On the sidelines of the World Economic Forum in Davos, Union Minister Smriti Irani on Wednesday announced the creation of the B20 Global Institute, in line with India’s commitment during the G20 summit in Delhi last year.
In a post on social media X, Irani said: “Furthering India’s contribution to the G20 at WEF2024, it was a pleasure to formally announce the establishment of the ‘B20 Global Institute,’ a concept conceived during the B20 Summit 2023 in New Delhi.”
Led by businesses, the B20 Global Institute aims to strengthen global value chains, leverage digital innovations and AI for societal benefit, promote ESG principles, and support sustainability & energy transition.
Rooted in R.A.I.S.E. — Responsible, Accelerated, Innovative, Sustainable, and Equitable businesses — the initiative signifies a crucial milestone in fostering partnerships to address the emerging economies of the Global South.
N Chandrasekaran, Executive Chairman, Tata Sons, mentioned that the institute was envisioned for global collaborations on the B20 platform.
As the official G20 dialogue forum for the global business community, B20, under India’s Presidency, galvanized global business leaders for their views on issues of global economic and trade governance. Throughout India’s G20 Presidency, the B20 India Secretariat, led by the Confederation of Indian Industry (CII), managed the B20’s activities under the guidance of N Chandrasekaran, Chair, B20 India, and Executive Chairman, Tata Sons.
Key initiatives outlined by B20 India included the establishment of a B20 Global Institute, offering knowledge, research, and policy advocacy to global enterprises.
Speaking at the B20 summit session on B20 India Priorities and Recommendations on August 25, 2023, N Chandrasekaran had announced, “We would like to announce a global B20 institute with a purpose for it to be an evangelist, a change agent, the knowledge base, thought leader, and a think tank with highly experienced people who will work with the B20 nations. It will be a global business institute based in India.”
The institute, led by businesses, will focus on building resilient global value chains, leveraging digital innovations and AI for social good, fostering innovation, sustainability, energy transition, and promoting ESG principles and inclusion. It will collaborate with businesses globally to drive opportunities.