# G20 Summit: What you need to know now Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-11-16 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: G20 Leaders Condemn Russia's Aggression in Ukraine Meta Description: Leaders of the G20 nations demand Russia's withdrawal from Ukraine while agreeing on careful interest rate rises and efforts to limit global temperature URL: https://financedigest.com/g20-summit-what-you-need-to-know-nowhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-11-16t064504z2lynxmpeiae0nmrtroptp4g20-summit-gala-dinner-1736814854319-compressed.jpg) NUSA DUA, Indonesia (Reuters) – Leaders of the Group of 20 (G20) nations deplored Russia’s aggression in Ukraine “in the strongest terms” and demanded its unconditional withdrawal in a declaration adopted at the end of a two-day summit. UKRAINE AND RUSSIA \\* The war in Ukraine was the most debated article of the leaders’ declaration, the president of host Indonesia said, while urging all sides not to escalate tension. \\* French President Emmanuel Macron said G20 leaders [agreed to push Russia towards de-escalation in the Ukraine](https://www.financedigest.com/u-s-ukraine-agree-to-launch-talks-to-upgrade-2008-trade-accord.html "U.S., Ukraine agree to launch talks to upgrade 2008 trade accord") conflict and expressed hope China could play a bigger mediation role in the coming months in that respect. \\* U.S. Treasury Secretary Janet Yellen [called for international](https://www.financedigest.com/international-law-firm-calls-in-viato-connect-uk-and-us-offices.html "INTERNATIONAL LAW FIRM CALLS IN VIATO CONNECT UK AND US OFFICES") support for Ukraine and said she wanted to acknowledge a wave of Russian missile attacks on the country. \\* On Tuesday, Ukrainian President Volodymyr Zelenskiy [called on earlier on G20 leaders](https://www.financedigest.com/us-senate-leader-schumer-calls-for-ai-rules-as-chatgpt-surges-in-popularity.html "US Senate leader Schumer calls for AI rules as ChatGPT surges in popularity") to adopt a 10-point peace formula. \\* [Russian Foreign Minister](https://www.financedigest.com/permitted-share-of-chinas-yuan-in-russian-wealth-fund-doubled-to-60-finance-minister.html "Permitted share of China’s yuan in Russian wealth fund doubled to 60% -Finance Minister") Sergei Lavrov, who headed the Russian delegation to the summit in the absence of President Vladimir Putin, condemned “politicisation” of the meeting. [MONETARY POLICY](https://www.financedigest.com/uks-ftse-100-dips-on-scope-of-tighter-monetary-policy-informa-jumps.html "UK’s FTSE 100 dips on scope of tighter monetary policy; Informa jumps") \\* Leaders of the world’s [biggest economies agreed to pace their interest rate rises carefully to avoid](https://www.financedigest.com/top-ten-biggest-mistakes-by-novice-investors-and-how-to-avoid-them.html "TOP TEN BIGGEST MISTAKES BY NOVICE INVESTORS – AND HOW TO AVOID THEM") spillovers and warned of “increased volatility” in currency moves. [CLIMATE CHANGE](https://www.financedigest.com/u-n-sounds-deafening-warning-on-climate-change.html "U.N. sounds ‘deafening’ warning on climate change") \\* G20 leaders agreed to pursue efforts to limit the [global temperature increase to 1.5C – confirming the stand by the temperature goal from the 2015 Paris Agreement](https://www.financedigest.com/visa-has-terminated-global-debit-card-agreements-with-ftx.html "Visa has terminated global debit card agreements with FTX") on climate change. That could boost negotiations at the U.N. COP27 climate summit in Egypt, where some negotiators [feared the G20 would fail to back](https://www.financedigest.com/fear-of-failure-holding-back-british-entrepreneurs-new-research-finds.html "Fear Of Failure Holding Back British Entrepreneurs, New Research Finds") the 1.5C goal. \\* Their declaration also said G20 countries would accelerate efforts towards the phasedown of unabated [coal power](https://www.financedigest.com/back-to-black-germanys-coal-power-plan-hits-hurdles.html "Back to black? Germany’s coal power plan hits hurdles"). Negotiators at the [COP27 summit](https://www.financedigest.com/eu-to-urge-big-polluters-to-toughen-climate-pledges-by-cop27-summit-draft.html "EU to urge big