Ocean of Twenties
Context:
- The first meeting of the G20’s Environment and Climate Sustainability Working Group (ECSWG) was recently conducted in Bengaluru, and in 2023, India will preside over the summit.
The Group of Twenty (G20):
- The European Union (EU) and 19 other nations make up the G20, sometimes known as the Group of 20. It strives to address important global economic concerns like international financial stability, reducing greenhouse gas emissions, and sustainable development.
- There is no permanent secretariat or staff at the G20.
- Composition: Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Mexico, South Korea, Japan, and the European Union.
- Spain, the UN, the World Bank, the African Union, and ASEAN are just a few of the organizations that have been invited as guests.
- Along with international bodies like the United Nations, World Health Organization, the World Bank, and the IMF, the G20 also invites non-member nations like Bangladesh, Singapore, Spain, and Nigeria.
Working:
- For one year, the G20 Presidency sets the agenda and hosts the Summit. The Finance Track and the Sherpa Track are two concurrent tracks that make up the G20.
Money Track:
- led by central bank governors and finance ministers
- Sherpa Track: It is overseen by the Sherpas of the member nations, who serve as the Leaders’ personal envoys.
Significance:
- The majority of the finance ministries from the world’s top economies, comprising both industrialized and developing countries, make up the G20;
- It is responsible for over two-thirds of the world’s population, 80% of the gross world product (GWP), 75% of international trade, and 60% of the planet’s surface area.
- The G20 nations are responsible for over 75% of the world’s carbon emissions. The G20 agenda for 2015 included new topics such migration, digitization, employment, healthcare, women’s economic empowerment, and development assistance.
G20 Projects:
- The Global Solutions Initiative supports the Think20 (T20) process each year, giving the Group of Twenty (G20) an intellectual foundation. This intellectual foundation creates links between the policy recommendations of different G20 Presidency, between academics and decision-makers, between academics and practitioners in the private sector, and between different generations of thought leaders.
- G20 Global Land Initiative 2020, also known as the Global Initiative to Reduce Land Degradation and Enhance Terrestrial Habitat Conservation. This Global Initiative aims to prevent, stop, and reverse land degradation as well as cut down degraded land by 50% by 2040.
- The G20 established the Global Infrastructure Hub 2014 (GI Hub), a non-profit organization that promotes the development of inclusive, resilient, and sustainable infrastructure.
- The G20’s synchronized efforts during and after the 2008 global financial crisis assisted in calming fear and resuming economic development.
- Foundation:
- In 1999, the G20 was established in response to various global economic problems.
India’s standing in the G20:
India’s G20 presidency has been a tremendous endeavor, and it hopes to contribute the following:
- One Family, One Future, One Earth, etc. The theme for the G20 this year is Vasudhaiv Kutumbakam.
- Point up important global issues including terrorism, pandemics, and climate change.
- Voice of the Global South: in particular, the Small Island Developing States (SIDS) and the underdeveloped nations of Africa, whose voices are frequently ignored.
- Facilitate discussions between the world’s most powerful nations about reducing the threats presented by WMDs and boosting international security.
- Promote a new paradigm based on the Indian tradition of ‘trusteeship’ toward nature, one of human-centric globalization and sustainable and environmentally friendly lifestyles.
Indian importance:
- India is one of the G20’s most important members due to its second-highest population, which accounts for one sixth of the world’s population, seventh-largest land area in the form of a subcontinent, and most populous democracy in the world.
- India is a nation that is quickly modernizing and has a long history of civilization.
- India is a demographically extremely varied nation and home to nearly four biodiversity hotspots.
- India spends a lot of money on its military and is a responsible nuclear power.
Conclusion:
- The G20 may be an important venue for India to demonstrate its potential as a global leader and to develop practical solutions to societal problems by forging alliances and taking action. India can use the G20 as a global forum in the new world order to push for crucial changes in the international financial and security institutions.
