Agenda. Leaders also underscore the vital role played by tourism and culture in driving sustainable socio-economic development and economic well-being. They take note of the Goa Roadmap for Tourism as a mechanism for achieving the SDGs and commit to enhancing cooperation and partnerships within the G20 to tackle challenges hindering the realization of the 2030 Agenda.

In accordance with the G20 Sustainable Finance Roadmap, leaders express their approval of the analytical framework designed for financing that aligns with the Sustainable Development Goals (SDGs). They also endorse the voluntary suggestions aimed at expanding the use of investment instruments that have a positive social impact and enhancing the collection and reporting of data related to nature, all of which are based on comprehensive assessments and tailored to individual country conditions.

Efforts to combat hunger and malnutrition should be intensified through enhanced collaboration in research, particularly focusing on climate-resilient and nutritious grains like millets, quinoa, sorghum, and traditional crops such as rice, wheat, and maize. The outcomes of the 12th G20 Meeting of Agriculture Chief Scientists (MACS) are encouraged.

Leaders stress the importance of increasing access to, availability of, and efficient utilization of fertilizers and agricultural inputs. This includes strengthening local fertilizer production and promoting soil health. They commit to expediting investments and innovations aimed at boosting agricultural productivity, reducing food loss and waste throughout the value chain, to support the food security efforts and capabilities of developing nations. Additionally, they pledge to work together to make affordable, safe, nutritious, and healthy diets accessible while facilitating the progressive realization of the right to adequate food. They aim to facilitate open, equitable, predictable, and rule-based trade in agriculture, food, and fertilizers, refraining from imposing export bans or restrictions, and reducing market distortions, all in accordance with relevant World Trade Organization (WTO) regulations.

Furthermore, leaders emphasize the need to strengthen the Agricultural Market Information System (AMIS) and the Group on Earth Observations Global Agricultural Monitoring (GEOGLAM) for greater transparency, minimizing food price fluctuations. This includes supporting AMIS's work on fertilizers, expanding its scope to include vegetable oils, and enhancing collaboration with early warning systems.

To enhance global health and prioritizing the reinforcement of primary healthcare and the healthcare workforce, leaders will concentrate on the following:

  1. Enhancing essential health services and healthcare systems to surpass their pre-pandemic performance, ideally within the next 2-3 years.
  2. Continuing efforts towards eradicating polio and putting an end to ongoing epidemics, including AIDS, tuberculosis, malaria, hepatitis, water-borne diseases, and other communicable diseases.
  3. Acknowledging the significance of research related to long-term COVID effects.
  4. Advocate for the adoption of the One Health-centered strategy outlined in the Quadripartite's Joint Plan of Action for One Health (2022-2026).
  5. Strengthen the resilience of healthcare systems and support the development of healthcare systems that are both climate-resilient and environmentally friendly, in collaboration with Multilateral Development Banks (MDBs). Also, provide support for the efforts led by the World Health Organization (WHO) in the Alliance for Transformative Action on Climate and Health (ATACH).
  6. Prioritize efforts to combat Antimicrobial Resistance (AMR) following the One Health approach. This includes dedicating resources to research and development, infection prevention and control, as well as antimicrobial stewardship efforts, all of which should be integrated into national action plans addressing AMR and monitoring antimicrobial consumption.
  7. Facilitate fair access to safe, effective, high-quality, and affordable vaccines, therapeutics, diagnostics, and other medical countermeasures, particularly for Low-and Middle-income Countries (LMICs), Least Developed Countries (LDCs), and Small Island Developing States (SIDS).
  8. Acknowledge the potential contribution of evidence-based Traditional and Complementary Medicine to healthcare. Also, acknowledge international initiatives in this area, such as WHO's global and collaborating centers, as well as clinical trial registries.
  9. Express support for the WHO-led inclusive consultative process aimed at establishing an interim coordination mechanism for medical countermeasures, ensuring the active involvement of Low-and Middle-income Countries (LMICs) and other developing nations.
  10. Encourage and enhance the availability of mental health services and psychosocial support in a manner that includes everyone.
  11. Emphasize the public health aspect of the global drug issue and advocate for robust international cooperation on countering narcotics. This cooperation should be unrestricted and include activities such as sharing information and building capacity to disrupt the production and distribution of illegal drugs, including synthetic drugs, and their precursor chemicals, both at their source, during transportation, and at their destination points.

