G20, or Group 20, is an intergovernmental forum comprising of 20 major,
systematically important economies of the world, all of whom account for significant outputs in terms of global exports, energy consumption, and GHG emissions. By virtue of this, almost all the countries of this international council have a significant impact on the environment and immense involvement in the prevailing issue of climate change. In fact, according to the International Energy Agency, more than two-thirds of the world’s energy, which is nearly 71.6%, in 2019 was consumed by G20 countries. Moreover, a report by the Global Carbon Project reveals that G20 accounted for 94% of cumulative CO₂ emissions from 1850 to 2019. Thus there is a dire need for the G20 to lead the way in fostering green development which is equitable as well as sustainable.
On 1st December 2022, India took over the presidency of the key G20 leaders' summit for the year 2023. Immediately after assuming this position, the world's largest democracy revealed a number of ambitious plans that specifically aim to promote sustainability and a green transition among the nations of the forum, giving the 2023 summits a cross-cutting theme of LiFE (Lifestyle for Environment).
One such plan is the enforcement and operationalization of the "Green Development Pact" which is expected to include a roadmap of all the actions that need to be taken over the course of the next decade, to tackle the environmental crisis through international cooperation. The pact is expected to do so by promoting investments in a sustainable lifestyle, leveraging green hydrogen for climate action, and accelerating progress on the Sustainable Developmental Goals. (SDGs.). Formally, the five pillars of the Green Development Pact are envisaged to include: Lifestyle of Environment (LiFE), Circular Economy, Climate Finance, Accelerating Progress on SDGs, and Energy Transitions & Energy Security.
If agreed upon, the pact can be a major step in altering the current levels of environmental degradation and nudging consumer behaviour to induce market forces to innovate and promote sustainable consumption choices.
Gaurika Bhanot
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