The Leaders' Declaration was released at the G20 Summit, which was hosted by India, attended by President Recep Tayyip Erdoğan and had as its main theme "One Earth, One Family, One Future."
The declaration reiterates the leaders' national positions and resolutions adopted at the UN Security Council and the UN General Assembly concerning the war in Ukraine and underscores that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety.
The declaration notes, "In line with the UN Charter, all states must refrain from the threat or use of force to seek territorial acquisition against the territorial integrity, sovereignty, or political independence of any state. The use or threat of use of nuclear weapons is inadmissible."
Furthermore, the declaration highlights the human suffering and negative added impacts of the war in Ukraine with regard to global food and energy security, supply chains, macro-financial stability, inflation, and growth, which have complicated the policy environment for countries, especially developing and least developed countries.
The declaration states that especially developing and least developed countries are still recovering from the COVID-19 pandemic and the economic disruption that has derailed progress towards the SDGs and that there are different views and assessments of the situation.
Türkiye's "Black Sea Grain Initiative" receives commendation
The declaration underlines the role of Türkiye and the UN in the shipment of grain and other foodstuffs to global markets in view of the ongoing war between Russia and Ukraine, stating, "The leaders appreciate the efforts of Türkiye and the UN-brokered Istanbul Agreements to ensure the deliveries of grain, foodstuffs, and fertilisers and inputs from the Russian Federation."
The declaration points to the timely and effective shipment of grain, foodstuffs, and fertilizers/inputs to global markets, adding, "The leaders call for their full, timely, and effective implementation to ensure the immediate and unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from the Russian Federation and Ukraine."
The declaration further states, "This is necessary to meet the demand in developing and least developed countries, particularly those in Africa."
The declaration also notes that G20 cooperation is essential in determining the course the world takes, that headwinds to global economic growth and stability persist and that just energy transitions can strengthen economic resilience.
G20 leaders recognise the need to "rapidly and substantially" scale up investment and climate finance to combat climate change, and they urge for additional funds to assist developing countries achieve green transformation and reach their climate targets.
The declaration emphasises the importance of sustaining food and energy security and calls for the cessation of military destruction or other attacks on relevant infrastructure.
The declaration notes that the potential for high levels of volatility in food and energy markets remains and commits to protecting the vulnerable through promoting equitable growth and enhancing macroeconomic and financial stability.
The declaration reaffirms the April 2021 exchange rate commitment made by the G20 Finance Ministers and Central Bank Governors to prevent competitive devaluations.
The declaration endorses the Financial Stability Board’s high-level recommendations for the regulation, supervision, and oversight of crypto-assets and their activities and states that G20 Finance Ministers and Central Bank Governors will discuss taking forward the crypto-currency Roadmap at their meeting in October 2023.
The declaration also notes that the leaders of the G20 commit to pursue reforms for better, bigger, and more effective Multilateral Development Banks and have adopted a proposal for stricter regulations on crypto-currencies while renewing their commitment to ensure a level playing field and fair competition by discouraging protectionism and market-distorting practises.
Call for Nearly $6 Trillion to Meet Emission Reduction Targets
The declaration recognises the importance to accelerate efforts towards phasedown of unabated coal power, in line with national circumstances, notes that the leaders will work towards facilitating low-cost financing for developing countries in order to support their transitions to low carbon/emission, and commits to pursuing and encouraging efforts to triple renewable energy capacity globally through existing targets and policies in line with national circumstances by 2030.
The declaration reiterates the commitment to take action to scale up sustainable finance and recognises the need for increased global investments to meet the climate goals of the Paris Agreement.
The leaders note the need for $5.8–5.9 trillion in the pre-2030 period required for developing countries, in particular for their needs to implement their emission reduction targets, and agree on the estimation that the world needs an annual low-cost investment of over $4 trillion, with a high share of renewable energy in the primary energy mix.