Within the Joint Finance and Health Task Force (JFHTF), leaders express their approval of the inclusion of key regional organizations invited to participate in Task Force meetings. These organizations amplify the representation of low-income countries. The leaders also appreciate discussions related to the Framework on Economic Vulnerabilities and Risks (FEVR) and the initial Report on Economic Vulnerabilities and Risks resulting from pandemics. This report is a collaborative effort involving the World Health Organization (WHO), World Bank, International Monetary Fund (IMF), and European Investment Bank (EIB).

Furthermore, leaders welcome a report on Best Practices derived from institutional arrangements in finance and health during the COVID-19 pandemic. This report is expected to contribute to joint readiness efforts by the finance and health sectors to support future pandemic responses. Additionally, they appreciate the Report on Mapping Pandemic Response Financing Options and Gaps, jointly developed by WHO and the World Bank. They anticipate further discussions on optimizing financing mechanisms, enhancing coordination, and, when necessary, bolstering these mechanisms to ensure rapid and efficient deployment of required funding. All these considerations take into account discussions held in other global forums. The leaders stress the importance of attracting new donors and co-investors and request the Task Force to provide a progress report to Finance and Health Ministers in 2024.

Leaders are dedicated to providing comprehensive, fair, and top-quality education and skill training to everyone, including those in precarious circumstances, through:

  1. Acknowledging the significance of fundamental learning, which includes literacy, numeracy, and socioemotional skills, as the fundamental cornerstone for both education and employment.
  2. Emphasizing the pledge to utilize digital technologies to bridge the digital disparities for every learner.
  3. Providing assistance to educational institutions and educators to help them stay updated with evolving trends and technological advancements, including artificial intelligence (AI).
  4. Reaffirming dedication to fostering open, fair, and secure scientific collaboration, and promote the mobility of students, scholars, researchers, and scientists among various research and higher education institutions.

The leaders emphasize the importance of fully recognizing and preserving culture for its inherent transformative potential and its role in facilitating the attainment of the Sustainable Development Goals (SDGs). They also advocate for the inclusion of culture as a distinct objective in future discussions regarding a possible post-2030 development agenda. Furthermore, they reiterate their commitment to intensify efforts against the illegal trafficking of cultural artifacts at national, regional, or international levels, with the goal of facilitating their return and restoration to their countries and communities of origin, where applicable. They also call for ongoing dialogue and action to bolster cultural diplomacy and intercultural exchanges, all in compliance with national laws and the relevant UNESCO Conventions. They call upon the international community to protect living cultural heritage, which encompasses intellectual property. This specifically relates to addressing issues of excessive commercialization and unauthorized utilization of this cultural heritage, which can have adverse impacts on sustainability and the well-being of individuals involved, including practitioners, community custodians, and Indigenous People.


Acknowledging that the prosperity and welfare of both current and future generations hinge upon the decisions and actions we take today, the leaders are determined to seek economic growth and development that is environmentally sustainable and inclusive, adopting an integrated, comprehensive, and well-balanced approach.

Mindful of their leadership role, they reaffirm their unwavering commitment to address climate change by effectively implementing the Paris Agreement and its temperature target, taking into account equity and the principle of differentiated responsibilities and capabilities based on varying national circumstances. They express concern that the global ambition and actions to combat climate change are insufficient to achieve the Paris Agreement's goal of limiting the global average temperature increase to well below 2°C above pre-industrial levels, with efforts to limit it to 1.5°C above pre-industrial levels.

Recognizing the assessments by the Intergovernmental Panel on Climate Change (IPCC) that the impacts of climate change are significantly less severe at a 1.5°C temperature increase compared to a 2°C increase, they emphasize their commitment to making additional efforts to restrict the temperature increase to 1.5°C. They acknowledge that achieving this target necessitates rapid, profound, and sustained reductions in global greenhouse gas (GHG) emissions, amounting to a 43% reduction by 2030 relative to 2019 levels.

