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G20 consists of 19 countries and 1 European Union, making it G20. In 1999, G20 was started following the Asian Financial crisis as a forum for finance ministers and central bank governors that could be helpful for global financial issues. They discuss economic issues and significant developments. While on the leader’s summit where all the heads of the country, from the President to the Prime Minister, meet for two days to discuss the world’s economic situation.
What are G20 Sherpas?
Sherpa is a frequently used term in the Himalayan range as they are guides for mountain tourists. In the same way, the G20 Sherpa are the same. They also guide the leaders and develop some conclusive points that need discussion at the G20 summit. For example, From India, Piyush Goel, Union Minister of India, was the Sherpa who guided the Prime Minister, Narendra Modi.
What exactly is the G20, and what does it do?
The G20 is a collection of 20 of the world’s wealthiest countries, including the United Kingdom, the United States, China, India, and Russia.
According to G20 estimates, the group of nations that comprise the G20 account for:
80% of worldwide economic production
60% of the global population
However, some of the world’s most marginalised populations are not a part of the group’s deliberations.
Each year, the G20 presidency rotates. Italy will assume the G20 chairmanship in 2021, after Saudi Arabia.
In 2022, Indonesia will preside over the G20.
The G20 finance ministers convened in Washington, DC, on October 12-13, 2021. A second virtual gathering was on the 29th and 30th of October.
A Quick Guide On G-20 Summit In India
The heads of government from the group’s member countries went to Rome for the G20 leaders’ conference on October 30-31.
1. The G20 must eliminate domestic and international funding for fossil fuels.
CAFOD urges all G20 nations to immediately rule out new public financing for coal, oil, and gas projects. This comprises the cost of mining, transporting, and distributing fuels and the cost of burning them to create electricity. It must also include assistance provided by “export credit agencies,” which governments use to aid firms with international transactions.
G20 governments must also halt any new coal, oil, or gas production within their borders.
2. The G20 must act on climate funding.
CAFOD is also pushing G20 finance ministers to demonstrate how they would honour their long-standing promise to deliver at least $100 billion in funding to the nations most susceptible to climate change and how they will surpass this pledge in the future years.
This is ‘climate financing,’ supplied in grants rather than loans, which risk pushing many low-income nations further into debt.
The G20 should also demonstrate how they intend to address the shortage in climate funding utilised to assist communities in adapting to the effects of the climate catastrophe.
3. The G20 must employ “SDRs” to close the climate funding deficit.
CAFOD has called on affluent countries to contribute part of the money added to their national reserves this year using a special ‘drawing rights’ mechanism to support global vaccines and combat climate change.
The International Monetary Fund issues special drawing rights, or ‘SDRs,’ to provide nations with additional funding during times of crisis, such as the pandemic’s decline.
Why do G20 countries hold a firm place in the world?
These countries hold the majority in most world segments, from world population to world trade.
If we discuss it in detail, about 65% of the world population comes under the G20 countries.
These countries even hold a 79% weightage in world trade, 84% in the world economy and 79% in the World Carbon Emissions.
Why is India at the G20 Summit stressing Climate change?
The United Nations has asked the counties to maintain less than 1.5 degrees Celsius; however, the way countries are taking it as a joke, it will reach about 2.7 degrees Celsius in no time, which is disastrous for the planet.
India has achieved great success at the G20 summit in Rome. Prime Narendra Modi’s vision was to promote the mantra of sustainable lifestyles all over the world.
This is the first time G20 countries have agreed on a sustainable lifestyle.
Conclusion
At the G20 summit, India showed an excellent leadership quality and talked to the developing nations. They spoke about economic concerns and critical developments while attending the Leader’s Summit. From the President to the prime minister, all of the country’s leaders assemble to discuss the global economic situation in a two-day meeting.
