LAHORE MIRROR (Reuters) – 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.”
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
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
