G20 | Business Upturn

World Bank urged to reform and attract private capital for development

Aishi Saha — Fri, 23 Feb 2024 13:47:31 +0000

The World Bank has been urged to undergo a comprehensive overhaul in order to emerge as a more potent force in global development financing. N K Singh, Co-Convenor of the Expert Group on MDB Reforms, stressed the necessity for the institution to embark on a journey of reinvention, restructuring, and expansion to meet the evolving needs of the world. Speaking at the Raisina Dialogue 2024, Singh underscored the importance of multilateral cooperation while advocating for a ‘better, bolder, and bigger’ World Bank.

Under the leadership of N K Singh and former U.S. Treasury Secretary Larry Summers, a high-level expert group was established by the G20 during India’s presidency. This group formulated a comprehensive 30-point roadmap aimed at reforming Multilateral Development Banks (MDBs) and substantially increasing their lending by 2030. Key recommendations included strategies to attract private investors and introduce pooled portfolio guarantees.

The World Bank, along with other Bretton Woods institutions, was originally established to facilitate post-World War II. However, in today’s rapidly changing global landscape, there is a pressing need for these institutions to adapt and innovate in order to effectively address contemporary development challenges.

The expert group highlighted the staggering funding requirements of MDBs, estimating a need for USD 3 trillion annually until 2030. While domestic resource mobilisation can cover a significant portion of this amount, attracting private sector investment is crucial to bridge the remaining gap. Singh emphasized the importance of shareholders and the private sector in contributing to the World Bank’s capital base.

Despite the imperative for private capital mobilisation, the World Bank’s track record in this regard has been less than satisfactory, according to Singh. He called for a dual approach, with shareholders injecting additional capital while the institution enhances its capacity to attract private investment.

In conclusion, the call for the reinvention and expansion of the World Bank comes at a critical juncture in global development finance. As the world grapples with complex challenges such as climate change, poverty, and inequality, the role of multilateral institutions like the World Bank becomes increasingly vital. By embracing bold reforms and harnessing the power of private capital, the World Bank can position itself as a more effective and responsive agent of global development.

PM Modi inaugurates 9th G20 Parliamentary Speakers’ Summit, says ‘It’s time for peace’

Uddeshya Thakur — Fri, 13 Oct 2023 13:27:11 +0000

After the G-20 Summit, the two-day P-20 summit was inaugurated by Prime Minister Narendra Modi on October 13 in Delhi. This conference is being organized at India International Convention and Expo Center ‘Yashobhoomi’ located in Dwarka, Delhi. PM Narendra Modi, while addressing the ninth P20 summit in Delhi, said that this summit is the Mahakumbh of parliamentary practices of the world.

Presiding officers from 25 countries and 10 deputy speakers from G20 member countries participated in the program. However, Canadian Speaker Raymonde Gagne did not attend the program amid the Khalistan controversy. Prime Minister Modi said at the summit of Speakers of the Parliament and Parliamentary delegations of G20 countries that during the G20 presidency, activities continued to take place in India throughout the year, and India’s success in landing on the lunar surface further increased the celebration.

Making a strong attack on terrorism at the P20 summit, Prime Minister Narendra Modi said that there is a need to work together to deal with terrorism. War cannot benefit anyone. The world is facing crises. This is the time for everyone’s welfare. Terrorism is a threat to humanity. Terrorism will have to be dealt with strictly. It is very sad that we cannot agree on a definition of terrorism. Terrorism is a big challenge for the world.

PM Modi said, “A world full of conflicts and conflicts cannot benefit anyone. A divided world cannot provide solutions to the challenges facing us. This is a time for peace and brotherhood, a time to walk together, a time to move forward together. This is the time for everyone’s development and welfare.”

Terrorism is an enemy of humanity. We must work together and fight this menace. pic.twitter.com/ZcDYhworCU

— Narendra Modi (@narendramodi) October 13, 2023

At the 9th G20 Parliamentary Chairs Summit (P20), Prime Minister Narendra Modi said, “India has been using EVMs for more than 25 years to increase transparency and efficiency during elections. In 2024, during the general elections, around 100 crore or 1 billion voters are going to cast their votes. I invite all delegates to come to India to witness the next general elections.”

Speaking at the ninth P20 summit in Delhi, PM Modi said, “In India, general elections are considered the biggest festival. Since independence, India has seen 17 general elections and more than 300 state assembly elections. “India not only organizes the biggest elections, but also participates in it.” People are continuously growing. The 2019 general election in India was the largest electoral exercise in human history. More than 600 million voters participated in this exercise. The 70% turnout in the 2019 elections reflects people’s confidence in parliamentary practices in India. In 2019, more than 600 political parties participated in the general elections.

What is P-20 summit?

The P20 summit is linked to the G20. Presiding officers of parliamentarians of all the countries included in G20 attend this meeting. Here, P means Parliament. Apart from this, the presiding officer of the invited country also participates. Under the chairmanship of the Parliament of India, MPs from 20 countries will discuss various issues. Every year, the P20 meeting is organized after the G20 meeting. This time India is hosting it. The theme of the ninth summit of this P20 is ‘Parliament for One Earth, One Family, One Future’.

PM calls upon G20’s parliamentarians to unitedly fight against terrorism

United News of India (UNI) — Fri, 13 Oct 2023 08:37:45 +0000

New Delhi, Oct 13 : Prime Minister Narendra Modi on Friday called upon the Parliamentarians of G20 countries to work together in this fight against terrorism.

Speaking at an event to inaugurate the 9th G20 Parliamentary Speakers’ Summit (P20) at the Yashobhoomi convention centre in Delhi, the Prime Minister said, “India has been facing cross-border terrorism for many years now.”

Recalling the 2001 terrorist attack on Parliament the Prime Minister said, ‘ around 20 years ago, terrorists targeted our Parliament at the time when the session was underway”.

“The world is also realising how big a challenge terrorism is for the globe and that it is against humanity. Parliaments in the world and their representatives have to think on how to work together in this fight against terrorism”.

The Prime Minister also stressed for peace and moving forward together and said, “It is the time for everyone’s development.”

In reference to terrorism and the ongoing Israel-Hamas conflict, Modi said, “A world full of conflicts and confrontations cannot benefit anyone”.

“A divided world cannot give solutions to the challenges before us. This is a time for peace and brotherhood, a time to move together, a time to move forward together,” he added.