The economic consequences of the physical effects of climate change carry substantial costs, both on an overall scale and at the national level. Failing to take action is far more expensive than undertaking well-planned and equitable transitions. The importance of global discussions and collaboration is acknowledged, particularly in the domains of finance and technology. Timely policy measures that align with each country's unique circumstances are deemed essential. Leaders endorse the G20 Report on Macroeconomic Risks Arising from Climate Change and Transition Strategies. Expanding upon the findings of this report, they will explore further analysis of the macroeconomic implications, where relevant, particularly with regard to fiscal and monetary policies. This analysis will draw upon input from a diverse range of stakeholders.

Building upon the G20 High-Level Principles on Sustainable Lifestyles, the leaders pledge to take robust collective actions aimed at fostering global adoption of sustainable production and consumption patterns, as well as the integration of Lifestyles for Sustainable Development. Research in this area indicates that such efforts can significantly reduce emissions by 2030, aligning with our goal of achieving global net-zero emissions.

They endorse the establishment of a favorable policy environment that encourages sustainable lifestyles as a means of addressing climate change. To this end the leaders:

  1. Commit to putting into practice the G20 High-Level Principles on Lifestyles for Sustainable Development.
  2. Lend their support to the implementation of these High-Level Principles (HLPs) through international collaboration, financial backing, and the advancement, deployment, and dissemination of relevant technologies.
  3. They acknowledge the introduction of "Travel for LiFE" and endorse the development of responsible and sustainable smart destinations.

To strive for the separation of our economic expansion from harm to the environment and to improve sustainable consumption and production, including the use of primary resources while still promoting economic growth, leaders recognize the vital significance of circular economy practices, extended producer responsibility, and resource efficiency in realizing sustainable development goals.

The leaders are committed to expediting the transition to clean, sustainable, fair, cost-effective, and inclusive energy systems, following diverse pathways. This commitment serves as a means to facilitate robust, sustainable, equitable, and comprehensive economic growth, as well as to attain our climate-related objectives.

They endorse the creation of strong international and national environments conducive to fostering innovation, voluntary and mutually agreed technology transfer, and access to affordable financing for energy transitions. In this regard, they emphasize the significance of ensuring continuous energy supplies from various sources, suppliers, and routes. They also explore strategies to enhance energy security and market stability, including inclusive investments to meet the growing energy demand, all while aligning with sustainable development and climate targets. Concurrently, they promote open, competitive, non-discriminatory, and freely accessible international energy markets.

Recognizing the need for support in transitioning to low-carbon and low-emission pathways for developing countries, leaders pledge to accelerate the production, utilization, and establishment of transparent and resilient global markets for hydrogen generated through zero and low-emission technologies, along with its derivatives like ammonia. They aim to develop voluntary and mutually agreed harmonized standards, as well as mutually recognized and interoperable certification schemes.

They commit to advancing cooperative initiatives for the development, demonstration, and deployment of clean and sustainable energy technologies and solutions, fostering innovation. Additionally, they acknowledge the importance of sustainable biofuels in their strategies for zero and low-emission development and highlight the establishment of a Global Biofuels Alliance. Furthermore, they recognize the role of grid connections, resilient energy infrastructure, and regional or cross-border integration of power systems where relevant, as these factors enhance energy security, promote economic growth, and facilitate universal access to energy for all.

The leaders express their appreciation for the recommendations put forth by the Sustainable Finance Working Group (SFWG) regarding mechanisms to ensure the timely and sufficient mobilization of funds for climate finance, with due consideration for supporting transition activities tailored to each country's circumstances. They acknowledge the crucial role of public financing as a key facilitator of climate actions, including its ability to attract much-needed private investments through blended financial tools, mechanisms, and risk-sharing facilities. These financial instruments aim to address both adaptation and mitigation efforts in a balanced manner, aligning with ambitious Nationally Determined Contributions (NDCs), carbon neutrality goals, and net-zero targets, while taking into account the diverse national situations.

They emphasize the importance of maximizing the impact of concessional resources, such as those from multilateral climate funds, to assist developing countries in implementing the Paris Agreement. They also call for a robust second replenishment process for the Green Climate Fund for its upcoming 2024-2027 funding period. Recognizing the significance of supporting the commercialization of early-stage technologies that can reduce, mitigate, and remove greenhouse gas emissions while aiding adaptation efforts, they take note of the recommendations concerning financial solutions, policies, and incentives. These measures are intended to stimulate increased private investments in the swift development, demonstration, and deployment of environmentally friendly and low-emission technologies.

