The G20 is an intergovernmental forum that represents around 85% of worldwide GDP, over 75% of global trade, and almost two-thirds of global population. Therefore, it is imperative that these meetings provide a concrete framework for global sustainable development. On December 1, 2022, India acquired the G20 presidency. The 18th G20 Summit will be held this year’s September, in Delhi.
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The Indian presidency intends to build on the work and accomplishments of previous summits while venturing into additional areas of global cooperation in order to create a more sustainable future for everybody. As the presidency's theme, Vasudhaiva Kutumbakam (One Earth, One Family, One Future) says, India is dedicated to healing the globe, fostering peace and providing hope for the future. The theme essentially highlights the value of all living organisms, such as humans, plants, animals, microorganisms and their interdependence on our planet.
Green Development, Climate Finance, and the LiFE programme are among India's top G20 priorities. The LiFE (Lifestyle for Environment) project is a behaviour-based movement that focuses on our country's rich, ancient sustainable traditions to encourage consumers and markets to embrace environmentally conscious practices. Individuals and groups are encouraged to lead and expand LiFE as an international mass movement towards conscious and purposeful consumption rather than irresponsible and destructive consumption patterns. LiFE makes it everyone's individual and collective responsibility to live a life that is in sync with nature and does not endanger it.
The G20 was also instrumental in establishing the Sustainable Finance Working Group, which strives to mobilise sustainable finance to promote transitions to greener, more resilient, and inclusive communities and economies. The Group is tasked with identifying hurdles to sustainable finance and developing solutions to overcome such barriers, as well as contributing to a better coordination of the international financial system with the goals of the 2030 Agenda and the Paris Agreement.
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As many countries are currently undergoing reforms, energy consumption in developing nations will surge as they attempt to enhance their standard of living. This necessitates a variety of strategies to guarantee that countries prosper while also furthering their decarbonisation efforts. Some countries have been actively working in the direction of establishing an eco-friendly development framework over the years. India is also attempting to move to a low-carbon economy. Non-fossil fuel capacity has been added ahead of the target year of 2030, as outlined in the Nationally Determined Contributions (NDCs). India is committed to lowering the emissions intensity of its Gross Domestic Product (GDP) by 45% by 2030 compared to 2005 levels, and aims to achieve about 50% cumulative electric power installed capacity from non fossil fuel based energy resources by the year 2030.
Efforts to enhance the energy efficiency of daily objects such as home appliances and automobiles, as well as changes in habits and behaviour, can all contribute to the world's sustainable development strategy. While global policy measures and remedies are absolutely essential, it is also critical to focus on individuals and communities in order to bring about an actual and quantifiable change. The best approach to safeguard the future world is to use resources wisely today. Therefore public accountability and policy initiatives must cooperate together to truly build a sustainable future in the world scenario.