G-20 Leaders Advance Sustainability Agenda

Under India’s leadership, the G-20 summit held in September 2023 has set a remarkable precedent by seeking to achieve a balance between ecological protection and economic development. From pioneering initiatives on climate finance to promoting sustainable supply chains, the group has demonstrated its commitment to a greener future.

India’s visionary leadership has galvanized the G-20 member nations and other invitees to take bold steps towards a sustainable and resilient global economy, which stand as a testament to the nation’s unwavering commitment to building a better planet for everyone round the globe. The outcome document of the summit, i.e., the New Delhi Declaration, outlines the G-20 members’ commitment to promoting sustainable development and inclusive growth.

In the summit several EHS or ESG-related initiatives were discussed and agreed upon. These initiatives are aimed at strengthening global cooperation in addressing environmental and social issues, strengthening governance and securing and enhancing health and safety for all. Some of the key initiatives include:

• Advancing the implementation of the Paris Agreement:?The attendees reaffirmed their commitment to the Paris Agreement and agreed to accelerate efforts to reduce greenhouse gas emissions, to stay on track to achieve the globally agreed temperature goal. They also emphasized the importance of climate finance and technology transfer to support developing countries in their transition to a low-carbon economy.

• Promoting sustainable development:?The G-20 recognized the interconnectedness of the Sustainable Development Goals (SDGs) and pledged to strengthen their efforts to achieve them by highlighting the importance of food and energy security, inclusive growth, poverty eradication, gender equality, providing quality education and environmental protection.

• Enhancing health security:?The G-20 underscored the importance of strengthening global health preparedness and response in the aftermath of the COVID-19 pandemic. They committed to working together to address future pandemics and other global health threats, by strengthening the global health care infrastructure, with the WHO [World Health Organization] at its core, by focusing on primary health care, working towards tackling anti-microbial resistance, facilitating access to safe and affordable vaccines, therapeutics etc., to name a few.

• Promoting sustainable consumption and production:?The G-20 recognized the need to promote sustainable consumption and production patterns to reduce environmental impact and conserve resources. They agreed to work together to promote resource efficiency, circular economy, and sustainable lifestyles. By focusing on sustainable consumption patterns, India reiterated its commitment towards the LiFE mission; and showed the importance of sustainable lifestyles for achieving our climate goals.

• Enhancing environmental protection:?The G-20 emphasized the importance of protecting biodiversity, conserving ecosystems, and combating pollution. They agreed to work together to strengthen environmental governance and promote responsible business conduct, by taking measures to attract FDI for sustainable business models.

In addition to the initiatives mentioned above, the G-20 also discussed specific issues such as climate adaptation, disaster risk reduction, and sustainable food systems. Further, discussions around measures for bettering corporate governance and promoting women led businesses and women owned businesses were also held. Gender divide which had been exacerbated due to digital divide is also sought to be closed or at least reduced by crafting gender responsive and gender inclusive policies.

The initiatives taken at the summit, can be summarised as steps in the right direction, which can have a potential positive impact on the environment, society, and governance. The implementation of these initiatives will require strong commitment and collaboration from all stakeholders, including governments, businesses, think-tanks, civil societies and other engagement groups; all of which shall be essential for building a more sustainable and equitable future for all.

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