Him war in Ukraine that continues is condemned by the majority of its member countries G20 and demands Russia’s unconditional withdrawal. At the same time, all members of the Group of 20 agree that this conflict “undermines the global economy”.
In the joint statement released today, Wednesday (11/16) after the conclusion of the summit held in Bali, Indonesia, it is pointed out that “most members strongly condemn the war in Ukraine”.
In the final statement of the leaders it is pointed out that Russia, which is also a member of the G20, objected to this wording. The positions taken by China and India, which abstained from a similar UN decision in March, have so far not been clarified.
However at least three diplomats noted that the statement, which acknowledges that “There were other views and different assessments of the situation and the sanctions“, was adopted unanimously.
The team members, which include Russiathey also underline in their joint text, that “the use or threat of use of nuclear weapons is unacceptable”.
“It is vital to respect international law and the multilateral system that ensures peace and stability. This includes the defense of all purposes and principles enshrined in the UN Charter and the observance of international humanitarian law,” the final statement also underlines, as reported by the Athens News Agency.
Efforts to limit the rise in temperature continue
The leaders of the world’s biggest economies have even agreed to continue them efforts to limit global temperature rise to 1.5 degrees Celsius and accelerate efforts to phase out coal use.
They also agreed to carefully scale the pace of interest rate rises to avoid knock-on effects and warned of “increased volatility” in currency movements, although Ukraine dominated the Bali summit.
Indonesia, the country that hosted the G20 leaders’ summit, had hoped in early 2022 to be able to focus its presidency on cooperative efforts to restore the global economy after the COVID-19 pandemic.
However, the war, which Russia started in February in Ukraine, overturned this program, causing multiple crises, mainly food and energy, and deepening the divisions between the countries.
The war in Ukraine was the most discussed part of the G20 leaders’ final communique at the Bali summit, Indonesia’s president said today, calling on all sides not to further escalate tensions.
Joko Widodo, the president of the country that hosted this year’s G20 leaders’ summit, also described yesterday’s rocket explosion in Poland as regrettable. His American counterpart Joe Biden said it was unlikely to have come from Russia.
Widodo added that the war in Ukraine had caused destruction and enormous human suffering and weighed on the global economic recovery.
SOS for climate change
Leaders at the G20 summit in Bali, Indonesia, also agreed today to continue efforts to limit global temperature increases to 1.5 degrees Celsius and accelerate efforts to phase out coal use.
“We have decided to continue efforts to limit the increase in temperature to 1.5 degrees Celsius,” said the leaders’ statement issued at the end of the meeting. “This will require substantial and effective action and commitment from all countries,” it added.
In their statement, the leaders also called on participants in the ongoing UN Climate Change Conference COP27 in Sharm El Sheikh, Egypt to “urgently scale up” efforts at their summit on climate mitigation and adaptation. climate change.
G20 leaders also referred in their statement to the need to accelerate “efforts to phase out coal power generation, based on national circumstances and recognizing the need to support just transitions”.
Appropriate gradation of rate of interest rate increases
On the sidelines of the summit, US Treasury Secretary Janet Yellen held a two-hour meeting with China’s central bank governor Yi Gang, her first face-to-face talks with a senior Chinese official.
Yellen had said before the meeting that she hoped to gain new insight into China’s policy plans and work for greater economic engagement between the two countries.
World Trade Organization director-general Ngozi Okonjo-Iweala told Reuters on the sidelines of the meeting that several major economies face a real risk of slipping into recession as the war in Ukraine, rising food and fuel costs and soaring inflation cloud the global outlook. .
Indonesia had called for unity and for the summit to focus on problems such as inflation, hunger and high energy prices, all exacerbated by the war.
In their final statement, the leaders noted that the global economy is facing “unparalleled multidimensional crises” ranging from the war in Ukraine to soaring inflation, which is forcing many central banks to tighten monetary policy.
In addition to agreeing to continue to appropriately scale the pace of monetary policy tightening, G20 countries also reaffirmed their commitment to avoid excessive volatility in exchange rates, while acknowledging that “many currencies have moved significantly this year.”
On debt, leaders expressed concern about the “deteriorating” situation of some middle-income countries and underlined the importance of all creditors sharing a fair burden.
Source: News Beast
Bruce Belcher is a seasoned author with over 5 years of experience in world news. He writes for online news websites and provides in-depth analysis on the world stock market. Bruce is known for his insightful perspectives and commitment to keeping the public informed.
