What did the G20 summit agree?

What did the G20 summit agree?

ROME: Meeting in person for the first time in two years, G20 leaders had a full agenda including climate change, the COVID pandemic, a landmark tax deal and global economy worries. Here is a summary of what they agreed.

Climate change

Leaders committed to the key Paris Agreement goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels, pledged action against dirty coal plants, but fell short on a target of zero emissions. “Keeping 1.5 degrees within reach will require meaningful and effective actions and commitment by all countries, taking into account different approaches,” the G20 said in their final communique.

They also pledged to reach a target of net zero carbon emissions “by or around mid-century”, instead of setting a clear 2050 date, as campaigners and summit host Italy were hoping for. Elsewhere in the statement, they agreed to stop funding new dirty coal plants abroad by the end of 2021, and reaffirmed the so far unmet commitment to mobilize $100 billion for developing countries for climate adaptation costs.

Leaders for the first time acknowledged “the use of carbon pricing mechanisms and incentives” as a possible tool against climate change, just as the International Monetary Fund (IMF) is calling on the