Source: governo.it
The final G20 Summit chaired by Italy was held in Rome on October 30 and 31, 2021, where the final communiqué was adopted and which summarizes the main results achieved regarding the global challenges grouped into the "3Ps": People, Prosperity and Planet .
At the end of the Summit, world leaders flew to Glasgow (Scotland) for the COP26 on Climate, while the presidency of the next G20 passed to Indonesia.
People
G20 participants have set a goal of vaccinating 70% of the world's population against Covid-19 by mid-2022. Currently 49% of the world's population has received at least one dose of the vaccine and 30% have already been immunized with two doses. However, inhomogeneities in the distribution of vaccines remain to be resolved, as the provision is still too low in the poorest countries (in Africa at 5%). On this point, there are already commitments made by the EU, China and the US on the donation of millions of doses, which are currently being implemented.
Prosperity
The G20 approved the entry into force by 2023 of the global minimum tax on multinationals set in the OECD framework and which provides for: on the one hand the taxation of companies with revenues exceeding 20 billion euros not only in the countries where they have their headquarters, but also in the countries where sales takes place; on the other hand, the application of a minimum rate of 15% in all countries where multinationals operate. Each State will now have to implement this change with its own national law and a new dispute resolution mechanism will have to be defined. The new global minimum tax will likely replace the current European digital service tax in the European Union market.
Another important result of the G20 was the agreement on the postponement of interest payments on the debt of the poorest countries and the issuance of 650 billion of special drawing rights by the International Monetary Fund to support the post-Covid recovery.
Planet
A broad consensus has been reached in setting the maximum limit for the rise in global average temperatures at 1.5 degrees (scientific evidence also recognized by China and Russia).
To contain global warming within this limit, the latest report from the United Nations Environment Programme highlighted the need to reduce global emissions by 55% by 2030 (to date they have been reduced by 7.5%).
Furthermore, there is still no unanimous agreement on how to achieve this objective. On the one hand, the EU and the US are pushing to achieve environmental neutrality (zero emissions) by 2050, while China and Russia by 2060 and India by 2070. On this aspect, the President of the Italian Government Mario Draghi at a press conference underlined that: “compared to the previous situation, the commitment is a little more towards 2050 in the language of the final communiqué. It is not accurate, but it was absent before. There has been a shift with a more hopeful language even on the part of the countries that until now had said no ".
Finally, the G20 pledged to plant 1 trillion trees by 2030 and invest $ 100 billion a year until 2025 in technologies and resources to be distributed to developing and fastest growing countries. International public and private funding for coal-fired power plants will no longer be granted after the end of 2021.
To Know more: Official Italian Government website
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