Investment in our planet is the need of the hour to retaliate against the prevailing climate crisis and move towards inclusive and sustainable global economic growth. G20 is one of the leading organisations in international politics and influences varied topics of global concern. One of these major apprehensions is the consequences of climate change across the world. Investment in the planet is a prominent step in creating a comprehensive approach to creating an infrastructure which is ready to deal with the climate crisis. This paper aims to reflect on the notions of the G20 and India’s G20 Presidency regarding Investment in the planet and their implications globally. The research aims to delineate the significance of Investment in the planet in contemporary times and how it is affected by India’s G20 Presidency.
Background Of G20
G20 is a significant forum of international cooperation dealing with viral international political and economic targets.
The G20 applies a significant focus on development and inclusive growth through varied policies and ventures. Initially, the G20 summits concentrated largely on broad macroeconomic issues, but it has since augmented its initiatives and agendas to wider topics of concern including trade, sustainable development, agriculture, energy, environment, climate change, anti-corruption and health. Every year, the leaders of G20 countries meet to discuss critical policy issues of the global economic and political importance of mutual interests. For instance, India has presented a proposal for including the African Union(AU)in the G20 membership in order to make sure that the voice of the African continent does not remain unheard. This proposal has been added in the draft communique of the respective summit. The Indian Prime Minister, Narendra Modi, is advocating for the integration of AU in the G2o to ensure that inclusive global representation and governance is safeguarded. Examples include G20’s discussions on addressing a covert Iranian nuclear plant at the 2009 summit and the partial cease-fire in Syri.
The organisation holds global significance as it plays an integral role in the following:
a) Promoting coordination between its members to achieve global economic stability, sustainability, and sustainable growth.
b) To promote financial regulations to reduce and prevent future financial crises and
c) To create an enhanced international financial architecture with improved cooperation between the members.
According to OECD, over the years, G20 has “organically evolved, transforming itself from a global firefighter into a unique international forum to address long-term structural challenges.” It is important to note that the creation of the G20 was done in response to the financial crisis of the 1990s that took place in varied countries. It was correspondingly established due to the growing understanding and recognition that some of the mentioned countries were not provided with adequate recognition in international governance.
A primary reason for the rigorous work in the establishment of the G20 should be given to its organisational structure. The G20 runs without a permanent secretariat or staff. The Chair moves annually among the respective members and is then appointed from distinct regional groups. The Chair is a part of the “Troika”, which is a three-member managing group of past, present and future chairs. The current Chair of the G20 is held by India, in 2022 it was held in Indonesia and for the 2024 summit, Brazil will be hosting the G20 meeting.
The Sherpa and Finance tracks are responsible for the preparatory process for the G20 summits and for dealing with the follow-up obligations and requirements adopted by the summit. The Sherpas’ Track focuses on non-economic and financial issues including food security, anti-corruption and development. The Sherpas plan out and implement vital planning, implementation and negotiation tasks. The Sherpa Track is also responsible for governing inputs from 13 working groups and 2 initiatives – i.e. Research Innovation Initiative(RIIG) and G20 Empower. The Finance Track concentrates on economic and financial topics which rely on substantive and technical work with the help of the expert working group and examines critical issues of global macroeconomic concerns.
India’s G20 Presidency
The Indian nation holds the G20 Presidency from 1 December 2022 to 30 November 2023. It is significant to note that this G20 summit in New Delhi will be established as the largest summit ever with the Heads of 43 Delegations. In times of changing global order, this presidency will present India with an opportunity to establish its leadership in leading global politics. This presidency will create a platform for India to represent its ideations regarding the concerns of global interest and promote the national goals of the country integrated with the international goals.
The theme for India’s Presidency is “Vasudhaiva Kutumbakam” which translates to “One Earth, One Family, One Future.” This theme reflects upon the priorities that India aspires to embark on in its presidency. The theme confirms the interconnectedness of all beings and the need to adopt sustainable development options.
