The US has reaffirmed that it will host the 2026 G20 Summit here as it sees itself as a dominant partner to balance the equations for the developing world in a strife-torn geo-political world leading to a global economic crisis.
The G-20 summit in Delhi is a major step forward in providing solutions to the most pressing issues, the White House said on Saturday.
A White House statement, coming immediately after the Delhi declaration, said: “At a moment when the global economy is suffering from the overlapping shocks of the climate crisis, fragility, and conflict — including the immense suffering unleashed by Russia’s war in Ukraine — this year’s New Delhi Summit proved that the G20 can still drive solutions to our most pressing issues.”
At the G20 Summit in Delhi, President Biden has continued to deliver on the commitments he undertook while assuming office to restore the US’ leadership role in the world, “rebuild our relationships abroad, and champion an economic agenda at home and abroad to deliver sustainable and inclusive growth for American families — and families everywhere”, the statement said.
The US said it is committed to the G20 and to building on the progress made in India’s G20 Presidency, starting with Brazil’s Presidency in 2024 and South Africa’s Presidency in 2025.
The US “will host the G20 in 2026 to show its steadfast commitment to the G20 initiatives for a global geopolitical and economic order based on equity and justice”.
The US is also “pleased to have supported and now welcome the African Union as a permanent member of the G20, a reflection of both the G20’s vitality and the important role of Africa in the global economy”.
In Delhi, Biden and other G20 leaders committed to implementing the G20 2023 Action Plan to Accelerate the Sustainable Development Goals (SDGs).
At the G20, he rallied G20 partners to agree to collectively mobilize more headroom and concessional finance to boost the World Bank’s capacity to support low- and middle-income countries. This initiative will make the Bank a better and bigger institution able to provide resources at the scale and speed needed to tackle global challenges and address the urgent needs of the poorest countries, the White House statement said.
G20 leaders committed to redouble efforts to resolve ongoing debt distress cases — like Ghana and Sri Lanka. Biden made it clear that the US “expects meaningful progress” by the World Bank and IMF Annual Meetings in October.
Make financing more sustainable:
Biden urged leaders to think out of the box to come up with new solutions to enable converting unsustainable debt into transformative investments. He also pressed all creditors — including the private sector and multilateral development banks — to offer climate-resilient debt clauses in their lending.
The US Export-Import Bank is preparing to do so in select bilateral lending, in line with its governance framework. At an event co-hosted by President Biden and Prime Minister Modi, Biden and partners announced a landmark India-Middle East-Europe Economic Corridor that will usher in a new era of connectivity from Europe to Asia, facilitating global trade, as well as cooperation on energy and digital connectivity.
Biden also announced a new partnership with the European Union to expand investments in the Lobito Corridor. The President called on partners to deploy public capital to strategically leverage the expertise and financing of the private sector to help secure and diversify 21st-century energy supply chains, expand digital connectivity, increase electricity access, bolster food security, and strengthen health systems.
Delivering on Food Security:
At the G20, Biden championed an agenda focused on mitigating the acute food crises the world is facing today, as well as working together with G20 countries to mitigate against future shocks.
Delivering on Global Health Challenges:
The United States is the world’s largest bilateral donor for global health and is committed to working alongside the G20 to build a safer, more equitable future, the White House said.
Tackling the overdose crisis:
G20 leaders came together for the first time to elevate counternarcotics challenges, and synthetic drugs in particular, as a G20 priority. Leaders recognised the public health threats posed by synthetic drugs and committed to enhanced information sharing and capacity building to address these challenges, advancing the critical actions the Biden-Harris Administration is taking to address the overdose crisis at home.
Tripling global renewable energy capacity by 2030:
In Delhi, Biden and G20 leaders committed to pursue efforts to triple global renewable energy capacity by 2030, encouraging more countries to follow the IRA playbook of investing in clean energy manufacturing and deployment, creating jobs, and fighting climate change.