December 8, 2021

Arunachal Front

Complete News World

The G20 approves tax reform, but climate negotiations are dragging on

Released Sunday, October 31, 2021 at 12:44 p.m.

Leaders of the G20’s major economies on Saturday approved a minimum tax on multinational corporations in Rome, while Europeans and Americans ended a fight over steel. But negotiations are dragging on to find an agreement on the climate.

Some elements of the final climate report are “still being negotiated,” a senior White House official said Saturday evening.

Although further progress could be made at the end of Sunday’s meeting, some working versions of the negotiated press release have raised concerns among NGOs that the promises already made during the G20 meeting will not be fulfilled. The Paris Agreement also does not guarantee a clear timetable for achieving the goal of “zero emissions”.

This will be particularly disappointing as COP26 on Climate Change opens in Glasgow on Sunday. It will unite a very wide range of countries, but the G20, which includes developed countries such as the United States and members of the European Union, but also large emerging economies such as China, Russia, Brazil or India, is 80%. Global greenhouse gas emissions.

“We must not leave behind a planet plagued by conflict and wasted resources,” Italian President Sergio Materella pleaded at the G20 summit on Saturday evening. “We have a responsibility to create a decisive turning point in overcoming these burdens. The time has come. The eyes of millions of people, as a whole, are on us and the results we can achieve,” he stressed.

Several thousand people still protested the weather on the streets of Rome on Saturday afternoon.

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Charles Michael, President of the Council of Europe, acknowledged earlier that the question was “difficult” for “some coal-dependent countries”.

Many developing countries, especially China – whose president Xi Jinping speaks only via video conference in Rome, like Russian President Vladimir Putin – still rely heavily on these CO2-emitting fossil fuels, especially to run their power plants in the current environment. Energy crisis.

“We really hope to lock down the G20 commitment to end international coal funding,” a senior U.S. official said Saturday evening, and also called for a “positive discourse on the decorbonization (..) of the energy sector” and a commitment. Methane emissions, another large greenhouse gas with carbon, will be reduced by “many countries”.

– Green light for global line –

In the immediate future, heads of state and government have given the final green light to global tax reform, which provides for the introduction of at least 15% tax for multinational corporations with the aim of being implemented by 2023.

The “historic agreement” will be formally adopted in the final G20 report on Sunday, in the words of US Treasury Secretary Janet Yellen, who announced it on Saturday.

“For four years, I have been fighting to implement at least 15% international taxation for multinational corporations. Tonight, we are here!”

In Rome, US Secretary of Commerce Gina Raymondo announced another “historic” deal, this time raising some taxes on iron and aluminum imports that have affected trade relations between Washington and Brussels since the Trump administration imposed these taxes. It “should allow European imports of limited quantities of steel and aluminum to enter the United States duty free”.

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European Trade Commissioner Valdis Dombrovsky confirmed a ceasefire on Twitter, saying the deal would be formally announced on Sunday by the commission’s chairman, Ursula van der Leyen, and US President Joe Biden.

In the wake of tensions between the two NATO allies, the latter is scheduled to meet with Turkish envoy Recep Tayyip Erdogan later in the day, a US official announced Saturday.

Emmanuel Macron will have a face-to-face discussion with British Prime Minister Boris Johnson, who on Saturday complained to Ms Van der Ley about channel fishing licenses following “completely unfair” threats from Paris.

After a diplomatic attack with several European leaders, Argentine President Alberto Fernandes, for his part, was able to congratulate himself on Saturday on “a good meeting with the director of the International Monetary Fund, Crystalina Georgieva, to advance the negotiations.” The South American country’s debt, he says, is approaching “firmly”.