They support the multi-year G20 Technical Assistance Action Plan (TAAP) and the optional suggestions put forth to address data-related obstacles to climate investments. They also welcome the completion of sustainability and climate-related disclosure standards by the International Sustainability Standards Board (ISSB) in June 2023. These standards offer mechanisms that address proportionality and encourage interoperability. It is essential to maintain flexibility in implementing these standards, considering the unique circumstances of each country.

The leaders acknowledge the necessity of boosting worldwide investments to fulfill the climate objectives outlined in the Paris Agreement. There is a pressing need to significantly increase climate finance, moving from the scale of billions to trillions of dollars on a global scale from diverse funding sources. To accomplish this, they:

  1. Recognize the necessity for a total of approximately USD 5.8-5.9 trillion during the period preceding 2030, which is essential for developing countries. These funds are primarily needed to support the implementation of their Nationally Determined Contributions (NDCs). Additionally, there is a requirement for roughly USD 4 trillion annually by 2030 to advance clean energy technologies, as part of the efforts to achieve net-zero emissions by 2050.
  2. Will endeavor to effectively carry out the decision made at COP27 regarding funding arrangements to address loss and damage, aiming to assist developing countries that are especially susceptible to the negative impacts of climate change. This includes the establishment of a fund.
  3. Urge Parties to establish an ambitious, transparent, and measurable New Collective Quantified Goal (NCQG) for climate finance by 2024, starting at a minimum level of USD 100 billion annually. This goal should consider the requirements and priorities of developing countries in aligning with the objectives of the UNFCCC and the implementation of the Paris Agreement.
  4. Recognize the crucial contribution of private climate finance in complementing public climate finance and promote the establishment of funding mechanisms like blended finance, risk mitigation tools, and green bonds for projects situated in developing nations.

They underscore the significance of robust ecosystems in addressing a range of challenges, including climate change, biodiversity loss, desertification, drought, land degradation, pollution, food insecurity, and water scarcity. To this end, they commit to the prompt, comprehensive, and effective implementation of the Kunming-Montreal Global Biodiversity Framework (GBF) and encourage others to follow suit. They also support actions aimed at halting and reversing biodiversity loss by 2030. Additionally, they express their backing for the G20's ambition to reduce land degradation by 50% by 2040, as outlined in the G20 Global Land Initiative (GLI). They acknowledge discussions regarding the Gandhinagar Implementation Roadmap and the Gandhinagar Information Platform. Recognizing the invaluable ecosystem services provided by forests, including their role as carbon sinks on both a global and local scale, they pledge to intensify efforts to protect, preserve, and sustainably manage forests while combating deforestation. These efforts align with internationally agreed timelines and take into consideration the social and economic challenges faced by local communities and indigenous peoples, emphasizing the contributions of these actions to sustainable development.

The leaders are resolute in their commitment to combat plastic pollution. In this regard, they appreciate the UNEP/EA.5/Res.14 resolution, which created an Intergovernmental Negotiating Committee (INC) tasked with crafting a legally binding international agreement addressing plastic pollution, particularly in marine environments. The aim is to conclude this work by the conclusion of 2024. Additionally, efforts are underway to develop the G20 Marine Litter Action Plan, as outlined in the Osaka Blue Ocean Vision.

During the G20 Presidency this year, there have been significant initiatives to promote disaster risk reduction within the G20. One notable development is the establishment of the Disaster Risk Reduction (DRR) Working Group, as highlighted in UNGA resolution 77/289. The leaders also reaffirm their commitment to the Sendai Framework for Disaster Risk Reduction (SFDRR) and emphasize the urgency of expediting its complete implementation.


Since the Second World War, significant transformations have occurred in the global order, driven by factors like economic growth, decolonization, demographic changes, technological advancements, the rise of new economic powers, and enhanced international collaboration. In light of these developments, it is crucial for the United Nations to be adaptable, responsive to the needs of its entire membership, and remain true to the foundational purposes and principles laid out in its Charter.

