BALI/ISLAMABAD: The G20 leaders demanded Russia’s unconditional and immediate withdrawal from Ukraine. The G20 leaders strongly condemned the war in Ukraine saying it was causing immense human suffering and exacerbating existing fragilities in the global economy _ constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity and elevating financial stability risks. The G20 leaders also warned against the use of nuclear weapons in Ukraine war. The 2-day G20 Summit was held in Bali, Indonesia, from Nov 15-16.
The G20 Summit Declaration issued on Wednesday pointed out that though the G20 was not the forum to resolve security issues, the summit leaders, however, acknowledged that security issues have significant consequences for the global economy.
Thus, the G20 Summit declaration emphasized the need to follow the United Nations charter and humanitarian law, wherein the use of nuclear weapons or even such threats are inadmissible.
In the G20 Summit Declaration, the leaders said, “We will make public investments and structural reforms, promote private investments, and strengthen multilateral trade and resilience of global supply chains, to support long-term growth, sustainable and inclusive, green and just transitions. We will ensure long-term fiscal sustainability, with our central banks committed to achieving price stability.” Protect macroeconomic and financial stability and remain committed to using all available tools to mitigate downside risks, noting the steps taken since the Global Financial Crisis to strengthen financial resilience and promote sustainable finance and capital flows. Take action to promote food and energy security and support stability of markets, providing temporary and targeted support to cushion the impact of price increases, strengthening dialogue between producers and consumers, and increasing trade and investments for long-term food and energy security needs, resilient and sustainable food, fertilizer and energy systems.
The G20 leaders vowed to unlock further investments for low- and middle-income and other developing countries, through a greater variety of innovative financing sources and instruments, including to catalyze private investment, to support the achievement of the SDGs.
Following are some of the other decisions made at the G20 Summit in Bali, Indonesia.
“We ask the Multilateral Development Banks to bring forward actions to mobilize and provide additional financing within their mandates, to support achievement of the SDGs including through sustainable development and infrastructure investments, and responding to global challenges. We are deeply concerned by the challenges to global food security exacerbated by current conflicts and tensions. We therefore commit to taking urgent actions to save lives, prevent hunger and malnutrition, particularly to address the vulnerabilities of developing countries, and call for an accelerated transformation towards sustainable and resilient agriculture and food systems and supply chains.
We commit to protect the most vulnerable from hunger by using all available tools to address the global food crisis. We will take further coordinated actions to address food security challenges including price surges and shortage of food commodities and fertilizers globally. Recalling the G20 efforts such as the Global Agriculture and Food Security Program, we welcome global, regional, and national initiatives in support of food security, and in particular note the progress made by the UN Secretary General’s GlobalCrisis Response Group on Food, Energy and Finance, as well as the World Bank Group’s and IMF‘s food security responses.
We emphasize the importance of building on the G20 Matera Declaration, working together to sustainably produce and distribute food, ensure that food systems better contribute to adaptation and mitigation to climate change, and halting and reversing biodiversity loss, diversify food sources, promote nutritious food for all, strengthen global, regional, and local food value chains, and accelerate efforts to reduce food loss and waste. We will also implement the One Health approach, intensify research on food science and technology, and improve stakeholders’ capacity along the food supply chains, particularly women, youth, smallholder, and marginal farmers as well as fishers.