“When global leaders meet me, they are filled with a sense of optimism about India… They are also convinced that India has a lot to offer and must play a larger role in shaping the global future. This has also been witnessed in their support for our work through the G20 platform.” -Narendra Modi, Prime Minister of India
On September 9th and 10th, India will take the stage on a global platform as the Presidency of the G20 Summit will be headed by India and it will herald a new chapter in our country’s history. G20 summit is a grouping of extreme importance as many countries of the world covering various geographical areas are a part of it. G20 at present has a coverage of over 85% of the world’s population, two-thirds of the world population and covers two-thirds of world trade. This global platform gives India an opportunity to showcase its culture, technological achievements and gives India an opportunity to set the agenda for the summit.
India will be hosting a variety of world leaders from across the globe and honoring them with the highest level of hospitality as the summits theme is ‘Vasudhaiva Kutumbakam’ derived from the Maha Upanishad meaning the entire world is one family. All delegations of the world leaders are like a family based on the culture and traditions of this great nation. This blog will be on giving the readers information on what the G20 summit is all about and India’s legacy to the G20.
HISTORY AND OPERATION OF G20 SUMMIT
"We cannot be separated in interest or divided in purpose. We stand together until the end." - Woodrow T. Wilson, Former United States President
G20 was formed as a forum to discuss global economic and financial issues between the Finance Ministers and Central Bank Governors of member countries in 1999 after the Asian Financial Crisis. However, though formed earlier to discuss global economic issues it has now expanded its scope to cover various topics like climate change, anti-corruption, energy, sustainable development etc. G20 is operated parallelly on two tracks, one being the Finance Track and the other being the Sherpa Track. The Finance Track is led by Finance Ministers and Central Bank Governors whereas Sherpa track is led by the Sherpas who are personal emissaries of the leaders.
Within the G20, there is a B20 which is an official dialogue grouping for the summit. B20 mainly plays a critical role in galvanizing the global business leaders for their viewpoints on global economy and trade governance. B20 also speaks in a single voice for the whole G20 business community.
INDIA'S LEGACY FOR THE G20 SUMMIT
"Disaster preparedness, whether its anticipation of potential weather-related incidents or terrorist incidents requires a skill set that in my mind someone has to be trained for." - Bennie Thompson, US Congressman
As India was handed the presidency of the G20 in 2022, the nation thought of giving legacy fit to the current needs of large populations across the world. The Disaster Risk Reduction Working Group (DRRWG) is India’s legacy to the G20 summit which will primarily focus on integrating measures to reduce risk in areas such as public and private sectors investment decisions.
Policies will also be framed to not only reduce risk but also to prevent creation of new risk and the aim will be to build resilient economies, societies, and natural systems.
ROADMAP OF THE DISASTER RISK REDUCTION WORKING GROUP (DRRWG)
“If you don’t know where you are going, you’ll end up someplace else.” - Yogi Berra, US Baseball player
Five main action areas have been identified for Disaster Risk Reduction
Action Area 1: Global Coverage of Early Warning Systems
Early Warning Systems are critical to ensure protection of life and business continuity. UN Secretary General in March 2022 has launched an initiative to ensure every person on earth is protected by an early warning system by 2027 however to achieve this target will require an investment upwards of $3.1 billion over the coming next 5 years.
The DRRWG is going to play an important role in order to ensure G20 countries actively participate in knowledge sharing, technology, capacity support and for advocating financing and resources for early warning systems.
Action Area 2: Disaster and Climate Resilient Infrastructure
Having a robust and resilient infrastructure can ensure protection of lives and livelihood, safeguard development gains and drive economic growth. The DRRWG will ensure enhancement of resilient, sustainable, inclusive, and quality infrastructure systems.
Action Area 3: Financing Strategies for Disaster Risk Reduction
Over the years there has been an underinvestment in Disaster Risk Reduction subsequently the impact of disasters has caused huge financial losses. The DRRWG aims to ensure that G20 member nations have robust financing networks for Disaster Risk Reduction and to support developing countries to do the same.
Action Area 4: Disaster Recovery, Rehabilitation and Reconstruction
Recovery, Rehabilitation and Reconstruction post a disaster along with following principles of build back better for Sendai Framework for Disaster Risk Reduction will ensure that socio-economic risks are addressed along with reducing the exposure of the affected community.
The DRRWG will strive to strengthen national policy architectures and financial mechanisms for rehabilitation and reconstructing along with promoting resilience for present and future generations.
Action 5: Nature Based Solutions and Ecosystems based approach for DRR
Ecosystem based approaches which are cost-effective, efficient, and scalable can help both governments and communities address the growing challenges of climate change, bio-diversity loss, extreme weather, natural hazards along with human environmental disasters. The DRRWG will work to ensure both G20 countries and developing countries scale up ecosystem-based approaches for Disaster Risk Reduction along with enhancing financing for investment.
Source: G20 Disaster Risk Reduction Working Group
FUTURE STEPS
“Someone’s sitting in the shade today because someone planted a tree a long time ago.” - Warren Buffett, American Businessman
Up to three meetings have been conducted of the DRRWG in India and the action plans show promise and a step in the right direction. India has provided a good legacy to the G20 summit by focusing on disaster risks as Asia is a high-risk zone for natural disasters. As we move forward a special focus will be needed on these action plans to ensure the safety of lives and prepare for an uncertain future.
CONCLUSION
G20 summit provides a platform for India to showcase its diplomatic prowess and ensure that its engagement with all the invited dignitaries is cordial. India has cemented its legacy for the G20 by selecting an issue like Disaster Risk Reduction which impacts millions across the world, India has shown that its priorities are in the right direction.
Gorisco extends its best wishes to the Government of India for the successful conduct of the summit. Jai Hind!!
Gorisco has a wide range of experts who are experienced in defining and designing various solutions to help organizations mitigate their risks and resolve their problems.
At Gorisco, our motto is 'Embedding Resilience’, and we are committed to making the organizations and their workforce resilient. Reach out to us if you have any queries, clarifications, or need any support on your initiatives.
To read our other blogs, click here. More importantly, let us know if you liked them or not through your comments.
Blog Image attribution: DonkeyHotey, CC BY 2.0 <https://creativecommons.org/licenses/by/2.0>, via Wikimedia Commons