In this context, they recall the Declaration on the Commemoration of the 75th anniversary of the United Nations (UNGA 75/1), which emphasized the interconnected nature of our challenges and stressed the necessity for revitalized multilateralism, reforms, and increased international cooperation to address them effectively. The 21st century necessitates an international development finance system that is well-suited to address the considerable needs and profound challenges faced by developing countries, especially the most impoverished and susceptible among them. Ongoing efforts are focused on enhancing Multilateral Development Banks (MDBs) to make them more effective, responsive, and accessible while substantially increasing their financial capabilities to maximize their impact on development. The strengthening of MDBs is deemed critical to mobilize funding from various sources, enabling a substantial increase in financial support from billions to trillions of dollars for development. The international finance system must significantly augment its financing efforts to assist developing nations and emerging market economies (EMEs) in combating poverty, addressing global issues, and achieving substantial development outcomes.

The G20 leaders support the G20 Roadmap designed for carrying out the recommendations from the G20 Independent Review of Multilateral Development Banks' (MDBs) Capital Adequacy Frameworks (CAFs). They emphasize the need for ambitious implementation of this roadmap within the governance structures of the MDBs. While doing so, they stress the importance of preserving the long-term financial sustainability, strong credit ratings, and preferred creditor status of these institutions.

Furthermore, they call for a periodic review of the progress in implementing these recommendations on an ongoing basis. This review process should involve MDBs, subject matter experts, and shareholders. In the future, they also encourage MDBs to collaborate on matters like hybrid capital, callable capital, and guarantees. They appreciate the increased dialogue between MDBs, Credit Rating Agencies, and shareholders and advocate for continued transparency in sharing information and rating methodologies.

Furthermore, Multilateral Development Banks (MDBs) are urged to undertake comprehensive initiatives aimed at redefining their vision, incentive systems, operational approaches, and financial capabilities. These changes should better equip them to make a significant impact in addressing various global challenges, all while remaining aligned with their mandate and commitment to accelerating progress towards the Sustainable Development Goals (SDGs). Acknowledging the pressing need to strengthen and modernize the MDB ecosystem for the 21st century, the efforts of the G20 Independent Expert Group on Strengthening MDBs in preparing Volume 1 of the Report were appreciated. The leaders eagerly await its examination in conjunction with Volume 2, which is expected to be released in October 2023. To increase investments to meet development needs and address global challenges effectively, there is a strong emphasis on enhancing domestic resource mobilization in Emerging Market and Developing Economies (EMDEs). The International Monetary Fund (IMF) and the World Bank, in coordination with other relevant international institutions, have been requested to support these efforts.

The leaders reiterate the significance of effectively, comprehensively, and systematically addressing debt vulnerabilities in low and middle-income countries. They reaffirm their commitment to all the pledges made in the Common Framework for Debt Treatments that extend beyond the Debt Service Suspension Initiative (DSSI), including those outlined in the second and final paragraphs, which were agreed upon on November 13, 2020. They also intend to intensify the implementation of the Common Framework in a manner that is predictable, timely, orderly, and coordinated.

Additionally, the leaders welcome the recent agreement reached between the Government of Zambia and the official creditor committee regarding debt treatment and anticipate a swift resolution. They express support for the efforts of the Global Sovereign Debt Roundtable (GSDR) participants in enhancing communication and promoting a shared understanding among key stakeholders, both inside and outside the Common Framework, to facilitate effective debt treatments. The leaders also commend the private sector lenders who have already provided data to the joint Institute of International Finance (IIF)/OECD Data Repository Portal and encourage others to voluntarily contribute as well.


Technology has the potential to facilitate rapid advancements in closing the existing digital disparities and accelerating progress toward inclusive and sustainable development. The concept of digital public infrastructure (DPI), which involves a collection of shared digital systems, can be established and utilized collaboratively by both the public and private sectors. These systems should be based on secure and resilient infrastructure, and they can be constructed using open standards, specifications, and open-source software. DPI has the capability to enable the delivery of services on a societal scale. In our voluntary endeavors to ensure interoperability of digital public infrastructure, we acknowledge the significance of permitting the free flow of data with trust and facilitating cross-border data flows, all while adhering to relevant legal frameworks.

