Consensus reached at G20, 'New Delhi Declaration' adopted, announces PM Modi

Prime Minister Narendra Modi said on Saturday the G20 had received consensus on a leaders' declaration. On the back of the hard work of all the teams, we have received consensus on the G20 Leaders Summit Declaration and announce the adoption of this declaration, Modi told the bloc leaders in New Delhi.

"I have received good news. Due to the hard work of our team, consensus has been built on New Delhi G20 Leaders' Summit Declaration. My proposal is to adopt this leadership declaration. I announce to adopt this declaration. On this occasion, I congratulate my Sherpa, ministers, who worked hard for it and made it possible," said Modi.

Amitabh Kant, India's G20 Sherpa, said the New Delhi Leaders' Declaration focuses on: "Strong, Sustainable, Balanced, and Inclusive Growth; Accelerating Progress on SDGs; Green Development Pact for a Sustainable Future; Multilateral Institutions for the 21st Century; Reinvigorating Multilateralism."

Kant said on X (formerly Twitter) that the declaration "demonstrates PM Modi's leadership in today’s world".

Watch: G20 Summit: New Delhi Leaders' Declaration adopted, announces PM Modi; know what it is and what it focuses on, and its significance

"Historical and path breaking G20 Declaration with 100% consensus on all developmental and geo-political issues. The new geopolitical paras are a powerful call for Planet, People, Peace and Prosperity in todays world. Demonstrates PM 
@narendramodi leadership in today’s world," posted Kant on X.

"With 112 outcomes and presidency documents, we have more than tripled the substantive work from previous presidencies," said Kant.

Earlier on Saturday, Modi inaugurated the two-day meeting by calling on members to end a "global trust deficit" and announced that the bloc was granting permanent membership to the African Union in an effort to make it more representative.

"Today, as the president of G20, India calls upon the entire world to first convert this global trust deficit into one trust and one confidence," he said. "It is time for all of us to move together."

The group is deeply divided over the war in Ukraine, with Western nations pushing for strong condemnation of Russia in the Leaders' Declaration, while others are demanding a focus on broader economic issues.

Following are excerpts from the declaration.

Ukraine

- Concerning war in Ukraine, all states must act in a manner consistent with purposes and principles of un charter in its entirety

- On war in Ukraine, all states must refrain from threat or use of force to seek territorial acquisition against territorial integrity and sovereignty or political independence of any state

- On war in Ukraine, use or threat of use of nuclear weapons is inadmissible

- On Ukraine crisis, "there were different views and assessments of the situation"

Grain/food/energy security

- Call on Russia and Ukraine to ensure immediate and unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from Russia and Ukraine

- Emphasizing importance of sustaining food and energy security, called for cessation of military destruction or other attacks on relevant infrastructure

- 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 April 2021 exchange rate commitment made by our finance ministers and cenbank governors

- We endorse financial stability board’s high-level recommendations for regulation, supervision and oversight of crypto-assets, activities

- Our finance ministers, 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

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

- Recognise need for increased global investments to meet our climate goals of the Paris agreement

- Note need of $5.8-5.9 trln in pre-2030 period required for developing countries, in particular for their needs to implement their emission targets

With inputs from Reuters