Thank you, Prime Minister Modi, and good evening.
The G20 is the premier forum for global economic cooperation on shared challenges, and for pursuing strong, sustainable and inclusive growth.
Growth to lift living standards, to create secure, well-paid jobs, and to generate opportunities for all our people.
The greatest foundation for strong, sustainable and inclusive growth is peace and stability.
We see all too clearly what happens in the absence of that foundation. The New Delhi Leaders’ Declaration expresses our deep concern about the immense human suffering and all the other adverse impacts of wars and conflicts around the world.
Russia’s invasion of Ukraine must end. Australia is also deeply concerned by the conflict in the Middle East.
Australia has consistently called for the release of hostages, for humanitarian access, and for the protection of civilian lives.
We have wanted to see the next steps towards a sustainable ceasefire which cannot be one-sided.
What we see today is progress towards each of these goals and we welcome it.
Recent and ongoing circumstances are a reminder of that unshakeable equation: that insecurity in one part of the world affects us all.
Our inter-connectedness as a community of nations goes beyond traditional security.
If we are to achieve strong, sustainable and inclusive growth, we must rise to meet the challenge of climate change.
But amid all the discussion of the climate threat, Australia also sees the opportunity it presents in the form of a future powered by clean energy. We see the sustainable growth that is possible for all economies if we work together and navigate the energy transition wisely.
Prime Minister Modi, I congratulate you for focusing attention on this important issue.
We must accelerate climate action.
In Australia, we have legislated our emissions reduction targets.
We are making transformational investments in cleaner energy, and laying the groundwork for our future as a renewable energy superpower.
And we are supporting global efforts, as well as more targeted regional efforts, to respond to the climate finance needs of our neighbours. This includes supporting the newly established, locally built Pacific Resilience Facility.
This is a new mechanism that the countries of the South Pacific, including the smallest and most vulnerable island states, have built to respond more directly to their adaptation needs.
Australia also recently entered a ground-breaking agreement with Tuvalu, the Falepili Union, to provide assistance with climate adaptation.
These global and local efforts are crucial. But we can make them even stronger if we reform the multilateral economic architecture to better meet the challenges of our times.
The New Delhi Leaders’ Declaration commits us to work together to deliver better, bigger and more effective Multilateral Development Banks.
MDBs that work better as a system – coordinating finance, sharing best practices and pooling risks.
MDBs that better harness their own balance sheets, and crowd-in the capital, innovation and efforts of the private sector.
All in the interest of making it easier for countries to get access to support they need.
The New Delhi Leaders’ Declaration offers us a path forward to address these important global economic and development issues.
I want to thank you again, Prime Minister Modi, for your leadership.
I look forward to continuing the agenda with President Lula throughout Brazil’s presidency.