Sunday, September 25, 2022

Highlights of what was agreed at the G-20 summit in Rome

ROME (AP) – Leaders of the G-20 countries traded for two days in Rome over steps to tackle climate change and a post-pandemic recovery that is diverging between rich and poor countries. Their summit was dominated by climate change, which ended just as the annual UN Climate Change Conference opened in Glasgow, Scotland.

The G-20 negotiators worked all night from Saturday to Sunday to formulate the final statement of the summit. They worked to bridge the gap between the pursuit of tougher climate policies by the European countries attending the 13-day conference in Glasgow, and the fears of China, India and Russia, where fossil fuels and coal play an important role.

These are the main takeaways from what was agreed in Rome and what was not.

– The summit came to a compromise formulation of when the G-20 countries need to achieve zero greenhouse gas emissions. This means producing emissions at a level at which they can be removed from the atmosphere through the use of oceans, forests and pollution control measures. The Group of Seven Rich Democracies have named 2050 as the final date, but the leaders of the larger G-20 forum settled on “by about mid-century.” China, Saudi Arabia and Russia have set a goal of achieving carbon neutrality by 2060.

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– The leaders agreed to end government funding for coal energy overseas, in line with the decision of the G-7 members during their June summit in Cornwall, England. But the G-20 did not set a goal of phasing out coal domestically, a move that was a clear nod to China and India, which are the biggest contributors to carbon emissions.

– The G20 agreed that the impacts of climate change, such as severe storms, floods and sea level rise, would be “much lower” if the average global temperature rise could be kept at 1.5 degrees Celsius (2.7 degrees Celsius). Fahrenheit). The 2015 Paris Accords aim to keep the rise “well below” 2 degrees Celsius (3.6 F) and “continue efforts” to cap it to 1.5 degrees Celsius.

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– In addition to climate issues, the leaders signed a landmark agreement for countries to introduce a global minimum corporate tax of 15%. The Global Minimum aims to deter multinational companies from tax evasion by shifting profits to ultra-low-rate countries where companies can do little real business.

– The leaders also said they will continue to work on a French initiative for wealthier countries to divert $ 100 billion in financial support to more needy African countries in the form of Special Drawing Rights, a foreign currency exchange tool used to finance imports allocated by countries. International Monetary Fund and also received in developed countries. Individual countries have already committed about $ 45 billion.

The proposal reflects concerns that recovery from the pandemic is diverging, with richer countries recovering faster due to extensive vaccinations and significant stimulus spending that poorer countries cannot afford.

Nation World News Desk
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