G20 New Delhi Declaration talks about financing cities

The G20 Meeting concluded in New Delhi on September 10, 2023 amid cheers and celebration by the nation. The G20 leaders met in New Delhi to address global challenges such as financial instability, climate change, biodiversity loss, pollution, poverty, inequality, and conflicts and make concrete actions. The leaders commit to accelerating sustainable and inclusive growth, implementing the 2030 Agenda for Sustainable Development, and pursuing low-carbon development. The leaders emphasize the importance of gender equality, integrating perspectives of developing countries, and promoting digital transformation. They acknowledge the impact of wars and conflicts on the global economy, particularly the war in Ukraine. Efforts to sustain food and energy security and uphold international law are emphasized. The leaders call for well-calibrated macroeconomic and structural policies to boost long-term growth and protect the vulnerable. Global economic growth is below average and remains uncertain, with risks tilted to the downside.

Among all these significant declarations, the New Delhi Declaration highlights several key points related to financing cities, infrastructure, and climate. Firstly, it mentions the importance of sustainable energy technologies and solutions, as well as other innovative efforts, in addressing climate change and promoting sustainable development. It acknowledges the Voluntary Action Plan on Doubling the Rate of Energy Efficiency Improvement by 2030 and the establishment of a Global Biofuels Alliance to support sustainable biofuels.

The statement highlights the need for improving the collection and allocation of financial resources. This indicates a commitment to finding innovative ways to fund urban development projects and initiatives. It also emphasises the importance of using available resources efficiently. This suggests a focus on maximising the impact of current financial and infrastructural assets before seeking additional funding. Public finance can leverage private finance for climate actions through a range of mechanisms, such as providing subsidies and grants, implementing regulatory frameworks, creating innovative financial instruments, and offering risk-sharing arrangements. The ultimate goal of these financial and resource mobilization efforts is to create cities that are inclusive, resilient, and sustainable. This aligns with global urban development objectives aimed at improving the quality of life for urban residents while mitigating the impact of climate change and other challenges.

The declaration is heavily imbued with the terms Climate Change and Sustainable Development which is the need of the hour. Limiting global warming to 1.5°C requires rapid and sustained reductions in global Greenhouse Gas emissions, with a target of 43 per cent reduction by 2030 relative to 2019 levels. It also acknowledges that peaking of global greenhouse gas emissions should occur between 2020 and before 2025 to limit warming to 1.5°C or 2°C.