Rome Summit Budget: Climate, Duties and Taxes for Multinationals and Pressure on Coal
Saturday 30 and Sunday 31 October, in Rome, G20It is a meeting between the richest countries, emerging economies and some international institutions. The topics on the table were many – and Here you will find the report cards for the different leaders. Below, however, the point on the results achieved.
1.5 degree threshold
The leader emphasized the Paris Agreement’s goal of keeping the average global temperature rise below 2 degrees above pre-industrial levels – and potentially less than 1.5 degrees.
Countries remain committed to the Paris Agreement to keep global temperature rise below 2 degrees and to continue efforts to limit it to 1.5 degrees stipulated in the summit outcome document. Which recognizes that: The impact of climate change at 1.5°C is much less than 2. Maintaining the 1.5°C target within reach requires targeted and effective action and commitment from all countries.
It is missing to refer to the year 2050 As a term for reducing emissions (the term contested by China and Russia, which refers to the year 2060: here is the interview with the Russian Foreign Minister, Sergey Lavrov), we’re talking rather within or near mid-century. A commitment that remains general according to Oxfam, which is immediately requesting a review of national plans to achieve the goal.
According to the latest UN Environment Program report on global emissions, by 2030 emissions must be cut by 30% to reach the 2 degree target and 55% to reach the 1.5 degree target (so far, emissions cuts have stopped instead of 7.5%).
Read Viviana Mazza’s report from Rome
via I’m Daisy
Signed at G20 Agreement between the United States and the European Union on duties. Joe Biden has announced the immediate elimination of US tariffs on European steel (25%) and aluminum (10%) and the EU will propose to do the same for 187 US products: from jeans to Kentucky bourbon whiskey. The end of the perpetual conflict unleashed by Donald Trump, who in 2018 erected trade barriers first with China, and then with Europe. In the European Union, the countries most affected were Germany, the Netherlands and Italy.
After a series of failed attempts to settle the dispute amicably, Brussels turned to the World Trade Organization and adopted retaliatory measures worth billions of dollars on US exports. After a series of failed attempts to settle the dispute amicably, Brussels turned to the World Trade Organization and adopted retaliatory measures worth billions of dollars on US exports. The agreement agreed upon at the G-20 in Rome is a first step to overcoming the contentious phase of the conflict, with the aim of returning to a negotiation path that in turn allows exchanges between the two economic giants to return to normal.
Read Washington’s in-depth analysis Giuseppe Sarsina
Global minimum tax
After years of negotiations, the leaders of the Group of Twenty meeting in Rome agreed on the global minimum tax, the international tax system to tax global profits for companies that will particularly affect the giants of the web. It is a tax that allows corporations to be taxed even in countries where they make profits and not just in those where taxes reside; Moreover, to prevent them from continuing to shift their tax office to a country where the best treatment is offered, the global minimum tax allows countries hosting multinational companies with a turnover of at least 750 million euros to impose a minimum tax of 15% on profits.
Read the factsheet about how it works and the consequences
stop coal financing
Leaders of the Group of Twenty countries have pledged to stop financing new overseas coal plants by the end of this year. Oxfam sets partial suspension which called for similar action also on the domestic front and also extended to the gradual elimination of other fossil fuels. This means that the destruction of coal-fired power plants could be built for another ten years, which runs counter to the goal of limiting temperature rise to 1.5 degrees Celsius, the NGO notes.
100 billion for the green fund
The final document of the G-20 affirms the Climate Fund of $100 billion annually, until 2025. The text emphasizes the importance of honoring this commitment that has already been established to support the environmental transformation of developing countries and keep pace with the most vulnerable countries in adapting to climate. they change. But it remains to be seen whether the money will actually be disbursed.
New commitments were made by some G20 members to increase their contribution, such as Italy, which increased its aid to 7 billion in 5 years.
1 November 2021 (change on 1 November 2021 | 12:17)
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