Speaking about parliamentary practices, the Prime Minister said, “India has decided to provide 33pc reservation to women in Parliament and State Legislative Assemblies.”

He added that there are about 32 lakh elected representatives in local self-governance institutions in India. Out of these, about 50 per cent are female representatives”.

Speaking about the general elections, Prime Minister Modi said in India, General elections are considered the biggest festival, and since independence, India has seen 17 general elections and more than 300 state assembly elections”.

“India conducts not only the biggest election, but the participation of people has been continuously increasing,” he added.

Modi said, “The 2019 general elections in India was the largest election exercise in human history; more than 600 million voters took part in this exercise”.

“The use of EVMs has boosted transparency and efficiency in the election process, as results are now declared within hours of the counting of votes,” the PM said.

India hosted the two-day summit under the broader framework of India’s G20 presidency.

In line with the theme of India’s G20 Presidency, the theme of the P20 Summit is Parliaments for One Earth, One Family, and One Future.

During this two-day global event, 25 speakers, 10 Deputy Speakers, along with 50 members of Parliament, among others, are going to participate.

The Pan African Parliament will also participate in the G20 event for the first time in India.

The Ninth P20 reflects a glorious journey of collective vision of Presiding Officers of Parliaments of G20 nations, which took root in 2010 in a consultative meeting.

During the summit, four high-level sessions will be organised, which are accelerating Sustainable Development Goals, Sustainable Energy Transition, women-led development, and transformation in people’s lives through public digital platforms.

G20 FMCBGs adopt roadmap on regulating crypto assets

United News of India (UNI) — Fri, 13 Oct 2023 07:00:59 +0000

New Delhi/Marrakech, Oct 13 : The G20 Finance Ministers and Central Bank Governors (FMCBGs) under the Indian Presidency adopted the G20 roadmap for crypto currencies on Friday, aimed at developing mitigating strategies and regulations on crypto assets.

The communiqué adopted by FMCBGs after its fourth and final meeting in Marrakech, Morocco, on the sidelines of the International Monetary Fund (IMF)-World Bank Annual Meetings said that the roadmap for cryptos is essential to achieving the common goals of macro-economic and financial stability.

The communique said that the roadmap is also essential to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.

“We call for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation, and information sharing; and addressing data gaps,” the communique said.

“We ask the IMF and FSB (Financial Stability Board) to provide regular and structured updates on the progress of the implementation of the G20 Roadmap on Crypto Assets. We support the ongoing work and global implementation of FATF (Financial Action Task Force) standards on crypto assets,” it said.

The G20 FMCBGs unanimously adopted the G20 communique. Union Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das co-chaired the first session of the fourth and final meeting of the G20 FMCBG under the Indian Presidency in Marrakech today.

The FMCBG communiqué re-emphasized the importance of addressing debt vulnerabilities in low- and middle-income countries in an effective, comprehensive, and systematic manner.

It was noted that transformative changes are required in the vision, operating models, and financing capacities of multilateral development banks (MDBs).

“We encourage MDBs to enhance private capital mobilization through supporting enabling conditions, innovative risk-sharing instruments, and new partnerships to maximize their development impact. This, along with the implementation of all appropriate CAF (Capital Adequacy Frameworks) recommendations, would maximize the leverage effect of potential capital increases.

Concerning the war in Ukraine, the communique underscored that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety.

“In line with the UN Charter, all states must refrain from the threat or use of force to seek territorial acquisition against the territorial integrity, sovereignty, or political independence of any state. The use or threat of use of nuclear weapons is inadmissible,” it said.

The G20 FMCBG communique called on all states to uphold the principles of international law, including territorial integrity and sovereignty, international humanitarian law, and the multilateral system that safeguards peace and stability.

“The peaceful resolution of conflicts and efforts to address crisis as well as diplomacy and dialogue are critical,” it said.

Shah Rukh Khan congratulates PM Modi on G20 success: ‘Under your leadership, we will prosper’

Shukrta Vaigankar — Sun, 10 Sep 2023 14:37:46 +0000

Shah Rukh Khan is now enjoying the success of his most recent film, Jawan. It has been a box office success under the direction of Atlee.

Recently, Shah Rukh took to X, formerly known as Twitter, to congratulate India’s Prime Minister Narendra Modi on the success of the G20.

“Congratulations to Hon. PM @narendramodi ji for the success of India’s G20 Presidency and for fostering unity between nations for a better future for the people of the world. It has brought in a sense of honour and pride into the hearts of every Indian. Sir, under your leadership, we will prosper not in isolation but in Oneness. One Earth, One Family, One Future,” tweeted Shah Rukh.

Congratulations to Hon. PM @narendramodi ji for the success of India’s G20 Presidency and for fostering unity between nations for a better future for the people of the world.
It has brought in a sense of honour and pride into the hearts of every Indian. Sir, under your… https://t.co/x6q4IkNHBN

— Shah Rukh Khan (@iamsrk) September 10, 2023

Meanwhile, Nayanthara, Vijay Sethupathi, Deepika Padukone (in a cameo), Priyamani, Sunil Grover, Eijaz Khan, Lehar Khan, Sanjeeta Bhattacharya, Girija Oak, Aaliyah Qureishi, and Sanya Malhotra star in Shah Rukh Khan’s Jawan.

On the work front, Shah Rukh will next be seen in Dunki, directed by Rajkumar Rao and starring Taapsee Pannu. The highly awaited film Dunki, written by Kanika Dhillon, is slated for a theatrical release on December 22, 2023, during Christmas. Vicky Kaushal is rumoured to be in it as well, but no official confirmation has been made.

African Union Commission Chief speaks up over PM Modi welcoming it as a permanent member of the G20

Kashvi Basu — Sat, 09 Sep 2023 14:28:00 +0000

The African Union Commission (AUC) chairperson Moussa Faki Mahamat on Saturday i.e 9th September praised AU’s entry into the G20, highlighting that it will allow Africa to make its “effective contribution” in fulfilling global challenges.

“I welcome the African Union’s entry into the G20 as a full member. This membership, for which we have long been advocating, will provide a propitious framework for amplifying advocacy in favor of the Continent and its effective contribution to meeting global challenges,” the AU head wrote on X, formerly known as Twitter. Prime Minister Narendra Modi on Saturday formally announced the addition of a 55-member African Union as a permanent member of the G20. While addressing the inaugural session of the mega Summit, PM Modi said, “In keeping with the sentiment of sabka saath (with everyone), India had proposed that the African Union should be given permanent membership of the G20. I believe we all are in agreement on this proposal . Before we start our work, I invite the African Union president to take his position as a permanent member,” he said. As soon as the announcement was made public, External Affairs Minister S Jaishankar escorted the current chairperson of the African Union and Comoros President Azali Assoumani to his respective seat.

