Highlights agreed at the G-20 summit in Rome

ROME (AP) – Leaders of a group of 20 countries spent two days in Rome discussing measures to tackle climate change and pandemic recovery, which vary between rich and poor countries. Climate change prevailed at their summit, which ended just at the opening of the annual UN Conference on Climate Change in Glasgow, Scotland.

The G-20 negotiators worked all night from Saturday to Sunday on the text of the summit’s closing statement. They sought to bridge the gap between European countries ’efforts to tighten the climate, attending a 13-day conference in Glasgow, and concerns from China, India and Russia, where fossil fuels and coal play a major role.

These are key extracts from what was agreed in Rome – and what was not.

– The summit reached a compromise text when the G-20 countries must achieve a net zero of greenhouse gas emissions. This means producing emissions at a level where they can be removed from the atmosphere by oceans, forests and abatement measures. A group of seven rich democracies has set 2050 as the final date, but leaders of the larger G-20 forum have opted for “until or around the middle of the century”. China, Saudi Arabia and Russia have set a target of 2060 for carbon neutrality.

– Leaders agreed to end public funding for coal-fired electricity generation abroad, in line with a decision by G-7 members at the June summit in Cornwall, England. But the G-20 has not set itself the goal of phasing out coal in the domestic market, a decision that was a clear confirmation of China and India’s largest carbon producers.

– Group 20 agreed that the effects of climate change, such as extreme storms, floods and sea level rise, would be “much lower” if the average rise in global temperature could be kept at 1.5 degrees Celsius (2.7 degrees Fahrenheit). . The 2015 Paris Agreements seek to keep the rise “well below” 2 degrees Celsius (3.6 F) and “continue efforts” to limit it to 1.5 degrees Celsius.

– In addition to climate issues, leaders have signed an important agreement for countries to introduce a global minimum corporate tax rate of 15%. The goal of the global minimum is to discourage multinational companies from avoiding taxes by shifting profits to countries with extremely low rates, where companies may not do much business.

– Leaders also said they would continue to work on the French initiative for wealthier countries to redirect $ 100 billion in financial support to more needy countries in Africa in the form of special drawing rights – a foreign exchange tool used to help finance imports. it is allocated by the International Monetary Fund and also received by developed countries. Individual countries have already allocated about $ 45 billion.

The proposal reflects concerns that recovery after a pandemic varies, as richer countries recover faster due to large-scale vaccines and large amounts of spending on incentives that poorer countries cannot afford.

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