Finance
The United States has reaffirmed that it will host the G20 Summit in 2026, seeing itself as a dominating partner to balance the equations for the developing world in a conflict-torn geopolitical environment leading to a worldwide economic catastrophe.
The G-20 summit in Delhi represents a significant step forward in addressing the most pressing concerns, according to the White House on Saturday.
A White House statement, coming immediately after the Delhi declaration, said: “At a moment when the global economy is suffering from the overlapping shocks of the climate crisis, fragility, and conflict — including the immense suffering unleashed by Russia’s war in Ukraine — this year’s New Delhi Summit proved that the G20 can still drive solutions to our most pressing issues.”
At the G20 Summit in Delhi, President Biden has continued to deliver on the commitments he undertook while assuming office to restore the US’ leadership role in the world, “rebuild our relationships abroad, and champion an economic agenda at home and abroad to deliver sustainable and inclusive growth for American families — and families everywhere”, the statement said.
The US affirmed its commitment to the G20 and expressed its intent to build on the progress made during India’s G20 Presidency, beginning with Brazil’s Presidency in 2024 and South Africa’s Presidency in 2025.
The US “will host the G20 in 2026 to show its steadfast commitment to the G20 initiatives for a global geopolitical and economic order based on equity and justice”.
“We are also pleased to have supported and now welcome the African Union as a permanent member of the G20, reflecting both the vitality of the G20 and the significant role of Africa in the global economy.”
In Delhi, Biden and other G20 leaders pledged to implementing the G20 2023 Action Plan to Accelerate SDG Implementation.
He persuaded G20 partners to agree to collectively mobilize greater headroom and concessional credit to strengthen the World Bank’s capacity to assist low- and middle-income nations. According to the White House statement, this plan would make the Bank a better and larger institution capable of providing resources at the scale and speed required to tackle global challenges and address the urgent needs of the poorest countries.
G20 leaders agreed to step up efforts to address continuing financial distress situations, such as those in Ghana and Sri Lanka. Biden stated unequivocally that the United States “expects meaningful progress” from the World Bank and IMF Annual Meetings in October.
Make financing more sustainable:
Biden challenged leaders to think outside the box in order to find creative ways to convert unsustainable debt into transformative investments. In addition, he urged all creditors, including the private sector and international development banks, to include climate-resilient loan provisions in their lending.
In accordance with its governance framework, the US Export-Import Bank is planning to do so in select bilateral lending. Biden and partners unveiled a landmark India-Middle East-Europe Economic Corridor at an event co-hosted by President Biden and Prime Minister Modi, ushering in a new era of connection from Europe to Asia, promoting global trade as well as cooperation on energy and digital connectivity.
Biden also announced a new collaboration with the European Union to increase investments in the Lobito Corridor. The President urged partners to use public funds to strategically leverage the private sector’s expertise and financing to help secure and diversify 21st-century energy supply chains, expand digital connectivity, increase electricity access, improve food security, and strengthen health systems.
Providing Food Security:
At the G20, Biden championed an agenda centered on reducing the world’s current food problems, as well as collaborating with G20 members to mitigate future shocks.
Delivering on Global Health Challenges:
The White House states that the United States, the world’s largest bilateral donor for global health, is committed to collaborating with the G20 to attain a safer and more equitable future.
Addressing the Overdose Crisis:
For the first time, G20 leaders convened to prioritize counternarcotics concerns, including synthetic substances. Leaders recognized the public health risks posed by synthetic substances and pledged to enhance information sharing and capacity building to combat these issues. They are supporting the crucial efforts taken by the Biden-Harris Administration to address the domestic overdose crisis.
Increasing global renewable energy capacity by threefold by 2030:
In Delhi, Biden and other G20 leaders vowed to doubling global renewable energy capacity by 2030, pushing other countries to follow the IRA playbook of investing in clean energy manufacturing and deployment, creating jobs, and fighting climate change.