As for now , Nigerian President Bola Ahmed Tinubu, who is present at the Summit, said, “As a continent, we look forward to further advancing our aspirations on the global stage using the G20 platform.” All in all , collectively, African Union member states have a GDP of nearly USD 3 trillion and a steady population of about 1.4 billion.

China expresses displeasure on US getting first shot to chair at G20 summit again

Sidharth Badlani — Sat, 09 Sep 2023 13:00:05 +0000

According to four sources with knowledge of the conversation, China has voiced concerns about the US hosting the Group of 20 nations in 2026 as it has already been announced by President Joe Biden’s administration.

The US has stated that it will assume the chairmanship of the G20 when India, Brazil, and South Africa have finished their individual one-year terms, which includes the annual summit of world leaders.

China’s complaint, which is reportedly supported by Russia, is primarily symbolic because it’s unlikely that the judgement will be overturned. Since the negotiations taking place outside of the current G20 summit in India are secret, the people wanted to remain anonymous.

The Financial Times broke the news of the Chinese action first.

They didn’t know the basis for China’s complaints, but Beijing requested that its disapproval be noted. By the end of 2025, nevertheless, every member will have hosted at least one summit, marking the moment at which the cycle will restart. In 2008, the US held the inaugural G20 meeting in Washington.

In an effort to upset that tradition, China has been at odds with the US over topics ranging from Taiwan to export restrictions for technology. Vladimir Putin of Russia and Chinese President Xi Jinping are both absent from the G20 summit in New Delhi.

The members of the regional sub-groups that make up the G20 pick which region will host the summit. The United States is in a group with Saudi Arabia, Canada, and Australia.Requests for comment from the White House were not immediately fulfilled.

Earlier on Saturday, US Deputy National Security Advisor Jon Finer told reporters in New Delhi that the current and upcoming G20 chairs are India, Brazil, and South Africa – “the three democratic members of the BRICS” group that also includes China and Russia.

Global Biofuel Alliance launched by PM Modi in G20 summit meeting

Sidharth Badlani — Sat, 09 Sep 2023 12:57:56 +0000

The G20 nations were asked to join the Global Biofuel Alliance after Prime Minister Narendra Modi announced its founding and pleaded with them to increase the global percentage of ethanol in petrol blends to 20%.

The G20 nations acknowledged the value of sustainable biofuels in their zero- and low-emission development objectives and noted the formation of a Global Biofuels Alliance in the G20 New Delhi Leaders’ Declaration.Hardeep Singh Puri, the Union Minister for Petroleum and Natural Gas, originally introduced the Global Biofuel Alliance in February during the India Energy.

The Union government had stated that the biofuel alliance would focus on improving markets, easing international commerce in biofuels, generating meaningful policy lesson-sharing, and offering technical help for national biofuel programmes around the world in February during India Energy Week 2023.

Several G20 countries have expressed interest in the Global Biofuel Alliance. A final choice has not yet been made, though.

A source of energy known as biofuel or bio-energy is produced from agricultural and organic materials collectively referred to as biomass. Because they reduce emissions, biofuels are becoming more and more popular, which is quickening the transition to net-zero carbon emission targets.

G20 Leader’s Summit Declaration accepted with consensus

Sidharth Badlani — Sat, 09 Sep 2023 12:57:17 +0000

After protracted discussions on the conclusion document that had been stalled over a mention of the Ukraine issue, Prime Minister Narendra Modi declared on Saturday that the G20 member nations had accepted a consensus leaders’ declaration for their summit.

Friends, I recently heard some fantastic news. There is consensus on the New Delhi G20 Summit Leaders Declaration thanks to the diligence of our teams and your support, Modi said in a brief broadcast remark during the summit’s second session.

Modi then made the suggestion to embrace the leaders’ declaration and declared: “I announce that this declaration is adopted.” The other G20 leaders noisily applauded as he then thumped the desk and hammered the gavel three times.

The process by which the G20 states agreed on the presidents’ proclamation, particularly the problematic section relating to Russia’s invasion of Ukraine, was not immediately clear. Joint statements had been delayed by the problem at every ministerial gatherings held under India’s chairmanship.

Finance Minister Nirmala Sitharaman expressed her concern for the #GlobalSouth and the @PMOIndia’s emphasis on human-centric globalisation in a post on X, formerly Twitter. I appreciate the support and collaboration of all G20 members.

In an effort to resolve the standoff on the matter, the Indian side distributed fresh language to the G20 member states that would mention the Ukraine situation in the drafting leaders’ proclamation.

Congress President Mallikarjun Kharge not invited for G20 Dinner

Sidharth Badlani — Fri, 08 Sep 2023 12:42:20 +0000

Mallikarjun Kharge, the president of the Congress and the opposition’s leader in the Rajya Sabha, has not received an invitation to the President’s Saturday evening G20 gala dinner, according to his office. Mr. Kharge is the leader of the main opposition party in the nation and holds the title of cabinet minister.

No other political party’s head has also not received an invitation, according to sources.

The dinner is open to all chief ministers, cabinet ministers, and state ministers. The guest list also includes all of India’s secretaries as well as other honourable visitors.

Additionally invited were HD Deve Gowda and Dr. Manmohan Singh, both former prime ministers.

Among the Chief Ministers who have confirmed they will attend the dinner gala are Nitish Kumar of Bihar, Hemant Soren of Jharkhand, Mamata Banerjee of West Bengal, MK Stalin of Tamil Nadu, Arvind Kejriwal of Delhi, and Bhagwant Mann of Punjab.

All invited guests are kindly requested to arrive at Parliament House at 6:15 p.m. tomorrow. They will be taken to Bharat Mandapam and back from there via special transportation arrangements.Due of traffic constraints and VVIP movement, this was done.

The multi-function hall of the Bharat Mandapam, the remodelled India Trade Promotion Organisation complex at Delhi’s Pragati Maidan, which has a large capacity, will host the gala supper. In an exclusive interview with NDTV, Muktesh Pardeshi, the G20’s special secretary (operations), who is in charge of the summit’s operations and logistics, revealed that there will be a little cultural event to go along with the gala dinner.

