G20 Summit

In this interview given to Ibrahm Mili, from France24 Arabic, Dr. Carole Nakhle, CEO of Crystol Energy, discusses the dynamics surrounding the G20 summit in New Delhi.

Dr Carole Nakhle discusses the dynamics surrounding the G20 summit in New Delhi in this interview with Ibrahim Mili from France24 Arabic

Key takeaways:

– The key feature of the summit is the notable absence of Chinese leader, Xi Jinping, and Russia’s president, Vladimir Putin.

– The G20 is not a group with unified interest and common positions particularly with respect to climate change, geopolitics (with the war in Ukraine still a dividing issue) and economy.

– The US-China rivalry continues, though the faltering of the Chinese economy following the abandonment of zero-Covid policy has diminished the intensity of the competition in favour of the US.

– Despite their attempt to speak with one voice, individual G20 members continue to prioritize their economic and political interests. For instance, India has muted the sanctions imposed by the G7 on Russian oil as it has absorbed a significant proportion of Russia’s crude oil exports that lost market in Europe following the war in Ukraine.

Facts and figures:

  • The G20 group accounts for 86% of the global gross domestic product (GDP) and 80% of global greenhouse gas emissions.
  • US and China account for: 44% of the global GDP, 34% of  global oil consumption and 45% of global emissions from energy.
  • India and china account for 36% of the global population
  • Indian crude oil imports from Russia increased from 0.09 Mb/d to 0.743 Mb/d between 2021 and 2022 (marking a 726% year-on-year increase).

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