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G-20 Summit 2022

G-20 Summit 2022:

The 17th annual summit of G-20 was hosted by the Indonesian G20 presidency in Bali under the theme ‘Recover Together, Recover Stronger’.

  • Now, India has assumed the charge of the G20 presidency and the 18th summit will be held in India in 2023.
  • Member countries adopted a declaration deploring Russia’s aggression in Ukraine “in the strongest terms” and demanding its unconditional withdrawal.
  • They also recognised that while most members condemned the war in Ukraine, “there were other views and different assessments of the situation and sanctions”.
  • The G20 economies agreed in their declaration to pace interest rate rises carefully to avoid spillovers and warned of “increased volatility” in currency moves, a sea change from last year’s focus on mending the scars of the Covid-19 pandemic.
  • The leaders promised to take coordinated action to address food security challenges and applauded the Black Sea grains initiative.
  • G20 leaders agreed to pursue efforts to limit the global temperature increase to 1.5 degrees Celsius – confirming they stand by the temperature goal from the 2015 Paris Agreement on climate change.
  • Leaders recognised the importance of digital transformation in reaching the sustainable development goals.
  • They encouraged international collaboration to further develop digital skills and digital literacy to harness the positive impacts of digital transformation, especially for women, girls, and people in vulnerable situations.
  • Leaders also expressed their continuous commitment to promoting a healthy and sustainable recovery which builds towards achieving and sustaining universal health coverage.
  • They welcomed the establishment of a new financial intermediary fund for pandemic prevention, preparedness and response (the ‘Pandemic Fund’) hosted by the World Bank.
  • Leaders reaffirmed their commitment to strengthen global health governance, with the leading and coordination role of World Health Organisation (WHO) and support from other international organisations.