Leaders of the 20 most powerful nations go into a summit aimed at stopping global warming having failed to take measures on the Covid-19 pandemic and climate change
The Group of 20 most powerful nations has a lot of muscle. With 60 per cent of the Earth’s people and accounting for more than 80 per cent of gross domestic product, it has the ability to adopt policies to put the world on a responsible path. But despite such clout, its leaders failed to take resolute action at their annual summit in Rome at the weekend on the most pressing challenges, the Covid-19 pandemic and climate change. The lack of authority does not bode well for a quick recovery from the coronavirus or breakthrough at a conference in Glasgow, Scotland, that is widely perceived as the last chance to stop global warming.
Leaders endorsed a deal for establishing a 15 per cent global minimum tax rate on multinationals such as Apple and Alphabet, the parent company of Google. The proposal aims to deter the biggest companies from sheltering profits in low-tax places.
There was no such resolve on the coronavirus, though, with the G20 saying it would help get 40 per cent of the world vaccinated this year and 70 per cent by the middle of next, but failing to provide concrete action. Instead of devising plans to boost vaccine supplies in developing countries, ministers were only directed to explore ways to accelerate access.
As disappointing was the inaction on global warming, despite the summit taking place just ahead of the 26th United Nations climate change conference. Although the G20 comprises the world’s largest economies and biggest emitters of the carbon gases behind rising temperatures and sea levels and more extreme weather, the final communique only offered vague promises and no targets or time frames.
Leaders agreed substantial action was necessary to keep temperatures within 1.5 degrees Celsius of pre-industrial levels, as stipulated by the 2015 Paris Agreement, but made few fresh commitments. While pledging to end financing of new coal power plants internationally by the end of the year, they stopped short of promising the same for their own countries.
China and the United States, the biggest polluters, were in disagreement on what was needed. But whatever the rivalries, the world needs cooperation to solve its pressing challenges. Instead of vague wish lists, there has to be firm commitments and action.