polluters to toughen climate pledges by COP27 summit – draft") in Egypt are wrangling over whether to expand this to phase down all fossil fuels. \\* Biden and Chinese leader Xi Jinping agreed on Monday to resume cooperation on [climate change](https://www.financedigest.com/u-n-climate-change-report-sounds-code-red-for-humanity.html "U.N. climate change report sounds ‘code red for humanity’"). \\* A coalition of countries including the United States and Japan announced on Tuesday they would mobilise $20 billion in [public and private finance to help Indonesia shut coal power plants and bring forward the sector’s](https://www.financedigest.com/guess-what-public-sector-adoption-of-e-invoicing-on-the-rise.html "GUESS WHAT? PUBLIC SECTOR ADOPTION OF E-INVOICING ON THE RISE!") peak emissions date by seven years to 2030. BILATERAL MEETINGS \\* Biden said Britain was America’s closest ally and closest friend, during his first meeting with Rishi Sunak since he became [prime minister](https://www.financedigest.com/britains-queen-elizabeth-will-appoint-new-prime-minister-at-balmoral.html "Britain’s Queen Elizabeth will appoint new prime minister at Balmoral"). Sunak later said he was confident [Britain and the United States could deepen their economic relationship but that he had not spoken specifically about a trade deal](https://www.financedigest.com/greece-britain-discussing-parthenon-sculptures-return-but-deal-not-close-athens-says.html "Greece, Britain discussing Parthenon Sculptures return but deal not close, Athens says") with Biden. \\* U.S. Treasury Secretary Janet Yellen met for two hours with [China’s central bank](https://www.financedigest.com/asia-shares-bank-on-eventual-china-opening-oil-gains.html "Asia shares bank on eventual China opening; oil gains") governor, Yi Gang, a U.S. [treasury official](https://www.financedigest.com/italy-names-former-treasury-official-to-head-ita-airways.html "Italy names former Treasury official to head ITA Airways") said, adding that their talks had a “frank, constructive, and positive tone. \\* India Prime [Minister Narendra Modi and his British](https://www.financedigest.com/british-doctors-strikes-risk-patient-safety-minister-says.html "British doctors’ strikes risk patient safety, minister says") counterpart, Sunak, discussed ways to boost trade, Modi said. \\* Canadian Prime Minister Justin Trudeau raised “serious concerns” over suspected domestic interference by China in his first [talks with President Xi on Tuesday in more than three years](https://www.financedigest.com/extraordinary-rollercoaster-good-friday-talks-remembered-25-years-on.html "‘Extraordinary rollercoaster’, Good Friday talks remembered 25 years on"), a Canadian government source said. \\* Modi discussed [global and regional developments in a meeting with Biden](https://www.financedigest.com/global-energy-crisis-russia-invasion-eclipse-biden-climate-goals.html "Global energy crisis, Russia invasion eclipse Biden climate goals") and also exchanged courtesies with Xi at the end of a dinner in the first such meeting since deadly border clashes in 2020. \\* [South Korean President Yoon Suk-yeol called for China to play a bigger role in reining in North](https://www.financedigest.com/the-north-heads-south-to-mipim-en-masse-to-corner-new-real-estate-business-opportunities.html "The North heads South to MIPIM en masse to corner new real estate business opportunities") Korea’s nuclear and missile provocations, his office said, after talks with Xi. \\* Australian Prime Minister Anthony Albanese and Xi signalled they would seek to move [past years of disagreements after the first formal meeting between leaders](https://www.financedigest.com/young-leaders-forum-jamal-edwards-on-the-past-present-and-future.html "Young Leaders Forum: Jamal Edwards on the past, present and future") of their countries since 2016. The meeting was a [step to normalising ties but would not bring an Australian defence policy shift](https://www.financedigest.com/cellnexs-ceo-tobias-martinez-steps-down-amid-strategy-shift.html "Cellnex’s CEO Tobias Martinez steps down amid strategy shift"), diplomats said. (Compiled by Robert Birsel) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---