The recent adoption of the G20 Leaders Summit Declaration in New Delhi highlights the dedication to nurturing resilient and sustainable cities of the future. To achieve this goal, there is a focus on enhancing mobilisation and optimising existing resources. The declaration encourages Development Financial Institutions and Multilateral Development Banks to explore opportunities in planning and financing infrastructure whenever required.
Furthermore, the declaration supports initiatives to advance this vision. These include the G20 Principles for Financing Cities of Tomorrow, the G20/OECD Report on Financing Cities of Tomorrow and the G20/ADB Framework on Capacity Building of Urban Administration. While these principles and reports are not mandatory, they are based on policy briefs from G20 working groups. They serve as references for stakeholders to customise their financing strategies and innovations according to contexts.
It’s important to note that the commitment of G20 extends beyond infrastructure. It also encompasses pressing challenges, like water security, climate change mitigation efforts, preserving culture and economies, and promoting digital advancements in urban environments. These themes were featured in a communiqué presented during the Urban 20 summit in Gandhinagar in July.
This year’s declaration marks a milestone as it emphasises “cities” and “urban” matters, an unprecedented focus within G20 declarations. It underscores the importance of addressing climate change and acknowledging the rise in greenhouse gas emissions. Additionally, it recognises ecological degradation, highlights the cost of living crisis, prioritises a just energy transition, addresses consumption-based emissions through the LIFE program, and acknowledges the need to bridge skill gaps to promote sustainable job growth. The declaration reaffirms the G20’s commitment to the 2030 Agenda for Sustainable Development.
The G20 New Delhi Declaration signifies a concerted effort to address the critical challenges facing cities and urban areas, aligning with global sustainability and inclusive growth goals.