India has been basking in glory currently for it has hosted world’s greatest nations and organizations, showcasing its abilities to be a leader that every nation places its trust in.
Group of 20 or commonly known as G20, is an informal group consisting of the top 19 major economies of the world and the European Union, with representatives from international bodies like International Monetary Fund (IMF) & World Bank.
This grouping dates its origin back to September, 1999 as a platform practicing annual discussions on global economic and financial dynamics. It was formed in response to the financial crisis of 1997-99 but got a major revamp post the US Sub-prime crisis of 2008 that shook the economic foundations of the country, though not sparing the entire planet.
And as the history knows, a meeting in November 2008 at Washington on the behest of US President George W. Bush led to the leaders meeting every year.
As per the information quoted by G20 research group in 1999, the organization acted as a mechanism for dialogue within the framework of Bretton Woods Conference for solving key economic as well as financial policy issues surviving in significant economies.
G20: Membership & Expanse
G20, through its membership goals, has attempted to foster the so-called regional balance by giving their due places to countries like South Africa, Argentina, Mexico, India etc., though critics say otherwise.
Upon its functioning, this group came to be hailed as an excellent platform for the ‘South’ to bring its issues to the fore and press against the global ‘North’, that brought this body into current shape to translate the pros of globalization culminating into higher incomes and better opportunities in every part of the world.
Many experts commented: “There is virtually no major aspect of the global economy or international financial system that will be outside of the group’s purview”.
Therefore, G20 that was crafted for maintaining economic balance, has travelled across greater distances to incorporate everything that is necessary to sustain it like climate change, sustainable development, trade and commerce, health, energy, agriculture, environment, anti-corruption, anti-terrorism and what not!
G20, through its membership goals, has attempted to foster the so-called regional balance by giving their due places to countries like South Africa, Argentina, Mexico, India etc., though critics say otherwise.
Speculations have turned into reality that G20 is opening its doors for many more nations to connect, feel the common spirit and bring the revolution in every possible way.
What makes G20 so special?
The G20 has been created as a deliberative body rather than the one that formulates rules or decisions. But it aspires to empower ‘the formation of consensus” on international issues even in its profundal guidelines as a mandate to promote international financial stability.
G20, India and the Run to Climate Change
Ever wonder what does the success of any summit refers to. It may be the grandeur it involves, the relations the host country manages to forge with the other, the number and reputation of guests it is able to garner or simply how it manages to bring crucial issue of international importance to some significant action.
The current onus lies on India under its presidency to make the summit countable and successful in terms it shall matter to every being on the planet. And this cannot be achieved without addressing the biggest, shared and collective problem of this generation and beyond i.e., Climate change.
It is overwhelming to note that climate change will remain a central topic of the conclave, as confirmed by the Indian officials though one cannot remain oblivious to the fact that burning planet can take the sidelines while the friction caused by the Russia-Ukraine war, US-China trade competition etc., comes to the fore with Putin’s & Jinping’s absence from the summit.
With already divided nations, consensus comes difficult. Even the preparatory talks have exposed deep divisions.
It already carries the burden to make the July meeting discussions surrounding the energy and climate nearly fruitful during which the negotiating parties failed to reach a consensus even on key parameters.
“We saw the growing international divisiveness at the last summit in Bali, and the New Delhi summit is not going to be any different because of the widening international divisions”, explains an expert of geopolitics.
All this happens while India crosses China to become the most populous country of the world. With increasing mouths to feed, livelihoods to sustain and lives to survive, India will need to make tough choices around its own resources including the ones responsible for dirty emissions.
“India now has a unique opportunity to influence other G20 nations to advance a sustainable, just, affordable, inclusive and clean energy transition. The Indian presidency must aim to get the world back on track to limit global warming below 1.5 C as promised by countries under the Paris Agreement.”
India has made the proposition of a Global Biofuel Alliance (GBA) which is aimed at adopting and promoting sustainable fuels which is crucial for global shift towards cleaner energy sources.
Addressing Equality, Fairness & Accountability
The energy transition is already underway, with or without us. It remains important that India, as the time and opportunity demands, makes its move at the earliest with a robust example.
But this exemplary direction will be worthless if not beguiled with fairness by all means.
With humongous money and efforts flowing in to the G20, slums and speechless animals being displaced in the name of cleanliness, India has incurred a doubt about taking its weak and vulnerable ahead.
Here is a bigger responsibility to prevail; successfully branding India shall not only be its achievement.
Global leadership has to realize that there is no One Future without One family and One Earth. A united world is better anyways.
While it may be easier for India to appear fully geared and ask the developed countries of the world to extend their support in every way possible to the lesser developed, it will be home where India will find it difficult to deliver fairly.
G20 will therefore be a preface to many such upcoming realities.