At the site, where he will also hold a working lunch for them on Saturday, Prime Minister Narendra Modi will greet the leaders of each nation separately.

G20 Meet imposes various restrictions in Delhi; Check them out

Kashvi Basu — Thu, 07 Sep 2023 14:29:55 +0000

India is all geared up to host the G20 Summit between September 9-10th . A bevy of world leaders have already arrived for the scheduled event. The esteemed Jawaharlal Nehru University (JNU) administration on Wednesday had issued a circular stating that only the main gate of the campus which is the North Gate, will remain open from September 7th to 11th in accordance with the government-imposed restrictions across Delhi due to the G20 Summit.

All the preparations of the G20 Summit have been completed at the Bharat Mandapam Convention Centre at Pragati Maidan over the weekend.

All the educational institutions in Delhi is supposed to remain shut between September 8 and 10, during the G20 Summit. The notification circulated also stated that all types of goods vehicles, commercial vehicles, inter-state buses and local city buses, such as Delhi Transport Corporation (DTC) buses and Delhi Integrated Multi Modal Transit System (DIMTS) buses, will not be allowed to operate on Mathura Road (beyond the Ashram chowk), Bhairon Road, Purana Quila Road and inside the Pragati Maidan tunnel from 00:00 hours on the intervening night of September 7 and 8 to September 10th. All the cloud kitchens and delivery services will also remain shut down in the New Delhi district. Therefore, people won’t be able to use Swiggy, Zomato, Zepto, and Big Basket apps in NDMC areas. Thus, people are advised to go out to buy groceries, food, and other items.

The entry around India Gate, National Gallery of Modern Art and other parts in New Delhi district won’t be allowed. If found trespassing in the sensitive areas , residents would be stopped. Though, the police has assured that there would be no restrictions on doctors, paramedics and medical practitioners. Police said ambulance services won’t be affected at all as special corridors have already been created for them.

UN Climate Chief terms G20 climate emergency statements as ‘woefully inadequate’

Kashvi Basu — Wed, 06 Sep 2023 18:06:34 +0000

The recorded statements by G20 ministers before the key summit are “woefully inadequate” about addressing the climate emergency, the UN’s climate change chief commented in an interview Wednesday, asking to take stronger action from the nations liable for most planet-heating pollution.

The G20, which forms around 85 percent of the world’s economy and greenhouse gas emissions, is scheduled to meet in New Delhi but in the absence of China and Russia’s leaders, as the invasion of Ukraine, trade and the future of fossil fuels have created an atmosphere of tension. Simon Stiell, the current head of the United Nations Framework Convention on Climate Change, said that , “technological solutions are within reach to curb the warming that is already unleashing devastating impacts across the globe.” He also informed that geopolitics is the “constraining factor”, speaking on the sidelines of the Africa Climate Summit in Nairobi, where leaders have raised voices for a huge increase in renewables investment, global financial reforms and more constant support for vulnerable countries.

The G20 summit is supposed to bet the next most important set of negotiations in the upcoming calendar of meetings vital for action on global warming, culminating at the UN COP28 talks in the oil-rich United Arab Emirates starting this November.

Inflation is the key issue that the world faces: PM Modi

Kashvi Basu — Wed, 06 Sep 2023 14:18:18 +0000

The coming decade will be scarred by more macro uncertainty and inflation volatility globally and it will require the help of individuals and cooperative global policy efforts, shared Madahavi Arora.

“A global effort will be needed, be it for the management of geopolitics, increasing weather vagaries, climate change, or even the transition to green energy,” she said. Green Development, Climate Finance & LiFE, along with Accelerated, Inclusive, and Resilient Growth, are main two of the six G20 priorities that India is working to get a consensus on during its reigning presidency of the G20.During a recent interview, PM Modi had acknowledged the very prevalent issue of inflation that the world faces, especially as global dynamics have changed due to the pandemic followed by the conflict in Ukraine. He has further called for close cooperation among countries in dealing with inflation as both advanced and emerging economies struggle with higher prices. Modi’s comments on global inflationary pressures supports the observations made in numerous economic studies and high-profile speeches made last month at the US Federal Reserve’s annual conference of central bankers in Jackson Hole.

Emphasising that global collaboration is the means to attain inflation management, Modi said that the forum of the G20 finance ministers and central bank governors have also recognised the need to ensure that policies taken by each country to defeat inflation do not lead to negative counter – effects in other countries.

G20 official ID Cards get “Bharat” added instead of “India”

Kashvi Basu — Wed, 06 Sep 2023 12:28:30 +0000

The controversy that had earlier surfaced up regarding the use of ‘Bharat’ in place of ‘India’ has reached a notch higher as of now. It is reported , the term ‘Bharat’ replaced ‘India’ on all the invitation letter for the G20 banquet, and now it has also been used on the identity cards of Indian delegates and officials taking part in the G20 Summit. On these identity cards, ‘Bharat Official’ has replaced ‘Indian Official,’ aligning with the change in nomenclature.

As of now, the term ‘India’ is found to be still constantly used in the G20 booklet issued to foreign representatives. This 40-page booklet, distributed at the summit, employs the previous ‘India’ designation. The topic surged up again and gained prominence after an invitation letter for the G20 event was seen last Tuesday, where the title ‘President of India’ was surprisingly replaced with ‘President of Bharat.’ This sudden shift led to a heated discussion, with Congress leader Jairam Ramesh highlighting the alteration. He also informed that the customary ‘President of India’ had been replaced with ‘President of Bharat,’ effectively removing the term ‘India’ from the official title.Meanwhile, as these discussions continue, Prime Minister Narendra Modi’s impending visit to Indonesia has become part of the talk worldwide. A note shared recently on social media by a revered BJP spokesperson, Sambit Patra indicated the visit maintains the traditional ‘The Prime Minister of India’ designation.

The change from ‘India’ to ‘Bharat’ in the official documents remains a topic for debates pointing out the sheer significance of this linguistic shift and its repercussions on the country’s identity. Now it remains to be seen how this new change in the names may shape all the future discussions in the political arena and also among the people of India.

Delhi Police denies claims of lockdown owing to the G20 Meet

Kashvi Basu — Thu, 31 Aug 2023 19:41:40 +0000

The Delhi Police on Thursday i.e. 31st August said that the rumours floating through the city that it will be under lockdown from 8th to 10th September for G20 Summit are “factually not correct.”