Leaders acknowledge that establishing a digital public infrastructure that is safe, secure, trustworthy, accountable, and inclusive, while also respecting human rights, personal data, privacy, and intellectual property rights, can enhance resilience and facilitate service delivery and innovation. They recognize the growing importance of fostering an enabling, inclusive, open, fair, non-discriminatory, and secure digital economy for all nations and stakeholders, all while adhering to relevant legal frameworks.

The G20 leaders maintain close vigilance over the risks associated with the rapidly evolving cryptoasset ecosystem and endorse the Financial Stability Board's (FSB) high-level recommendations regarding the regulation, supervision, and oversight of activities and markets involving crypto-assets, as well as global stablecoin arrangements. They welcome the IMF-FSB Synthesis Paper, along with its associated Roadmap, which will support the development of a coordinated and comprehensive policy and regulatory framework. This framework will take into account a wide range of risks, including those specific to emerging market and developing economies (EMDEs). Additionally, they acknowledge the ongoing global implementation of standards set by the Financial Action Task Force (FATF) to address risks related to money laundering and terrorism financing. Finance Ministers and Central Bank Governors will further discuss the Roadmap during their meeting in October 2023.

They welcome discussions regarding the possible macro-financial consequences stemming from the introduction and utilization of Central Bank Digital Currencies (CBDCs). These discussions notably focus on cross-border payments and their potential impacts on the international monetary and financial system. They also anticipate the IMF's forthcoming report on the potential macro-financial effects of widespread CBDC adoption, which will further contribute to advancing this dialogue. Additionally, they acknowledge the BIS Innovation Hub (BISIH) Report on Lessons Learned from CBDCs, which provides valuable insights into this topic.

To encourage the development of digital ecosystems, leaders pledge to endorse the responsible, sustainable, and inclusive utilization of digital technology in agriculture, including supporting Agri-Tech startups and small businesses. They also embrace the creation of the Global Initiative on Digital Health (GIDH) under WHO's management, aiming to establish a comprehensive digital health system that complies with relevant data protection laws. Furthermore, they commit to leveraging digital technologies to safeguard and enhance cultural heritage while adopting digital frameworks to advance the cultural and creative sectors and industries.

The rapid advancement of AI holds the promise of enhancing global digital economy and prosperity. Our aim is to harness AI for the betterment of society while addressing challenges in a responsible, inclusive, and human-centered manner, all while safeguarding people's rights and safety. To ensure the responsible development, deployment, and utilization of AI, it's crucial to address various aspects such as protecting human rights, ensuring transparency and explainability, upholding fairness, enforcing accountability, implementing regulation, ensuring safety, providing adequate human oversight, adhering to ethical principles, mitigating biases, respecting privacy, and safeguarding data protection. To fully unlock AI's potential, distribute its benefits equitably, and mitigate associated risks, we are committed to collaborating internationally and facilitating further discussions on global AI governance.


Significant advancements have been achieved in Pillar One, including the development of a Multilateral Convention (MLC) text, progress on Amount B (a framework for simplifying the application of the arm's length principle to domestic marketing and distribution activities), and the finalization of the Subject to Tax Rule (STTR) under Pillar Two. Leaders acknowledge the efforts of various countries in implementing the Global Anti-Base Erosion (GloBE) Rules as a shared approach. They also emphasize the importance of coordinated actions for capacity building to effectively implement the two-pillar international tax framework. Furthermore, they appreciate a plan for additional support and technical assistance to aid developing nations in this regard. Additionally, they take note of the 2023 update of the G20/OECD Roadmap on Developing Countries and International Taxation. Lastly, they call for the prompt implementation of the CryptoAsset Reporting Framework ("CARF") and revisions to the CRS.


The G20 restates the fundamental significance of gender equality and emphasizes that investing in the empowerment of women and girls has a cascading impact on the realization of the 2030 Agenda. The leaders promote development led by women and reiterate their dedication to advancing the complete, equitable, efficient, and substantial engagement of women in decision-making processes for addressing global challenges comprehensively. This participation is essential not only for achieving gender equality but also for making valuable contributions to global economic growth across various sectors and at all levels of the economy.

