G20: Highlights from the first day of the Delhi summit

G20 Summit 2023: The G20 has adopted a consensus declaration on issues facing the bloc, Indian Prime Minister Narendra Modi announced on Saturday during a summit, signalling that negotiators had resolved deep differences over the wording on the war in Ukraine.

Following are excerpts from the declaration.

UKRAINE

- Concerning war in Ukraine, all states must act in a manner consistent with purposes and principles of UN charter in its entirety

- On war in Ukraine, all states must refrain from threat or use of force to seek territorial acquisition against territorial integrity and sovereignty or political independence of any state

- On war in Ukraine, use or threat of use of nuclear weapons is inadmissible

- On Ukraine crisis, "there were different views and assessments of the situation"

- Peaceful resolution of conflicts, and efforts to address crises as well as diplomacy and dialogue are critical

- "Today’s era must not be of war."

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GRAIN/FOOD/ENERGY SECURITY

- Call on Russia and Ukraine to ensure immediate and unimpeded deliveries of grain, foodstuffs, and fertilizers/inputs from Russia and Ukraine

- Emphasizing importance of sustaining food and energy security, called for cessation of military destruction or other attacks on relevant infrastructure

- Potential for high levels of volatility in food and energy markets remains

ECONOMIES AND FINANCIAL MARKETS

- "Will protect the vulnerable, through promoting equitable growth and enhancing macroeconomic and financial stability"

- Reaffirm April 2021 exchange rate commitment made by our finance ministers and cenbank governors

- We endorse financial stability board’s high-level recommendations for regulation, supervision and oversight of crypto-assets, activities

- Our finance ministers, central bank governors will discuss taking forward the cryptocurrency roadmap at their meeting in October

- Renew our commitment to ensure a level-playing field and fair competition by discouraging protectionism, market distorting practices

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CLIMATE CHANGE

- Need to accelerate efforts to phasedown unabated coal power, in line with national circumstances

- Will work towards facilitating low-cost financing for developing countries to support their transition to low carbon/emissions

- Will pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies, in line with national circumstances by 2030

- Reiterate our commitment to take action to scale up sustainable finance

- Recognise need for increased global investments to meet our climate goals of the Paris agreement

- Note need of $5.8-5.9 trln in pre-2030 period required for developing countries, in particular for their needs to implement their emission targets