G20 New Delhi Declaration endorses framework on building inclusive, resilient and sustainable cities of tomorrow
Although the principles are voluntary and non-binding in nature, they provide a roadmap for financing strategy as well as present a compendium of innovative urban planning and financing models
- Sep 9, 2023,
- Updated Sep 9, 2023 7:49 PM IST
The G20 New Delhi Leaders’ Declaration has endorsed mobilisation of finances and efficient use of existing resources to make the cities of tomorrow inclusive, resilient and sustainable. Although the ‘Principles for Financing Cities of Tomorrow’ are voluntary and non-binding in nature, they provide a financing strategy as well as present a compendium of innovative urban planning and financing models as enunciated in the G20-OECD report on the subject.
Elaborating on this fifth aspect under the G20 Finance Track, Nirmala Sitharaman, Union Minister of Finance, said, “The key concerns of low-income countries and emerging markets have always been about mobilising resources for financing sustainable, resilient and inclusive cities of tomorrow. The G20 principles which are assured for financing cities of tomorrow to promote effective and efficient use of financial resources to support urban development that is socially inclusive, environmentally responsible and economically sustainable are now all under the frameworks of the principles which have been used.”
Sitharaman added that the Multilateral Development Banks (MDBs) and Development Financial Institutions (DFIs) could now utilise these principles in their financing plans for urban infrastructure.
The MDBs and DFIs have been urged to explore the potential of drawing upon these principles in their planning and financing of urban infrastructure wherever applicable and share experiences from early pilot cases.
The recommendation takes note of the progress in outlining the enablers of inclusive cities as well as the customisable G20 and the Asian Development Bank (ADB) Framework on Capacity Building of Urban Administration to guide local governments in assessing and enhancing their overall institutional capacity for the effective delivery of public services.
Future discussions around country circumstances
Also noting the ongoing pilot application of the voluntary and non-binding Quality Infrastructure Investment (QII) indicators, the declaration looks forward to further discussion on their application considering country circumstances.
In addition, the Presidency has catalysed efforts on disaster risk reduction in the G20 through the formation of the Disaster Risk Reduction (DRR) Working Group. It has urged for accelerating progress on early warning and early action on disasters through strengthening national and local capacities, innovative financing tools, private sector investment and knowledge sharing.
The Presidency also reiterated continued support for augmentation of capabilities of all countries, including emerging economies, in particular developing countries, Least Developed Countries (LDCs) and Small Island Developing States (SIDS), for promoting disaster and climate resilience of infrastructure systems.
The G20 New Delhi Leaders’ Declaration has endorsed mobilisation of finances and efficient use of existing resources to make the cities of tomorrow inclusive, resilient and sustainable. Although the ‘Principles for Financing Cities of Tomorrow’ are voluntary and non-binding in nature, they provide a financing strategy as well as present a compendium of innovative urban planning and financing models as enunciated in the G20-OECD report on the subject.
Elaborating on this fifth aspect under the G20 Finance Track, Nirmala Sitharaman, Union Minister of Finance, said, “The key concerns of low-income countries and emerging markets have always been about mobilising resources for financing sustainable, resilient and inclusive cities of tomorrow. The G20 principles which are assured for financing cities of tomorrow to promote effective and efficient use of financial resources to support urban development that is socially inclusive, environmentally responsible and economically sustainable are now all under the frameworks of the principles which have been used.”
Sitharaman added that the Multilateral Development Banks (MDBs) and Development Financial Institutions (DFIs) could now utilise these principles in their financing plans for urban infrastructure.
The MDBs and DFIs have been urged to explore the potential of drawing upon these principles in their planning and financing of urban infrastructure wherever applicable and share experiences from early pilot cases.
The recommendation takes note of the progress in outlining the enablers of inclusive cities as well as the customisable G20 and the Asian Development Bank (ADB) Framework on Capacity Building of Urban Administration to guide local governments in assessing and enhancing their overall institutional capacity for the effective delivery of public services.
Future discussions around country circumstances
Also noting the ongoing pilot application of the voluntary and non-binding Quality Infrastructure Investment (QII) indicators, the declaration looks forward to further discussion on their application considering country circumstances.
In addition, the Presidency has catalysed efforts on disaster risk reduction in the G20 through the formation of the Disaster Risk Reduction (DRR) Working Group. It has urged for accelerating progress on early warning and early action on disasters through strengthening national and local capacities, innovative financing tools, private sector investment and knowledge sharing.
The Presidency also reiterated continued support for augmentation of capabilities of all countries, including emerging economies, in particular developing countries, Least Developed Countries (LDCs) and Small Island Developing States (SIDS), for promoting disaster and climate resilience of infrastructure systems.