India’s G20 Presidency in 2023 has made a resounding mark by bringing out New Delhi Leaders’ Declaration during the summit. This notable achievement not only underscores the cohesive spirit within the G20 but also highlights India’s commendable leadership on the global stage. At the heart of this historic declaration lies the Green Development Pact, an initiative that carries profound significance, particularly for India and the broader Global South. The G20 Summit hosted by India has showcased a bold and comprehensive commitment to addressing pressing global challenges, with an emphasis on environmental sustainability.

Central to the Green Development Pact is a resolute commitment to forging a clean, equitable, inclusive and affordable energy transition.The meet also put a spotlight on climate and sustainable finance, particularly to those areas where the allocation of trillions of dollars is needed to fortify the economies of the Global South. This financial focus harmoniously aligns climate action with the broader Sustainable Development Goals, recognizing the distinct challenges faced by nations in the Global South.

The summit spearheaded a momentous pledge to triple the global renewable energy capacity by 2030, a monumental step that promises to avert a staggering 7 billion tonnes of CO2 emissions between 2023 and 2030. Recognizing the urgency of environmental degradation, the summit also saw a voluntary commitment to reduce land degradation by 50 percent by 2040, underlining a determination to protect precious ecosystems.

Moreover, India’s G20 Presidency shone a spotlight on the needs of developing countries, which requires a staggering $5.9 trillion USD to achieve their climate targets. This momentous recognition signified the Summit’s commitment to bridging the economic disparities that often hinder global sustainability efforts. Furthermore, an annual investment of $4 trillion USD is needed for green energy transition in developed countries to achieve global net-zero emissions by 2050.

India’s leadership was further exemplified through its role in the Global Biofuels Alliance, alongside Brazil, the United States, and others. This alliance positions biofuels as a pivotal component of the global energy transition, underlining the importance of alternative energy sources in the pursuit of environmental sustainability. Additionally, India proposed a G20 Satellite for Climate Observation, a testament to the summit’s commitment to supporting Global South countries in their climate-related endeavors, ensuring equitable access to crucial data and insights.

The India–Middle East–Europe Economic Corridor (IMEC) took center stage as an ambitious initiative to boost trade, deliver energy resources such as green hydrogen, and develop digital infrastructure. Meanwhile, the Resource Efficiency and Circular Economy Industry Coalition (RECEIC), the MAHARISHI (Millets And OtHer Ancient Grains International ReSearcH Initiative), and the Global Digital Public Infrastructure Repository (GDPIR) underscored the Summit’s commitment to advancing sustainable resource management, fostering research collaborations, and promoting sustainable living, particularly in southern countries.

The establishment of an Ocean-based Blue Economy served as a vital step toward harnessing the potential of our oceans while ensuring their sustainable utilization for socio-economic benefits. Moreover, the Summit pledged a robust commitment to effectively implement the Kunming-Montreal Global Biodiversity Framework, reinforcing the importance of preserving global biodiversity.

Inclusivity was a hallmark of India’s G20 Presidency, symbolized by the inclusion of the African Union (AU) as a member. This move amplified the voice of the Global South on critical global economic and climate change matters, highlighting the Summit’s unwavering commitment to fostering collaboration and equity in the pursuit of a more sustainable world

Collectively, these initiatives reflect India’s steadfast dedication to shaping a sustainable future, attainment of net zero goals and not just for itself but also for the entire Global South. India’s G20 Presidency stands as a beacon of hope and action in addressing the pressing challenges of our time.