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

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Leaders of the Group of 20 countries held two days in Rome to tackle climate change and the recovery of a pandemic that is shifting between rich and poor countries

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ROME – Leaders of the Group of 20 countries held talks in Rome for two days on measures to tackle climate change and recover from a pandemic between rich and poor countries. Climate change dominated their summit, which culminated in the opening of an annual United Nations Climate Change Conference in Glasgow, Scotland.

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These are important facts from what was agreed upon in Rome – and what was not.

– The leaders agreed to end public financing for coal-fired power generation abroad, matching a decision by G-7 members during their June summit in Cornwall, England. But the G-20 did not set any target to phase out coal domestically, a decision that was a clear nod to China and India’s top carbon emitters.

The group of 20 agreed that if the average increase in global temperature could be kept to 1.5 °C (2.7 °F), the effects of climate change, such as extreme storms, flooding and rising sea levels, would be “very Will be less. The 2015 Paris Agreement calls for “pursuance of efforts” to keep the increase “well below” 2 °C (3.6 °F) and limit it to 1.5 °C.

In addition to climate issues, the leaders signed a landmark agreement to implement a global minimum corporate tax of 15% for countries. The purpose of the global minimum is to prevent multinationals from evading taxes, shifting profits to countries with ultra-low rates where companies can do very little real business.

– The leaders also said they would continue to work on a French initiative for wealthy countries to re-channel $100 billion in financial aid to needy countries in Africa in the form of special drawing rights – a foreign exchange tool that Used to help finance imports. Also received by the International Monetary Fund and advanced countries. Individual countries have already allocated around $45 billion.

The resolution reflects concerns that post-pandemic recovery is falling apart, with rich countries rapidly rebounding due to widespread vaccination and large amounts of stimulus spending that poor countries cannot afford.

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