During the 18th G20 Summit convened in New Delhi from September 9 to 10, 2023, world leaders reached a significant consensus known as the ‘G20 New Delhi Leaders' Declaration’. The summit's central theme revolved around critical climate concerns, and on the inaugural day, Saturday, September 9, a pivotal agreement named the ‘Green Development Pact for a Sustainable Future’ was formally endorsed. 

This pact underscores the acknowledgment that both current and forthcoming generations can prosper only through judicious policy decisions and actions that prioritise environmentally sustainable practices and foster inclusive economic growth. 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.

The pact has taken into consideration the need to pay renewed attention towards preserving the ocean-based economy, ending plastic pollution, restoring ecosystems, and sustainable finance.

“Recognising that the prosperity and well-being of present and future generations depend on our current development and other policy choices and actions, we resolve to pursue environmentally sustainable and inclusive economic growth and development in an integrated, holistic, and balanced manner,â€_x009d_ the pact stated.

The Green Development Pact commits to a 43% reduction in global greenhouse gas emissions by 2030, compared to 2019 levels, recognising the potential to limit global warming to 1.5 degrees Celsius.

Key Elements of Green Development Pact:

Macroeconomic risks stemming from climate change and transition pathways

Addressing the macroeconomic costs of the physical impacts of climate change is significant, both at the aggregate and country levels, and the cost of inaction substantially outweighs that of orderly and just transitions.

Mainstreaming Lifestyles for Sustainable Development (LiFE)

The leaders have committed to integrating Lifestyles for Sustainable Development (LiFE) into mainstream practices, with the aim of achieving substantial emissions reductions by 2030, ultimately contributing to a global net-zero future.

Designing a Circular Economy World

The leaders have committed to enhance environmentally sound waste management, substantially reduce waste generation by 2030, and also highlight the importance of zero-waste initiatives.

Implementing Clean, Sustainable, Just, Affordable & Inclusive Energy Transitions

Accelerating clean, sustainable, just, affordable, and inclusive energy transitions following various pathways, as a means of enabling strong, sustainable, balanced, and inclusive growth to achieve climate objectives.

Delivering on Climate and Sustainable Finance

Recognising the significant role of public finance as an important enabler of climate actions. leveraging private finance through different financial instruments, mechanisms, and risk-sharing facilities to address both adaptation and mitigation efforts in a balanced manner. It will also help in achieving Nationally Determined Contributions (NDCs), carbon neutrality, and net-zero considering different national circumstances.

Conserving, Protecting, Sustainably Using, and Restoring Ecosystems

Emphasising the importance of healthy ecosystems in addressing climate change, biodiversity loss, desertification, drought, land degradation, pollution, food insecurity, and water scarcity.

Harnessing and Preserving the Ocean-based Economy

Commitment to conserving, protecting, restoring, and sustainably using the world's ocean, marine ecosystems, and contributing to the 2025 UN Ocean Conference.

Ending Plastic Pollution

Establishing an Intergovernmental Negotiating Committee (INC) to develop an international legally binding instrument on plastic pollution, including the marine environment, with the ambition of completing its work by the end of 2024.

Financing Cities of Tomorrow

The pact emphasises the need for enhanced mobilisation of finances and efficient use of existing resources to make the cities of tomorrow inclusive, resilient, and sustainable. It recognises how heightened global investments are required to achieve the climate objectives outlined in the Paris Agreement, with a rapid escalation of climate finance from billions to trillions of dollars on a global scale. 

Reducing Disaster Risk and Building Resilient Infrastructure

The leaders committed to accelerate progress on Early Warning and Early Action through strengthening national and local capacities, innovative financing tools, private sector investment, and knowledge sharing.

The Green Development Pact also recognises the need for increased global investments to meet the climate goals of the Paris Agreement and to rapidly and substantially scale up investment and climate finance from billions to trillions of pounds globally from all sources.