A commitment has been made to achieve the Brisbane Goal, which aims to narrow the gap in labor force participation. The implementation of the G20 Roadmap "Towards and Beyond the Brisbane Goal '25 by 25'" is underway, and the ILO and OECD have been tasked with providing annual progress reports. Additionally, efforts have been taken to ensure equal access to affordable, inclusive, equitable, safe, and high-quality education, spanning from early childhood to lifelong learning. Support is extended to increase the enrollment, participation, and leadership of all women and girls, including those with disabilities, in STEM fields and emerging digital technologies. Steps have also been taken to promote the full and meaningful participation of women in a changing world of work, focusing on providing inclusive access to employment opportunities, closing the gender pay gap, and ensuring women's equal access to decent work and quality jobs.

Leaders are committed to reducing the digital gender gap by 50% by 2030. This commitment involves addressing gender norms and overcoming barriers related to the accessibility, affordability, adoption, and utilization of digital technologies. It also entails promoting regulatory policies that enable active participation of all women and girls in the development and execution of national digital strategies. This includes enhancing digital literacy and skills, identifying and mitigating risks that women and girls may face due to increased digitalization, such as various forms of online and offline abuse. Encouraging the adoption of safety-by-design approaches in digital tools and technologies is a part of this effort. Additionally, leaders pledge to support initiatives that identify, fund, and expedite proven solutions aimed at enhancing women's livelihoods and income security. They also welcome initiatives that promote the empowerment of women in the digital economy.

Recognizing that climate change, biodiversity loss, desertification, and pollution have a more significant impact on women and girls, efforts have been made to expedite climate action. These steps aim to enhance women's involvement, collaboration, decision-making, and leadership in initiatives related to climate change mitigation, adaptation, and disaster risk reduction. This includes policy frameworks addressing environmental concerns. Additionally, support is provided for solutions that are both gender-responsive and resilient to environmental challenges. These solutions encompass areas like water, sanitation, and hygiene (WASH) to bolster resilience against the effects of climate change and environmental degradation.

To ensure women's access to food security, proper nutrition, and overall well-being, there is a call for investments in agriculture and food systems that are inclusive, sustainable, and able to withstand challenges. Additionally, there is support for initiatives in nutrition and food systems that are responsive to gender considerations and sensitive to age-related factors. This support involves making use of innovative financial mechanisms and social safety nets to combat hunger and malnutrition. Furthermore, the leaders have agreed to establish a new Working Group dedicated to empowering women. This group will provide assistance to the G20 Women's Ministerial and anticipate the convening of its inaugural meeting during Brazil's G20 Presidency.


G20 leaders continue to express strong support for the efforts of the FSB (Financial Stability Board) and SSBs (Standard-Setting Bodies) in addressing vulnerabilities and enhancing the resilience of non-bank financial intermediation (NBFI) from a systemic standpoint. They are monitoring ongoing developments in the NBFI sector closely. They appreciate the FSB's consultations and recommendations aimed at achieving greater consistency in reporting cyber incidents, updates to the Cyber Lexicon, and the development of a Format for Incident Reporting Exchange (FIRE). Furthermore, they welcome the FSB's consultation report on enhancing third-party risk management and oversight. They anticipate that the toolkit resulting from this effort will help improve the operational resilience of financial institutions. This initiative is designed to address challenges arising from their increasing reliance on critical third-party service providers, including BigTechs and FinTechs. It is also aimed at reducing differences in regulatory and supervisory approaches across various jurisdictions and sectors within the financial services industry.

The leaders have endorsed the revised G20/OECD Principles of Corporate Governance, which aim to strengthen policy and regulatory frameworks related to corporate governance. These frameworks are intended to support sustainability and facilitate access to capital markets, which, in turn, can contribute to the overall resilience of the economy. The commitment to promoting sustainable capital flows is reiterated. In this context, they have taken note of the OECD's report titled "Towards Orderly Green Transition – Investment Requirements and Managing Risks to Capital Flows."