Numerous head of states would be flying in and international organisations will be joining. The Delhi Police has made a “controlled zone” in the New Delhi district, according to Delhi Police PRO Suman Nalwa. The police have also advised people to travel by Delhi metro.

“Regarding the G20 summit, rumours are spreading that Delhi will be under lockdown at that time. It is factually not correct. Bonafide residents of the restricted zone will be allowed to move by displaying a valid ID. No restriction on the movement of essential commodities coming through Delhi borders,” Delhi Police PRO Suman Nalwa informed news agency ANI.

All the security situations though are extremely tight. For real-time traffic updates in the city, the Delhi police on Tuesday had introduced a virtual help desk to assist all the delegates and other tourists visiting the national capital. According to the police, the entire area of the New Delhi district will be a “Controlled Zone-I” from 5 am on 8 September to 11:59 pm on 10 September.

The G20 Summit will be held at the grandiose international convention and exhibition centre – Bharat Mandapam – situated at Pragati Maidan.

G20 Culture Ministers Meeting: G Kishan Reddy asks to let culture be driving force for sustainable development

Dixita Hazarika — Sun, 27 Aug 2023 21:54:08 +0000

On Saturday, during the opening session of the G20 culture ministers meeting in Varanasi, G Kishan Reddy, the Union Minister for Culture, expressed the need of collective efforts for shaping a future where the culture along with defining our identity, also promotes sustainable development, social inclusion, and global harmony.

He expressed and said that as the timeless city along the Ganges bank, Varanasi beautifully sums up the merge of culture, arts, and traditions, providing a fitting backdrop for this significant meeting.

He added saying, “In a world teeming with diversity, our shared cultural heritage serves as the bond that unites us. It permits us to recognise and honor our disparities while rejoicing in our collective humanity. Culture extends beyond geographical and social distinctions; it stands as the distinct and dynamic manifestation of our experiences, encompassing customs, values, languages, and arts that define us.”

The considerable and motivating discussion and debate that took place during the Culture Working Party Meetings as well as Global Thematic Webinars aligned with India’s G20 Presidency have also been acknowledged by him. Reddy said that those discussions had been remarkably inspiring and through their combined wisdom and shared responsibility, they can reframe the challenges ahead as opportunities for global cultural advancement.

A report was also inaugurated by the minister that compiles Global Thematic Webinars’ best practices and insights, titled ‘G20 Culture: Shaping the Global Narrative for Inclusive Growth’. He emphasized that it is important to recognize our common cultural heritage as a guide for decisions and actions to move forward.

He further added saying, “Our potential to elevate culture into a sturdy pillar of mutual understanding, fostering international collaboration and harmony, is substantial. It is through this avenue that we draw closer to one another, crafting an intricate tapestry of humanity that nurtures inclusivity, forward-thinking, and profound diversity within society. Together, we aim to shape our envisioned world, one rooted in respect, nurtured by diversity, and flourishing in unity. Let our combined endeavours pave the path towards a future where culture stands not just as an element of our identity, but as a dynamic force steering sustainable development, social inclusion, and global harmony.”

Debt restructuring talks at G20 makes no progress due to differences and low attendance

Adesh Dixit — Mon, 17 Jul 2023 13:32:38 +0000

Debt restructuring talks made little to no progress during the third finance meeting of the G20 countries in India as the bloc was not able to overcome key differences and low attendance at the meeting due to domestic issues.

The Finance Ministers representing various countries gathered at the G20 meeting in Gujarat, hoping to push for agreements on debt restructuring for the countries in vulnerable states, global minimum taxation and reforms on multilateral development banks.

A senior official present at the meeting told Reuters, “We are not making much headway with the debt restructuring issue.”

Zambia, last month struck a deal to restructure $6.3 billion in debt it owed to the governments abroad, in what was looked as a breakthrough for indebted nations around the globe that came across lengthy negotiations with their creditors. Nations did not agree to see Zambia as a model for other countries to restructure debt and most reminded unwilling to talk about the fresh lending to vulnerable countries as many G20 countries have been facing serious economic challenges back home, the official added.

Ministers representing many countries chose to skip the meeting, around 13 finance leaders attended the event with the United States sending their biggest delegation which was led by Treasury Secretary Janet Yellen. The 2-day meet in Gujarat kicked off on Monday which is seen as a key event before the G20 meeting set to held in the Indian capital New Delhi in September.

Officials said that several ministers chose to skip the meeting pertaining to the domestic issues which were of ‘priority’ in nature. The absence of several delegates have crimped the bloc’s decision-making ability in the meet and slowed progress on building consensus on any issue, the officials added.

Among the delegates present in the meeting represented Japan, Austraila, Canada, Indonesia, South Korea, South Africa, United States and India.

Argentina, Brazil, France and Mexico sent junior-level delegates to the meet whereas Germany and Britain did not attend the meeting.

“In the absence of ministerial representation, officials making representation on the behalf of countries are often stating that they have to go back and consult their ministers before finalizing their stand on the issues.” an official commented.

India suggests making the African Union a full G20 member

Avinash Ram — Sun, 18 Jun 2023 10:57:27 +0000

According to people with knowledge of the situation, India has suggested granting the African Union full participation at the G20 for the group’s next September meeting in Delhi. It is reported that Indian Prime Minister Modi has brought up the idea with his G20 peers.

India has advocated for a stronger voice for the developing countries in the G20’s discussions throughout its one-year presidency. In order to provide developing nation viewpoints to the G20, it held the Voices of the Global South meeting in January 2023.

“The 55 member states that make up the nations of the African Continent make up the African Union (AU), a continental organisation. According to the organization’s website, it was formally introduced in 2002 as a replacement for the Organisation of African Unity (OAU, 1963–1999).

The major objective of the association is to “accelerate the political and socio-economic integration of the continent.”

Additionally, it emphasises supporting and defending shared African perspectives on important topics as well as fostering international collaboration, defending human rights, and encouraging these stances. The sole member of the G20 at the moment is an African nation—South Africa.

The status previously accorded to the European Union is mirrored in India’s plan to award full membership to the African Union. Germany, France, and Italy are the only three EU members now a part of the organisation.

India’s action is in line with its goals of positioning itself as the leader of the Global South. Food security, economic weaponization, debt alleviation, and climate change are just a few of the important issues that India has pushed for debate on during its G20 Presidency.

