G20 Summit: From Virtual Digital Assets To Net Zero Emissions, Key Factors To Expect

India has high hopes from world leaders who are going to meet in a two-day session to discuss policies and developments for sustainable growth globally. Some of the key expectations from G20 countries are navigation of the complexities of virtual digital assets regulation and net zero emissions, formulation of development plans with climate action, implementation of sustainable practices and harmonizing a user-friendly ecosystem.

The country's national capital Delhi will be hosting the world leaders for the G20 summit 2023. With US President Joe Biden's arrival on Friday, the bilateral discussions between him and Prime Minister Narendra Modi will take place today. However, the official sessions of the G20 summit will begin on September 9 and 10, 2023 in New Delhi at Pragati Maidan. On the other hand, Chinese President Xi Jinping has decided to not attend this G20, while Russian President Vladimir Putin has already announced his plans to not attend the summit in person or through video due to his country's special military operation in Ukraine.

Here's what to expect at this summit:

Sathvik Vishwanath, Co-Founder & CEO, Unocoin

The recent G7 meeting, which focuses on the regulation of Virtual Digital Assets (VDA) and alignment with Financial Stability Board standards, signals a pivotal moment in the global cryptocurrency landscape. Central Bank Digital Currencies (CBDCs) are taking center stage, with varying degrees of adoption among G20 countries. The discussions highlight the importance of transparency, trust and cross-border cooperation to ensure the success of the CBDC.

G7 countries such as the US, France, and the UK favor global cooperation in cryptocurrency regulation due to the lessons learned from the crypto market collapse in 2022. Despite differing regulatory approaches, these countries are uniting to protect consumers and fight illegal activities involving VDAs. India's G20 leadership adds significance and promises new standards for the crypto industry.

In addition, G20 countries recognize the potential of emerging technologies such as artificial intelligence in VDA transactions, reflecting a broader trend towards innovation and building trust in the evolving digital environment. The world is watching as these nations work together to navigate the complexities of VDA regulation and ensure a secure, harmonized and user-friendly ecosystem.

Sunith Reddy, Co-Founder, Beforest Lifestyle Solutions Pvt. Ltd

In today's ever-evolving world, sustainable living is no longer a buzzword; it's an imperative that cannot be overlooked. With our planet enduring a state of continuous change, it is vital to foster positive change with sustainable living and environmentally conscious practices. In order to bring about that change, modern-day businesses, too, must embrace greater social and environmental responsibility than ever before-a cornerstone of Beforest's long-term vision.

I feel that the year 2023 is pivotal to driving sustainability through critical conversations and collective actions. This is further bolstered by India's Presidency of the G20 Summit, which will serve as a great platform for stakeholders across the globe to play an integral role in addressing Sustainable Development Goals and navigating Net Zero emissions. Formulating development plans with climate action in mind, I am sure that the upcoming G20 Summit will pave the way for actionable insights and a roadmap to tackle the environmental crisis through international cooperation and partnerships leading to positive change.

We, at Beforest, have always prioritized sustainable living through green development. , The theme of India's G20 Presidency - 'One Earth, One Family, One Future' - resonates with our values that remain at the core of everything we do at Beforest. We are fulfilling our promise on enabling sustainable and resilient communities by providing know-how and resources to create positive impacts on landscapes. Amid growing concerns for climate change, we are reinventing landscape planning to create self-sufficient communities that set new precedents in the field of sustainable farming and lifestyle. As the chorus for green development gathers steam, let us pledge to adopt and implement sustainable practices to secure a better future.

The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population. As G20 Presidency for 2023, India is responsible for bringing together the G20 agenda in consultation with other members and in response to developments in the global economy