The G20 or Group of Twenty is an intergovernmental forum with 19 countries and the European Union. We established this forum on 26th September 1999. The G20 is responsible for planning strategies to deal with global issues like the economy, financial stability, climate change mitigation and sustainable development. The 20 member countries of the forum meet annually to discuss the critical issues of the global economy. The G20 panel consists of all the essential industrialized developed and developing countries, including India as a member country.
The G20 summit is one of the latest initiatives to improve international economic status by coordinating important financial organizations like the International Monetary Fund, “Bretton Woods Twins”, World Bank and The World Trade Organization.
But in the beginning, the G20 was not paid much attention as people in power thought G7 was enough to rectify the political and economic scenario with its seven-member countries, which we developed and politically influential worldwide. But later on 26th 1999, G20 was formally formed as a meeting of all the finance ministers. While Paul Martin, Finance Minister of Canada, was chosen as the chairman. Hans Eichel, the German Finance minister, hosted the inaugural meeting on 15-16 December 1999.
Since then, every year, the G20 summit has been held in different places with all the members, invitees and representatives addressing current and critical global challenges that need solutions immediately.
The G20 summit 2021 was the sixteenth meeting of the forum held in Rome, the capital city of Italy.
The meeting was held on 30-31 October 2021. The G20 leader’s summit is the final stage of the entire procedure and is held after the Sherpa meetings, ministerial meetings, and other critical working groups and organizations. It is a yearly procedure. The G20 summit 2021 is the sixteenth summit held so far.
This year, the summit’s main agenda focused on the three most interconnected and essential pillars of action: People, Planet, and Prosperity. Considering the three pillars, the immediate issue that needs to be addressed is the Covid 19 Pandemic situation. The G20 leaders present for the meeting decided to respond fast and steady to the worldwide pandemic situation. The members have agreed to provide worldwide access to diagnostics, therapeutics and vaccines. On the other hand, it is essential to take steps and measures to prevent any such situation in future.
After the first face to face meeting in two years since the pandemic, the G20 leaders decided to fight the Covid situation by taking the immediate initiative to vaccinate 70 per cent of the world by mid-2022.
The host member, Italy, kept health and economy on the highest note of priority in the list, while climate, economy etc., were also discussed later as the meeting commenced. At the beginning of the meeting, Mario Draghi, the Prime Minister of Italy, said, “From the pandemic, to climate change, to fair and equitable taxation, going it alone is simply not an option.”
Handling such situations requires a team effort. Hence, in the G20 summit, the members decided to take firm actions to stop instead prevent such mishaps.
Another critical issue dealt with by the G20 members was the abrupt climate change and Global warming. The G20 bloc comprising Brazil, China, India, Germany and the United States have been accused of emitting 80 per cent of the global greenhouse gas. After the summit in Rome, this bloc should take strict measures to prevent that.
Both Vladimir Puth and Xi Jinping, presidents of Russia and China, respectively, have assured improvement. In contrast, India has already started taking drastic measures to control pollution and curb down the emission of greenhouse gas.
British Prime Minister Boris Johnson said it would be tough to achieve the targets set by G20 and COP26 unless there is coordination among all the members.
“It’s going to be very, very tough to get the agreement we need.”, e said when asked by a reporter in Rome.
The G20 summit 2021 assures improvement in all the major issues that the world is facing right now. A meeting draft showed how the member countries are ready to draw a limit on global warming at 1.5 degrees Celsius. It is the level scientists predicted that we should curb global warming down to prevent natural hazards.
The draft that has been produced does not give extreme details but provides a slight glance of how the current national plans are to be changed, keeping climate issues in mind.
The G20 summit 2021 was helpful in person after two years since the pandemic. Hence we discussed a lot of other issues too. With the hope of further development and improvement of the current situation, we summed up the meeting.
Article Proofread and Edited by Shreedatri Banerjee