G20: Delhi Declaration leads the world towards a sustainable future

Roadmap for the Future of Energy

Central to the G20 Delhi Declaration are the critical understandings reached on energy. The leaders recognized the urgent need to accelerate the transition to clean energy to tackle climate change. This commitment is monumental and demands significant investments besides unwavering global cooperation. To put this commitment into perspective, it is estimated that achieving the goal of transitioning to clean energy will reduce global net carbon dioxide emissions by a staggering 45 percent by 2050. The Global Biofuel Alliance (GBA) has also been formed, i.e., a partnership between governments, businesses, and international organizations to promote the use of sustainable biofuels. The GBA aims to accelerate the global uptake of biofuels by facilitating technology advancements, intensifying the utilization of sustainable biofuels, and shaping robust standard setting and certification through widespread participation of a broader spectrum of stakeholders. This would be a significant step toward limiting global warming to below 2 degrees Celsius above pre-industrial levels as decided in the Paris Agreement.

Moreover, the declaration acknowledges the importance of ensuring energy security for all nations, particularly the Global South. This pledge reflects a shared responsibility among nations to alleviate disparities and spur sustainable development. In addition, the G20 nations pledged to promote investments in renewable energy and energy efficiency. This holds the potential to reduce greenhouse gas emissions and bolster energy security. To achieve this, the leaders must dismantle barriers to clean energy investments and provide incentives for individuals and businesses to transition to renewable sources — a critical step in securing our planet's future.

Agriculture and global challenges

The G20 Delhi Declaration does not stop at addressing energy; it delves into the intricacies of global agriculture challenges. Agriculture lies at the heart of many interconnected issues, including climate change, food security, water scarcity, land degradation, and biodiversity loss. Recognising the urgency of these issues, the G20 leaders committed to working collectively to ensure that every individual has access to safe, nutritious, and affordable food. The declaration outlines a series of directions aimed at tackling these issues head-on. These include substantial investments in sustainable agriculture, the promotion of research and development in agricultural technologies, improved market access for agricultural products, and a commitment to addressing the root causes of food insecurity. These steps are essential to alleviate hunger, ensure food sovereignty, and create a more resilient global agricultural trade. Proposed collaboration across sectors and borders is essential to harness the collective wisdom and resources in pursuit of sustainable solutions in agriculture.

Leading the world to a better future

The G20 Delhi Declaration is more than just a piece of paper; it is a beacon of hope and commitment to a better future for all. Its significance transcends rhetoric; it lies in the actionable steps it outlines to address the most pressing global challenges. It is also a good starting point for all problems of the Global South. In a world where isolationism and division often dominate the discourse, this declaration reminds us that our planet is one family, and our fates are intertwined. The G20 nations, representing a significant portion of the world's population and economy, have a profound responsibility. The declaration signifies their recognition of this responsibility and commitment to addressing our time's challenges. It acknowledges the importance of collective will and action.

The G20 Delhi Declaration provides a roadmap to a more sustainable and equitable world as we move forward. Furthermore, the statistical impact of the declaration is remarkable. A study by a consortium of international experts estimates that the commitments outlined in the G20 Delhi Declaration can potentially create over 30 million jobs globally in the renewable energy sector alone by 2030. This addresses unemployment and underscores the economic benefits of transitioning to clean energy. The declaration's focus on sustainable agriculture is estimated to increase global food production by 15 percent by 2040, potentially lifting millions out of food insecurity. It underscores the tangible and positive impact that the G20 nations' collective commitment can have on the world's most pressing challenges. We await how this declaration is incorporated into action plans to provide for a sustainable and resilient future.

V Shunmugam is Adjunct Faculty with National Institute of Securities Markets. Views are personal, and do not represent the stand of this publication.