India G20 Presidency win: seizes opportunity to drive offshore wind collaboration for clean energy transition

Viditha Ganji — Wed, 17 May 2023 12:01:05 +0000

India’s G20 presidency presents a valuable opportunity for offshore wind stakeholders to collaborate in achieving clean energy transition goals, according to Bhupinder Singh Bhalla, Secretary of the Ministry of New and Renewable Energy (MNRE). Bhalla emphasized the role of offshore wind in combating air pollution, addressing climate change, and its potential for job creation and economic growth. Key priorities identified for collaboration include permits and clearances, supply chain resilience, low-cost financing, capacity building, and market attractiveness.

Alok Kumar, Secretary of the Ministry of Power, highlighted the increasing significance of offshore wind in India’s power mix, comparing its potential to hydro and nuclear capacities. He emphasized a long-term vision beyond 2030 and the need for a robust value chain to attract industry participation.

As India assumes the G20 Presidency, the offshore wind sector gains prominence as a key driver for economic growth and clean energy transition. Stakeholders are actively working together to realize their ambitious goals and drive substantial progress in the clean energy sector.

G20 Summit: Lieutenant Governor inaugurates revamped Polo View market

United News of India (UNI) — Fri, 12 May 2023 08:02:36 +0000

Srinagar, May 12: Ahead of G20 Summit, the Jammu and Kashmir Lieutenant Governor Manoj Sinha on Friday inaugurated revamped Polo view market and said many markets in Srinagar will look like that of Delhi and Chandigarh under the Srinagar Smart City Limited (SSCL) project soon.

“Markets of Lal Chowk and old Srinagar city will look like that of Delhi, Chandigarh and other cities very soon after being renovated under SSCP”, Lieutenant Governor told reporters after inaugurating the Polo View market of the city, renovated under the Smart City Project.

“Lal Chowk and the old city will have new markets soon. People going to these markets will feel as if they are in Delhi, Chandigarh or Mumbai. In the coming days” the Lieutenant Governor said and added “there would be more new markets under SSCP,

Famous Polo view market in summer capital Srinagar is the first ever market given an all-new look under the SSCP and became an eye-catching attraction for locals and tourists.

The market also became the first ever only pedestrian and wire free as all lines including electricity and communication cables have been placed underground.

The market represents a mesmerizing view during the evening amid the illuminated tall Chinar trees adding a jewel in the crown to the market.

The shopkeepers who are ecastics over the beautification of the market expressed their gratitude to the administration for changing the face of the market.

LG was accompanied by SMC Mayor Junaid Azim Matoo, SMC Commissioner Athar Amir Khan and other officials of the administration.

The market has been spruced up under the SSCP ahead of the G20 Summit going to be held in Srinagar this month.

There are about 125 projects under SSCP on which work is going on and most of them are likely to be completed by the end of this month.

Under the smart city projects, the J&K administration has laid cycle tracks and kept the cycles available against hourly charges at various points in the city. Roadside car parking has also been made available.

G20 FMCBG discuss debt distress in low-income countries, cryptos

United News of India (UNI) — Fri, 14 Apr 2023 11:45:56 +0000

New Delhi, Apr 14: The G20 Finance Ministers and Central Bank Governors (FMCBG) in its second meeting under Indian Presidency have discussed measures to strengthen multilateral coordination towards addressing the increasing debt distress in low-income and vulnerable middle-income countries.

Held on the margins of the 2023 Spring Meetings of the International Monetary Fund and the World Bank Group in Washington on April 12-13, the FMCBG also discussed the key challenges to the global economic outlook, including the war in Ukraine, food and energy insecurity, climate change, and recent risks to financial stability.

Members agreed that the G20 can contribute to building a common understanding on fostering a conducive environment for global economic recovery, and ensuring that the most vulnerable countries and sections of the population are adequately protected.

Union Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das jointly chaired the meeting. The meeting saw participation of around 350 delegates from G20 members, 13 invitee countries, and various international and regional organizations.

The meeting was organised in three sessions covering the global economy, international financial architecture, sustainable finance, financial sector, financial inclusion, and international taxation.

“The goal of this FMCBG meeting was to deliberate on the progress made by the various workstreams of the G20 Finance Track on the deliverables that were tasked to them by the Ministers and Governors in the February G20 FMCBG Chair’s Summary and Outcome Document and to seek guidance on the way forward,” said a statement from Finance Ministry.

During the session on Sustainable Finance, Financial Sector, and Financial Inclusion, the FMCBG discussions focused on the mobilisation of resources for climate change, the role of the multilateral financial institutions in catalysing private finance flows for Sustainable Development Goals and the role of the G20 in scaling up and encouraging wider adoption of social impact investment instruments.

Members also deliberated on the macroeconomic and financial challenges posed by the crypto-assets ecosystem and exchanged views on potential global policy responses to crypto-assets, taking into account the risks, especially to emerging markets and developing economies (EMDEs).

The session on International Taxation discussed the need for coordinated efforts toward effective implementation and wider adoption of the two-pillar international tax package. Ministers shared suggestions on how best G20 can complement global efforts to enhance tax transparency.

India asks the IMF and FSB to prepare a technical paper on crypto regulation

Sakshi Vats — Sat, 25 Feb 2023 11:45:01 +0000

The IMF and Financial Stability Board (FSB) have been requested by India, which is presently in charge of the G20, to work together to create a technical paper on crypto assets that may be used to create a coordinated and all-encompassing policy to govern them.

According to an announcement from the finance ministry, the international organisations plan to present their joint document at the 4th Finance Ministers and Central Bank Governors Conference in October 2023.

“To complement the ongoing dialogue on the need for a policy framework, the Indian Presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesise the macroeconomic and regulatory perspectives of crypto-assets. This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,”It read.

The policy questions relating to the macro-financial and regulatory perspectives of crypto assets are expected to be integrated into the IMF’s discussion paper, the policy seminar, and the joint IMF-FSB paper as a whole, it said. This is expected to facilitate an international consensus on a well-coordinated and comprehensive policy approach to crypto assets.

Despite the cryptocurrency world’s rapid development, there is no elaborate worldwide policy framework for digital currency. Policymakers are requesting stricter regulation due to worries over the increased interconnection between crypto assets and the traditional financial sector as well as the complexity and volatility surrounding crypto assets.

The Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO), and Basel Committee on Banking Supervision (BCBS), among other international standard-setting organisations, have been coordinating the regulatory agenda while operating within their respective institutional mandates, it was claimed.

