Why is it in the news?

India is all set to host the G20 Summit in New Delhi from September 9-10, 2023.

Views of PM Modi about G20 and India’s G-20 Presidency

• India’s G-20 Presidency emphasizes the philosophy of “Vasudhaiva Kutumbakam,” meaning “the world is one family,” promoting human-centric progress.
• The post-pandemic world order recognizes the need for a shift from a GDP-centric view to a human-centric view, resilience in global supply chains, and multilateralism.
• Initiatives like the Voice of Global South Summit and the push for African Union’s inclusion in the G-20 highlighted inclusivity.
• The G-20 2023 Action Plan on Accelerating Progress on Sustainable Development Goals (SDGs) guides SDG implementation.
• India emphasizes climate action, climate finance, and technology transfer as complementary pursuits, promoting a constructive approach.
• Initiatives like the Chennai HLPs for a Sustainable Blue Economy and the Global Biofuels Alliance focus on environmental sustainability.
• Democratising climate action and sustainable lifestyles are central to India’s approach.
• Millets play a role in food and nutritional security and climate-smart agriculture.
• Inclusivity in technology, financial inclusion through digital public infrastructure (DPI), and empowering women are priorities.
• India’s G-20 Presidency aims to bridge divides, promote collaboration, and make the global table larger to ensure every voice is heard and every country contributes.
• India’s G20 presidency aims to set a global template for regulating crypto assets.
• The G20 Finance Track members have reached a broad consensus on various deliverables and outcomes.
• The agreed outcomes include enhancing countries’ capacity to understand a two-pillar framework for taxing multinational firms and global tech giants.

G20 Finance Track

• G20 leaders will decide on effective regulation of crypto assets, recognizing the need for international cooperation.
• India highlighted the specific risks crypto assets pose to emerging markets and developing economies.
• Reforms for multilateral development banks are based on recommendations from a global expert group under India’s G20 presidency.
• India co-chairs the Global Partnership for Financial Inclusion until 2026, focusing on financial inclusion through digital public infrastructure.

About Global Biofuels Alliance (GBA)

• The Global Biofuels Alliance (GBA) is set to be established by India, Brazil, and the United States.
• The GBA is a significant priority during India’s G20 Presidency.
• Inspired by the International Solar Alliance (ISA), the GBA aims to combat climate change by promoting the adoption of sustainable biofuels.
• Membership in the GBA is open to countries beyond the G20, and nations can join by endorsing the foundation document.
• The primary objective of the GBA is to promote cooperation and increase the use of sustainable biofuels, particularly in the transportation sector.
• The alliance intends to boost biofuels markets, facilitate global biofuels trade, share policy insights, and offer technical support for national biofuels programs.
• Emphasis will be placed on highlighting best practices and successful biofuels initiatives.