Global governance challenges highlighted by the Summit of the Future

Source: The post global governance challenges highlighted by the Summit of the Future has been created, based on the article “Bridging the chasm of global inequality” published in “The Hindu” on 30th September is 2024

UPSC Syllabus Topic: GS Paper 2- International Relations – Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

Context: The article discusses the global governance challenges highlighted by the Summit of the Future. It emphasizes the imbalance in power between developed and developing countries, the need for reform, and the role of Asia in shaping global priorities and cooperation.

For detailed information on Summit of the Future read this article here

What is the focus of global governance?

1. The Summit of the Future raises questions about whether global governance should focus on great power competition or the continuing imbalance in institutions and global inequality.
2. While great power competition debates the means, the imbalance raises questions about justice.
3. Global governance now focuses on sustainability and improving well-being, not just economic growth through GDP.
4. Global goals do not resolve issues but create new forms of cooperation.

What key initiatives emerged from the Summit?

1. The Summit resulted in two major initiatives: the Global Digital Impact initiative and the Declaration on Future Generations, which call for national action.
2. Concrete impacts include the formation of an International Scientific Paneland a Global Dialogue on AI.
3. These initiatives mirror how climate change became a global issue 30 years ago.

What challenges remain in reforming global institutions?

1. Lack of Progress on Security Council Reform: The Summit of the Future did not agree on a clear pathway for UN Security Council reform, only discussing member categories without reaching a conclusion.
2. Limited Reform in Global Financial Institutions: Reforms for global financial institutions are restricted to a promise of giving developing countries a greater say. However, no significant actions have followed this pledge.
3. Developing Countries’ Debt Burden: Developing nations face a massive public debt of $29 trillion, paying $847 billion in interest alone in 2022, showing the continued imbalance in global economic power.
4. Sustainable Development Goals Lagging: Only 17% of the Sustainable Development Goals (SDGs) are on track, reflecting the systemic issues in meeting global challenges.
5. Influence of Developed Nations: Developed countries still dominate agenda-setting, as shown by the ongoing control of G-7 nations despite the rise of emerging powers like China and India.

What role do developing countries and emerging powers play?

1. Re-emergence of China and India: Emerging powers like China and India, through BRICS, began influencing global governance in 2009.
2. Resource Use Shift: In 1950, the U.S. consumed 40% of global resources, but by 2010, Asia’s share grew to half of global usage.
3. Global GDP Share: By 2016, the GDP share of 17 developing countries tripled to 63% compared to G-7 countries.
4. Global Agenda Influence: Despite growing influence, developing countries still struggle to set the global agenda.

Question for practice:

Examine the challenges developing countries face in influencing global governance, as highlighted by the Summit of the Future.