The G20 discussion on crypto assets will need to take a data-based and informed approach to the global challenges and opportunities of crypto assets in order for G20 members to create a coordinated and comprehensive policy response, India said, adding that it hopes to expand the discussion beyond financial integrity concerns and capture the macroeconomic implications and widespread adoption of crypto in the economy.

According to the statement, the Indian Presidency asked the IMF to prepare a discussion paper on the subject for the 2nd G20 Finance and Central Bank Deputies Meeting, which will be held in Bengaluru on February 23, 2023, in order to inform policymakers about the broader macroeconomic and financial stability implications of crypto assets.

“During the said meeting, a seminar titled “Policy Perspectives: Debating the Road to Policy Consensus on Crypto Assets” was held, as part of the Presidency’s efforts to broaden the dialogue around crypto assets,” it stated.

The discussion paper, which was given at the event by IMF speaker Tommaso Mancini-Griffoli, highlighted the effects of crypto adoption on a nation’s economy’s internal and external stability as well as the makeup of its financial system.

Mancini-Griffoli emphasised that although some of the alleged advantages of crypto assets have already been realised, such as cheaper and faster cross-border payments, more integrated financial markets, and increased financial inclusion.

He continued by saying that the private sector cannot guarantee issues with interoperability, safety, or efficiency, and that crucial digital infrastructure and platforms for ledgers should be seen as a public good.

Also, he highlighted the need for the G20 to develop a deeper knowledge of the connections between, potential with, and hazards associated with the world of crypto assets.

The discussions included a wide range of subjects, such as the need for a common taxonomy and a systematic classification of the crypto asset universe, the advantages and risks of crypto assets macroeconomic policy questions that needed to be further evaluated, and financial stability issues and regulatory responses.

The event, according to the statement, has aided in starting a wider conversation about crypto assets, but it has also raised a number of important policy issues that regulators and politicians need to carefully consider.

It stated that in addition to assessing how crypto assets would affect the whole economy, there is also an existential question about whether crypto assets are really the best way to address the problems with current international financial systems.

G20 can work on pragmatic solution for global challenges: Minister Anurag Thakur

News Desk — Wed, 22 Feb 2023 11:04:10 +0000

Union minister Anurag Singh Thakur said on Wednesday at the opening session of the G20 Second Finance and Central Bank Deputies (FCBD) meeting here that the G20 can significantly contribute to finding realistic solutions for global challenges like high inflation, geopolitical unpredictability, and climate change.

Thakur drew attention to the theme of India’s G20 Presidency, “Vasudhaiva Kutumbakam,” which translates to “one earth, one family, one future” and he claimed represents the value India places on working together to overcome global concerns. According to him, the world was still dealing with the pandemic’s aftereffects, problems with food and energy security, inflation, a worsening environment, and geopolitical tensions.

“The effects of these crises might hinder the advancement of important developmental paradigms… The Indian Presidency intends to actively encourage this, the minister added. “The G20 can make a substantial contribution to finding realistic solutions to these difficulties through a focused and serious debate and deliberations.

Michael Patra, deputy governor of the Reserve Bank of India, and Ajay Seth, secretary of the Department of Economic Affairs, are serving as co-chairs of the G20 Finance and Central Bank Deputies (FCBD) conference.

According to Thakur, the Finance Track is the heart of the G20 process and offers a useful forum for discussion of international economic issues and the coordination of policy. Global economic outlook and risks, international financial architecture, including development finance and a global safety net, financial inclusion and other issues relating to the financial sector, infrastructure development and financing, sustainable finance, global health financing, and international taxation are the main workstreams under the Finance Track.

The gathering will result in the finalisation of the communique that will be approved by the G20 finance ministers and central bank governors on February 24 and 25 at their first meeting under India’s presidency. It will be centred on the requirement for cooperation amongst important economies to address issues with global inflation and the challenging macroeconomic climate. It will address topics like utilising digital public infrastructure to boost productivity and financial inclusion, funding inclusive, resilient, and sustainable cities of the future, and fortifying multilateral development banks to tackle common global issues like the Sustainable Development Goals.

The gathering is anticipated to draw more than 500 delegates, including ministers, governors, and senior executives from various G20 member nations.

The problems with debt that several low- and middle-income countries are dealing with will be discussed. The two-day gathering will also discuss cryptocurrencies, urban infrastructure, future sustainable cities, and finance for them.

PM Modi emphasises on production of millets

News Desk — Tue, 20 Dec 2022 09:57:55 +0000

Prime Minister Narendra Modi on Tuesday asked the Members of the Parliament of BJP to promote millet and sports. The Prime Minister drew a parallel between growing millet and patriotism saying that popularizing the growth of millet amounts to patriotism. The Prime Minister was speaking at the BJP parliamentary party meeting.

Narendra Modi on the occasion also asked MPs to use millet in the meetings hosted by them. Prime Minister also said that millets can also be used in anganwadis, schools, homes and government meetings.

The Prime Minister also underlined that the United Nations has yielded to his request of making high-nutrition grains a popular choice of food. 2023 has been declared as International Year for millets.

India is hosting the G20 meeting this year where large number of delegates would be introduced to the millet. Millets are going to be on the menu of discussion during the discussions. Millets are also expected to feature in the all-MPs lunch to be hosted by the government on Tuesday.
According to the prime minister over, millet is grown by a large number of small farmers, 85% of small farmers grow millet. Prime Minister noted underlined that a hike in millets consumption would help such farmers financially.
Prime Minister also asked MPs to promote indigenous sports like kabbadi, the party of late has hosted the sports meet. The production of millets has seen a spike in production recently: millet production increased from 14.5 million in 2015-16 to 17.96 in 2020-21. India, China and Nigeria are the highest producers of millet.

Elon Musk will virtually attend G20 business meeting in Indonesia

Aryan Jakhar — Sun, 13 Nov 2022 06:38:50 +0000

According to a senior Indonesian official, Twitter’s new billionaire owner Elon Musk will attend online rather than physically the business meeting in Indonesia that will take place in conjunction with the G20 summit.

Musk, who also owns the electric vehicle manufacturer Tesla, was scheduled to speak at the so-called B20 business conference in Bali, a popular tourist destination, but a court case regarding his 2018 compensation package, which included stock options worth about $56 billion, is set to start next week.

“In regards with Elon Musk, he has a trial. He must be present at the court,” on the eve of the G20 leaders’ summit, which begins on Tuesday, Luhut Binsar Pandjaitan, Indonesia’s coordinating minister for maritime and investment affairs, spoke to reporters at a business conference.