Adding on, the logo for the G20 Presidency by India holds prominence. Along with the Indian flag, the Earth with India’s national flower, lotus represents India’s global approach for pro-planet actions amid the challenges.
The special invitee guest countries for India’s presidency include UAE, Spain, Oman, Singapore, Nigeria, Netherlands, Mauritius, Egypt and Bangladesh.
The international organisations incorporated for the summit are IMF, World Bank, NEPAD Chair, CDRI, ISA, ASEAN Chair, ADB, UN, OECD, ILO, WTO, WHO, FSB and AU Chair. This would ensure that India’s diplomatic relations are further strengthened through the platform of the G20 summit.
Importance of Investment in Our Planet for India
As rightly accentuated by the World Economic Forum, the climate crisis is the most substantial hazard to the global economy. “Investing in our planet” is a means to overcome this global crisis and to move towards sustainable and responsible conditioning for a healthier planet. The prevailing degraded conditions of Biodiversity and its continuous exploitation is one of the major causes of the climate crisis. India is a country with a diverse ecosystem and illustrates an abode for varied species. The calamities of floods, earthquakes and disruptions in climatic conditions are some of the reasons for hindered economic activities in the country. Investment in our planet is the need of the hour to protect the ecosystem with integrated efforts from both the public and private sectors.
As India is now the world’s most populous country, it is hence increasingly vulnerable to climate change. At present, North India is facing the challenges of flooding due to heavy rains in the region. This has resulted because of the unfavourable interaction between Monsoon Trough and Western Disturbance. The western disturbance is a low-pressure system which conventionally originates from the Mediterranean region. Whereas, the monsoon trough is a low-pressure zone and extends along the monsoon wind belt. This interaction is producing flood situations in regions of Northern India including Himachal Pradesh, Uttrakhand, Punjab, Haryana and parts of Delhi-ncr. Further, nearly 80% of India’s population stands an increasing probability of being impacted by the global climate crisis, among which the underprivileged and marginalised communities are the most prone to the same.
It is important to indicate that increasing climatic vulnerability has undoubtedly become a global issue. For instance, the region of South Asia is a global hotspot of heightened climate changes. According to the report by the UN Migration, by 2050, roughly 246 million South Asians reside in cyclone-prone areas and around 200 million people will be forcefully evacuated from their houses, if the conditions do not improve. The climatic conditions likewise, impact the economic activities of the country. For example, climate change puts the livelihood of the people at risk of reduced wages. As per the UN, nearly 55% of women in India and 74% in Nepal are dependent on agricultural and other primary sector activities in South Asia. These women form a majority of agricultural labourers working at significantly lower wages. The frequent droughts, floods and other calamities including extreme temperatures, result in reducing the overall productivity of the agricultural sector and hints towards reduced wages or even losing livelihood in certain cases.
Investment in our planet will ensure that continuous solutions are put forward for sustainable development of the planet. India has realised the growing importance of the climate crisis and has correspondingly taken initiatives for the same. India targets for increasing the utilisation of non-fossil fuels for generating electricity by 40 percent and has set the agenda for reducing carbon emissions by 2030. Investment in enterprises such as the LiFE mission emerges as a vital step for the global sustainable movement for entangling the climate crisis. As said by the Indian Prime Minister, Shri Narendra Modi “ Today there is a need for all of us to come together and take LiFE forward as a campaign. This can become a mass movement towards an environmentally conscious lifestyle.” At the UN Climate Change Conference 2021, PM Modi announced this mission for bringing everyday individual and community efforts to safeguard the planet against the global climate crisis. This mission likewise aligns with the theme of India’s G20 Presidency of viewing all the beings on the planet as one family for a progressive future. It is estimated by the UNEP that the investment of $2.5 trillion in creating a sustainable architecture every year till 2030, could hold the possibility of creating 117 million jobs and further aid in lowering greenhouse emissions by almost 42 gigatons of carbon dioxide. Consequently, Investing in our planet will assure transforming all the mentioned numbers and targets into a reality of our times, which can only be possible through persistent and cooperative efforts.
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