India's G20 Presidency Concludes With 54 B20 Recommendations for Global Progress
India's G20 presidency, themed 'Vasudhaiva Kutumbakam', has concluded with significant progress in various areas. The Business 20 (B20) group, representing the private sector, has developed 54 recommendations and 172 policy actions for G20 consideration. Key priorities include digital transformation, environmental sustainability, and financial inclusion.
Digital advancements were a top priority. India championed high-quality internet access and global digital literacy standards. It also promoted digital trust through harmonized cybersecurity standards. The B20 recommended crisis mitigation and tech-enabled risk detection mechanisms for resilient global value chains, and supported trade facilitation through technology.
The energy, climate change, and resource efficiency forum focused on driving net-zero emissions. It also aimed to expand multilateral development bank capacity for energy transitions. B20 India proposed a global institute to track recommendations, align sector-specific decarbonization pathways, and establish a Global SDG Acceleration Fund for private capital projects towards achieving 2030 goals. The forum also suggested developing skills related to environmental sustainability and climate change adaptation.
Financial inclusion was emphasized. The B20 recommended ecosystem enablers, digital public infrastructure, and legal and regulatory measures to achieve this. It also proposed improving MSME access to finance and ensuring funds for sustainable infrastructure through alternative financing instruments and technology.
India also championed the inclusion of the African Union (AU) as a G20 member. The B20 supported this with recommendations for education, agricultural transformation, industrialization, and infrastructure development. ESG was highlighted as an important future imperative, with recommendations for a standard set of definitions and transparent frameworks for disclosures and ratings.
The G20 leaders' declaration offers opportunities for businesses, particularly in the Global South. The B20 will continue to work with the G20 on shaping effective policies for inclusive development. The Shanghai Cooperation Organisation (SCO) also admitted Belarus as a new member during this G20-related diplomatic period.
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