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NEW DELHI, Sept 11 - The Group of 20 major economies reached a hard-fought compromise over the war in Ukraine and papered over other key differences in a summit declaration at the weekend, presenting few concrete achievements in its core remit of responses to global financial issues.
The summit declaration avoided condemning Russia for the war in Ukraine but highlighted the human suffering the conflict had caused and called on all states not to use force to grab territory. DIFFICULT SUMMIT G20 was set up as a platform of finance ministers and central bank governors in 1999 to counter the effects of the Asian financial crisis and the meeting was expanded to include leaders after the global financial crisis in 2008.
The G20 process requires consensus on all decisions which means it will pursue the “lowest common denominator”, said Patryk Kugiel, a senior analyst at the Polish Institute of International Affairs in Warsaw. Coal, which is being phased out of the power system in many industrialised nations, is still a vital fuel in many developing economies and may remain so for decades to come.
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