11/17/2022 | 6:36 p.m
BALI, Indonesia – Members of the Group of 20 Leading Economies issued a statement condemning Russia’s war in Ukraine and saying the conflict is hurting the global economy.
The statement, adopted Wednesday after two days of talks on the resort island of Bali, said “most” members strongly condemned the war in Ukraine. Fighting began in February when Russian troops began invading Ukraine.
“It causes immense human suffering and exacerbates existing vulnerabilities in the global economy – constraining growth, raising inflation, disrupting supply chains, increasing energy and food insecurity and raising risks to financial stability,” the text reads.
It noted that “there were different views and different assessments of the situation and sanctions”.
Indonesian President Joko Widodo said the “most debated” text related to the group’s stance on the war in Ukraine.
“We talked about it until midnight. In the end, the Bali Leaders’ Declaration was unanimously adopted and [through] Consensus,” he told reporters at a briefing.
Widodo also said the summit produced “concrete and tangible” results, such as the establishment of a $1.5 billion pandemic fund, the operationalization of an $81.6 billion Resilience and Sustainability Trust, and a 20th -Billion-dollar plan that will help turn Indonesia off coal.
The Bali leaders’ statement also stated that G20 member states “will make efforts to limit the temperature rise to 1.5 degrees Celsius” and recognized the need to phase out the use of unabated coal.
The text also urged delegates to the COP27 climate talks in Egypt to make progress on the contentious issue of casualties and damage.
Some analysts and activists welcomed the statement as it gives hope to improve COP27 outcomes. But other groups like Greenpeace Southeast Asia and the Center for Energy, Ecology and Development said they had made no progress in signaling a just transition and phasing out fossil fuels.
Widodo handed over the G20 presidency to Indian Prime Minister Narendra Modi in a ceremony on Wednesday. India will officially take over the one-year presidency on December 1st.