Multilateral institutions play a major role in promoting global economic and social development, with a growing emphasis on addressing climate change and sustainable
Introduction
Multilateral institutions play a major role in promoting global economic and social development, with a growing emphasis on addressing climate change and sustainable development challenges. These institutions encompass International Environmental Law and individual or collective country goals for sustainable development. When more than three countries collaborate on common global interests, it constitutes a multilateral institution. The G20 summit, currently the most prominent multilateral institution, comprises nineteen countries and the European Union, addressing critical issues such as climate change, financial stability, and sustainable development. Legal efforts to address climate change and advance sustainable development are crucial for most multilateral institutions.
The G20 Summit 2023, also known as the Delhi Summit (2023), places a central emphasis on sustainable development and climate change. This summit is expected to contribute to the development of International Environmental Law, which, in turn, will aid in better environmental protection.
Climate Change
Climate change has been a concern since time immemorial, but human activities’ significant adverse impact on climate and ecology has become evident in recent centuries. Calls for addressing climate change are now heard not only on the streets but also at high-level international gatherings. The G20 members have the authority to tackle climate change and reshape global financial climate regulations. The Pittsburgh G20 declaration initially highlighted climate change and climate finance, setting country-specific goals.
The G20 summit in India (2023) has placed climate change at the forefront, addressing several challenges and objectives. The primary focus area is water security, a critical yet often overlooked issue. Energy security, emphasizing increased reliance on renewable energy sources like solar and hydropower, is another critical topic. Biodiversity, which faces a global crisis with many species on the brink of extinction, also warrants attention.
The G20 plays a pivotal role in providing financial commitments for climate finance and shaping international and environmental laws to combat climate change. The Paris Agreement is the pinnacle of global climate change legislation, aiming to limit global warming to well below 2ºC. However, concerns have arisen about its effectiveness in reducing temperature rise, leading to the signing of the Green Development Pact. While progress has been made, more work is needed globally to achieve the Paris Agreement’s objectives, particularly in areas like climate finance, global collaboration, support, and sustainable consumption and production.
Sustainable Development
Sustainable development, at its core, seeks to balance often conflicting demands while recognizing the social, economic, and environmental constraints of our society. It aims to meet current needs without compromising the ability of future generations to meet their own needs, operating within the planet’s resource limits. Sustainable development encompasses not only environmental concerns but also the establishment of a strong, healthy, and equitable society. This involves addressing the diverse needs of individuals in present and future communities, promoting individual well-being, social inclusion, equality of opportunity, and environmental sustainability.
In the Delhi Declaration, several areas of sustainable development commitment have been outlined. The overarching goal is to promote inclusive, balanced, and robust sustainable growth while implementing the 2030 sustainable development agenda. This includes advocating for a comprehensive approach that supports low-GHG/low-carbon emissions, climate-resilient, and ecologically sustainable development paths. Additionally, it involves increasing financing to support the achievement of Sustainable Development Goals, enhancing preparedness for future health crises, closing the gender gap, and expanding women’s participation in various sectors. Providing widespread access to digital services and public infrastructure is also a key element of this comprehensive sustainable development approach.
The G20 Summit held under the theme “One Earth, One Family, One Future” addressed a wide range of critical topics, including climate change, climate finance, sustainable development, and the development of international and environmental law. The G20 Summit holds significance as it brings together representatives from the world’s largest economies to discuss pressing global issues and seek solutions. Its importance lies in its ability to foster global decision-making, collaboration, and collective action to build a better future for all. The successful conclusion of the G20 Summit has seen India handing over the presidency to Brazil, which will host the 2024 G20.
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