His office announced that instead of speaking at the B20 on Monday, the richest man in the world would participate in an hour-long virtual debate with Indonesian tycoon Anindya Bakrie on “future disruption of global technological innovation.”

Prime Ministers Justin Trudeau of Canada, Anthony Albanese of Australia, and founder of Amazon Jeff Bezos are listed as attendees at the B20.

Musk will travel to Jakarta in December, according to Pandjaitan, “after his issue at the court finishes.”

Earlier this year, Joko Widodo, the president of Indonesia, travelled to Texas to meet with Musk to discuss Tesla’s potential investment in the nation’s nickel industry.

The world’s largest nickel reserves are in Indonesia, and the innovative electric car business is allegedly interested in using them as materials for its batteries.

The enormous compensation package that a Tesla shareholder is contesting in court in Delaware was at the time approved by the company’s shareholders.

However, the complainant claimed Musk, who holds the majority of the stock, presided over a conflicting transaction that was approved by a board he controls and therefore should be revoked.

The same judge who last month ruled that Musk must honour his multi-billion dollar purchase of Twitter will preside over this case.

A number of world leaders, including the presidents of China and the United States, will attend the summit on the mostly Hindu island to meet with other G20 leaders.

Vladimir Putin, the president of Russia, will not attend the meeting because the conflict in Ukraine is still raging.

Chinese Foreign Ministry: “G20 platform should discuss economy, not Ukraine”

United News of India (UNI) — Fri, 22 Apr 2022 09:14:33 +0000

Beijing, April 22: China believes that the G20 platform should be used to discuss the economy, not the Ukrainian crisis, Chinese foreign ministry spokesman Zhao Lijian said on Friday. On Thursday, the G7 countries said that Russia should not receive funds from international financial institutions. Including the International Monetary Fund (IMF) and the World Bank. And also deplored Russia’s participation in international forums, including meetings of the G20 .The IMF and the World Bank this week. “We took note of the corresponding statement of the G7 nations. The G20 and relevant international organizations are platforms for discussing international financial and economic issues. Not the Ukrainian problem”. Zhao said at a briefing in response to the G7 nations’ statement against Russia’s participation in the G20 events.

Vladimir Putin gets Chinese support to secure his seat in G20

Vineet Jain — Wed, 23 Mar 2022 13:06:14 +0000

Russian President Vladimir Putin wants to join the next G20 summit in Indonesia later this year, and he won significant support from Beijing on Wednesday, against certain members’ requests that Russia should be expelled from the organization.

According to a report by Reuters, the United States and its Western allies are debating whether Russia should remain a member of the Group of Twenty major countries following its invasion of Ukraine. Any decision to expel Russia, however, would almost certainly be opposed by others in the group, raising the potential of some nations instead of boycotting G20 meetings, according to the reports.

According to Russia’s ambassador to Indonesia, which now has the rotating G20 chair, Putin plans to attend the G20 conference in November on the Indonesian tourist island of Bali. “It will depend on many, many things, including the COVID situation, which is getting better. So far, his intention is… he wants to,” Ambassador Lyudmila Vorobieva said in a news conference.

When asked about the possibility of Russia being pulled out of the G20, she stated that it was a venue for discussing economic matters, not a crisis such as Ukraine. China, which has not criticized Russia’s incursion and has opposed Western sanctions, praised Moscow on Wednesday, describing it as an “important member” of the G20.

According to Chinese Foreign Ministry spokesperson Wang Wenbin, the G20 is a body that has to find solutions to crucial concerns including economic recovery from the COVID-19 outbreak. “No member has the right to remove another country as a member. The G20 should implement real multilateralism, strengthen unity and cooperation,” he told a news briefing.

RIL, Mahindra Group, Wipro & several other companies write open letters to G20 nations urging action on the climate crisis

Cheryll Jain — Fri, 01 Oct 2021 05:37:48 +0000

More than 600 businesses from across the world have called upon the G20 bloc, which includes some of the world’s biggest economies such as India, the US and China, through an open letter appealing to the nations to halve the carbon emissions by 2030 and deliver on their commitment to climate conservation on Thursday, September 30.

Ahead of the G20 summit scheduled to be held on October 30 and 31, and the Cop26 climate talks which will begin on October 31 and run for two weeks, the leaders of some of the world’s leading corporations including energy companies such as Iberdrola, Acciona and Enel, as well as blue chips such as Unilever, Netflix, Volvo Cars and Natura & Co made a combined call for governments to deepen their involvement in solving the climate crisis and implement policies for the same.

15 Indian signatories to hail the open letter include Intelliace Solutions Private Limited, Reliance Industries Limited, Mahindra Group, Wipro Ltd, Tech Mahindra, Godrej and Boyce Mfg. Co. Ltd., Dalmia Cement (Bharat) Limited, ReNew Power Private Limited, Valency International. Mindspace Business Parks REIT, acting through its Manager, K Raheja Corp Investment Managers LLP, Chalet Hotels Limited, Banka BioLoo Limited, Convention Jurist Law Chamber, Rasoi Group and Tradeananta International.

“Our businesses recognize the benefits of climate action…The right policy decisions taken today can drive further investments and spur business decisions in favour of climate solutions across G20 countries,” the joint statement released by the companies said.

The letter addressed to the world leaders are urging the world’s biggest economies to follow through with their existing commitment to investing $100 billion in climate finance annually for developing countries, to end fossil fuel subsidies by 2025 and to end support for coal-based energy.

“It’s essential that governments take confidence from this letter – the biggest and most ambitious call for policy action from business that we’ve seen – and step up their climate action plans,” said María Mendiluce, chief executive of the We Mean Business Coalition, which co-ordinated the letter.

“Ahead of Cop26, countries should renew their national plans and turn them into concrete policies as outlined in this letter. Decisive government and business action can trigger a transition of our energy system to help build a resilient, carbon-free future,” she added.

Among the demands made by the business leaders, priority was given to putting an end to the new coal power development and financing plans for “phasing out coal-fired power generation by 2030 for advanced economies, and 2040 for other countries.”

The letter further urges the governments to increase the use of renewable energy across sectors, promote electric transportation and remove restrictions to corporate purchasing of 100 per cent renewable electricity to “enable companies to go quicker in their clean energy transition”. The letter will be open for companies to sign over the coming month.