Terrorism, in all its forms and manifestations, including acts rooted in xenophobia, racism, or intolerance, as well as those carried out in the name of religion or belief, is unequivocally condemned. It is recognized as one of the gravest threats to international peace and security. Terrorism, regardless of its motives, is considered criminal and indefensible, no matter when, where, or by whom it is perpetrated. Efforts to counter terrorism effectively are fully consistent with the support for terrorism victims and the protection of human rights. A comprehensive approach grounded in international law is deemed effective in addressing terrorism. The international community should enhance its endeavors to prevent terrorist groups from finding safe havens, conducting operations, moving freely, recruiting members, and receiving financial, material, or political backing.

There is a commitment to support the growing resource requirements of the Financial Action Task Force (FATF) and regional bodies following FATF standards, with encouragement for others to do the same. This includes financial backing for the next round of mutual evaluations. The commitment to implementing the revised FATF Standards on beneficial ownership transparency for legal entities and arrangements is reaffirmed to make it more challenging for criminals to conceal and launder illicit gains.

Countries are urged to establish and implement effective regulatory and supervisory frameworks to mitigate risks associated with virtual assets in line with FATF Standards, particularly concerning terrorism financing, money laundering, and proliferation financing risks. Support is expressed for the FATF's initiative to expedite global compliance with its standards, including the "travel rule," as well as its work addressing risks posed by emerging technologies and innovations, such as decentralized finance (DeFi) arrangements and peer-to-peer transactions.


The inclusion of the African Union as a permanent member of the G20 is welcomed, and it is strongly believed that this addition will make a significant contribution to addressing the global challenges facing our world today. Africa holds a crucial role in the global economy. Efforts have been made to strengthen ties with the African Union and support the realization of its goals outlined in Agenda 2063. Leaders have reiterated their unwavering support for Africa, including through initiatives like the G20 Compact with Africa and the G20 Initiative focused on bolstering industrialization in Africa and Least Developed Countries (LDCs). They are also open to further discussions on enhancing collaboration between the G20 and other regional partners.

A commitment is reaffirmed to support migrants, including migrant workers and refugees, as part of building a more inclusive world. This support aligns with national policies and laws, ensuring full respect for their human rights and fundamental freedoms, irrespective of their migration status. Furthermore, it is emphasized that freedom of religion or belief, freedom of opinion or expression, the right to peaceful assembly, and the right to freedom of association are interconnected, interrelated, and mutually reinforcing. These rights are recognized for their role in combating all forms of intolerance and discrimination based on religion or belief. The perspectives and priorities of developing countries will continue to be integrated into the G20 agendas, and appreciation is expressed for the initiatives undertaken by G20 members in this regard.


The G20 Summit held in New Delhi in September 2023 marked a significant moment in global diplomacy and cooperation. This gathering of leaders from the world's major economies underscored the urgent need for collective action in addressing pressing challenges related to Environmental, Social, and Governance (ESG) factors. The summit's discussions were marked by a strong commitment to sustainability, inclusivity, and responsible governance. Leaders recognized that the fate of our planet and the well-being of current and future generations hinge on our ability to address complex issues holistically and collaboratively.

Climate change emerged as a central theme, with leaders pledging to accelerate efforts to limit global warming to 1.5°C above pre-industrial levels. They recognized the inadequacy of current climate action and committed to ambitious measures, including increased climate finance and support for developing countries.

Gender equality also took center stage, with leaders acknowledging its fundamental importance and pledging to empower women and girls across all sectors and levels of society. Steps were taken to close the digital gender gap, improve access to quality education and decent work, and foster the participation of women in a changing world of work. Furthermore, the summit welcomed the inclusion of the African Union as a permanent member of the G20, recognizing Africa's crucial role in the global economy. This move reinforced the G20's commitment to regional partnerships and cooperation. The summit yielded concrete outcomes, including endorsements of reports and initiatives aimed at driving positive change. These encompassed climate finance mechanisms, digital infrastructure development, responsible AI development, and initiatives to combat terrorism and promote financial stability.

In conclusion, the G20 New Delhi Summit in 2023 demonstrated the power of international cooperation in addressing the world's most pressing challenges. It reaffirmed the G20's commitment to a sustainable, equitable, and resilient future for all and highlighted the importance of acting swiftly and collectively to overcome global issues. As the world continues to grapple with complex ESG challenges, the summit serves as a beacon of hope, showcasing the potential for nations to come together and effect positive change on a global scale.

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