The G20 summit in Rome, the first in-person since 2019, tackled a range of challenges over two days, from climate change to the coronavirus pandemic and a global corporate tax. Here are your main deals.
– Climate –
The 20 most developed nations reaffirmed the objective of the Paris Agreement: to limit the rise in the planet’s temperature to less than 2ºC and continue efforts to limit it to 1.5ºC compared to pre-industrial levels.
But they go one step further: “Keeping the 1.5°C target within reach will require significant and effective actions and commitments by all countries.”
The G20 agreed to stop subsidizing “as of the end of 2021” new coal-fired power plants abroad, although it has not announced measures at the national level.
Regarding the deadline for achieving carbon neutrality, the leaders approved the reference “in the middle of the century or around that date”, a less precise horizon than the year 2050 defended by Italy.
The G20 “also reaffirms” the commitment made by developed countries to seek to mobilize together 100 billion dollars a year (…) by 2025 “to enable developing countries to face climate change”.
– Pandemic and vaccines –
“Contributing to the achievement of global vaccination goals for at least 40% of the population of all countries by the end of 2021 and 70% by mid 2022”, as recommended by the World Health Organization (WHO). The G20 is committed to taking “measures to help strengthen the supply of vaccines” in developing countries.
To this end, this club of countries, which includes, among others, the United States, India and China, promises to “avoid restrictions on exports and increase transparency and visibility in the delivery of vaccines”, although it does not specify deadlines.
– Post-pandemic recovery –
G20 leaders pledged to “avoid premature withdrawal of support measures” to “continue sustaining the recovery” while monitoring inflation.
Central banks “will act if necessary to fulfill their mission, which includes price stability.”
G20 countries will remain vigilant “on global challenges that impact economies, such as disruptions in supply chains”.
– Aid to developing countries –
The G20 countries pledged to pay vulnerable countries $100 billion out of a global amount of 650 billion in special drawing rights (SDR) issued by the International Monetary Fund (IMF) to counter the effects of the pandemic.
“We welcome the recent pledges worth around $45 billion as a step towards the ambitious $100 billion in voluntary contributions to the countries most in need,” said the leaders.
The G20 nations, which until now had not agreed an amount to be paid to developing countries, are following in the footsteps of the G7, which has already set a target of 100 billion dollars to redistribute, mainly in Africa.
Furthermore, the G20 “welcomes the progress made under the G20 Debt Service Suspension Initiative”. “Preliminary estimates show that at least 12.7 billion dollars (…) were postponed thanks to this initiative between May 2020 and December 2021, benefiting 50 countries”, he says.
The G20 agreed to a suspension of interest payments on LDC debt in April 2021 and it was extended until the end of the year.
The leaders also pointed out, in their joint communiqué, another measure of support for vulnerable countries: the debate on the IMF’s surcharge policy, as defended by Argentina.
– Global tax –
Regarding the agreement on the minimum taxation of multinationals, the leaders celebrated “a historic success” that will serve to establish “a more stable and fair international tax system”.
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