Two day G20 Summit 2021 was held in Rome, Italy on 30th and 31st October, 2021. The meeting agenda included climate change, the COVID-19 pandemic, a landmark tax deal and global economic scenario.
Italy holds the current presidency of G20 countries.
For the first time, India will hold the G20 presidency from December 2022 and will convene the leaders’ summit in 2023.
Key Highlights
The G20 Summit concluded with the adoption of the G20 Rome Leaders’ Declaration. It covers the following areas:
Climate Change: The G20 members agreed to provide $100 billion a year to combat climate change, end international financing for all new coal plants by the end of 2021; and achieve global net-zero emission target “by or around mid-century”.
COVID-19 Vaccines: The leaders acknowledged the recognition of more vaccines by the World Health Organization under a “One Health” approach and providing finances and technology for vaccine production at “mRNA Hubs” in South Africa, Brazil and Argentina.
Taxation: 15% Global Minimum Corporate Tax was approved.
PPP Model of Finance Mobilisation: It was acknowledged that Public-Private Partnerships (PPP) are the only way to achieve the trillions of dollars in annual investment needed for transition to clean, sustainable energy sources.
Global Economy: The Member States pledged to remain vigilant to the global challenges such as disruptions in supply chains.
