In a landmark move, the G20 adopted the New Delhi Leaders Summit Declaration, emphasizing the importance of inclusive, resilient, and sustainable cities for the future. The declaration, endorsed on Saturday, underscores the need for better financial mobilization and the efficient utilization of existing resources to create cities that are equipped to address global challenges. Key points of action in the declaration include water security, climate, championing local culture and economy, and catalyzing a digital urban future.
The G20 has called upon Development Financial Institutions and the Multilateral Development Banks to explore opportunities for planning and financing urban infrastructure where needed. This move represents a significant step forward in recognizing the vital role that cities play in sustainable development and climate action.
One of the key elements of the New Delhi Summit Declaration is the endorsement of the G20 Principles for Financing Cities of Tomorrow. These principles, along with reports from the G20 and the Organization for Economic Co-operation and Development (OECD) on financing cities, will serve as a guide for stakeholders to tailor their financing strategies and innovations. Hitesh Vaidya, director of the National Institute of Urban Affairs, described these principles as "voluntary and non-binding" and based on policy briefs from various G20 working groups.
The declaration also encourages stakeholders to share their experiences from early pilot cases, fostering collaboration and the exchange of best practices among cities.
What sets this declaration apart is its significant focus on urban issues. Previously, the word 'urban' appeared only twice in all G20 declarations, but this time, cities and urban areas were mentioned repeatedly. Shruti Narayan, regional director for South and West Asia at C-40, a network of international cities, praised the declaration's cross-sectoral approach to cities and financing. She highlighted the inclusion of climate change in the preamble, which is essential given the rising greenhouse gas emissions.
The declaration also addresses ecological degradation, the cost-of-living crisis, the importance of a just energy transition, and the need to address consumption-based emissions through initiatives like the LIFE program. It recognizes skill gaps and the necessity of enhancing job opportunities for sustainable growth. Furthermore, it renews focus on the 2030 Agenda for Sustainable Development.
The G20 declaration reflects the voices of the global south, emphasizing the urgency of taking accelerated action on climate change, with a specific focus on a just energy transition and funding for adaptation. It also emphasizes low-cost financing for less developed countries, reforms in Multilateral Development Banks, and leveraging private sector financing.
Hitesh Vaidya highlighted the significant acknowledgment of cities as drivers of change in the declaration. This recognition underscores the growing understanding of urban areas' importance in addressing global challenges, particularly in the context of sustainable development, climate action, and disaster risk reduction. The declaration reinforces the need for enhanced financing and planning in cities of the global south to create inclusive, resilient, and sustainable urban environments.
One key aspect of the declaration is its endorsement of cities as drivers of both sustainable and economic growth. Vaidya noted that the focus on the circular economy and the launch of the resource efficiency and circular economy industry coalition align with India's commitment to waste management and moving towards a zero-waste future.
The New Delhi Leaders Summit Declaration marks a significant step forward in recognizing and addressing urban challenges within the G20 framework. It reflects a global commitment to building cities that are not only economically vibrant but also environmentally sustainable and inclusive, highlighting the crucial role of cities in shaping a better future. The emphasis on cross-sectoral approaches and financing strategies underlines the importance of collaborative efforts in achieving these goals. As the world grapples with urbanization, climate change, and sustainability, this declaration provides a blueprint for action and cooperation on a global scale.
