G20 resolutions: what the summit brought



overview

Status: October 31, 2021 7:30 p.m.

With the agreement on a global minimum tax, the G20 countries have found a common position. In terms of climate protection, however, they fell short of expectations. The most important resolutions at a glance.

No agreement on climate protection, but determination in the fight against tax avoidance: At their first real meeting since the outbreak of the corona pandemic, the heads of state and government of the leading industrialized and emerging countries expressed concerns and raised hopes at the G20 summit in Rome. Here are the most important topics and results:

Climate change

The G20 countries want to do more to limit global warming to 1.5 degrees. The decisive new definition is that they are targeting climate neutrality as early as the middle of the century. However, countries such as Russia, China and Saudi Arabia were not ready to accept the year 2050 as a clear target date for carbon dioxide neutrality. There was also no agreement on phasing out coal-fired power generation. However, the Chinese announcement to withdraw from the international financing of new coal-fired power plants was followed.

Corona-pandemic

The common fight against future pandemics is to be strengthened and financially secured. A working group of G20 finance and health ministers is to be set up for this purpose. At the same time, the G20 countries supported the World Health Organization (WHO) goal of vaccinating 40 percent of the world’s population by the end of the year and 70 percent by the middle of next year. A general transfer of technology and the establishment of vaccine production in developing countries were called for.

steer

The heads of state and government have adopted the agreement that 136 countries passed in October for a global minimum tax for global corporations. It should come into force by 2023. The main aim of the reform is to prevent corporate profits from shifting to tax havens. Large, internationally active companies should pay at least 15 percent tax regardless of where they are based. If a company with its subsidiary pays less taxes abroad, the home country can claim the difference.

Trade

The G20 states committed themselves to an “open, fair, just, sustainable, non-discriminatory and integrative, rules-based multilateral trading system”. This is important for the upswing. The World Trade Organization (WTO) is to be strengthened as the core of this trading system. On the sidelines of the summit, the EU and the USA also agreed on the provisional settlement of their long-standing dispute over US special tariffs on steel and aluminum imports.

energy

In view of the current high energy prices, the G20 countries pointed out that a secure energy supply must be guaranteed. “We emphasize the importance of maintaining uninterrupted energy supplies from various sources, from various suppliers and through various avenues, exploring ways to improve energy security and market stability while promoting open, competitive and free international energy markets,” it said . Secure supply chains are also important for the restructuring of energy systems.

environmental Protection

The G20 countries aim to stop the loss of biodiversity by 2030. At least 30 percent of the world’s land area and at least 30 percent of the world’s oceans and seas are to be “preserved or protected” by 2030. In addition, there should be measures to put an end to overfishing of the seas. The fight against illegal deforestation and illegal mining should also be stepped up.

Migration

The heads of state and government want to prevent “irregular migration flows and the smuggling of migrants”. What is needed is a comprehensive concept “for safe, orderly and regular migration”. At the same time, one must address the root causes of displacement. Refugees would have to be integrated.

Nuclear weapons

The USA, France, Great Britain and Germany called on Iran at the G20 summit to again adhere to the obligations of the Vienna nuclear agreement. Without a quick return to the agreement, “a dangerous escalation” could threaten, according to the heads of state and government of the countries. At the same time, the United States agreed to return to the agreement and fully comply with it.


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