Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

G20 Leaders Approve Global Tax Deal But No Consensus Yet On Climate Change

G20 Leaders Approve Global Tax Deal But No Consensus Yet On Climate Change

The global tax reform plan seeks to end the practice of big corporates such as Apple and Google parent Alphabet of sheltering profits in low-tax countries.

Leaders of the G20 world's major economies approved a global minimum tax on the largest companies on Saturday, but were still haggling over the pressing issue of climate change.

In the first major announcement of the two-day G20 summit in Rome, the bloc endorsed a "historic" agreement that would see multinationals subject to a minimum 15 per cent tax, said US Treasury Secretary Janet Yellen, who attended the talks.

The deal would "end the damaging race to the bottom on corporate taxation", she said in a statement.

The reform plan, already backed by almost 140 countries, seeks to end the practice of big corporates such as Apple and Google parent Alphabet of sheltering profits in low-tax countries.

But no consensus had yet emerged on a collective commitment on climate change, on the eve of the crucial COP26 conference starting in Glasgow on Sunday.

A senior US official said elements of the final G20 statement "are still being negotiated", adding that the Rome summit was about "helping build momentum" before the UN climate talks.

At a gala dinner at his lavish Qurinale palace on Saturday evening, Italian President Sergio Mattarella urged leaders to act for the sake of "future generations".

"The climate change emergency looms over everything else," the 80-year-old said, adding: "The eyes of billions of people, of entire peoples, are upon us and the results we will be able to achieve."

Stop playing games


Earlier in the day, thousands of climate protesters, many of them young, gathered in the city centre to demand tougher action.

"We're asking G20 leaders to stop playing games among themselves and finally listen to the people and act for the climate, as science has been asking for years," Fridays for Future activist Simone Ficicchia told AFP.

Hosts Italy are pushing the G20 to collectively endorse the UN goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels, one of the aspirations of the landmark 2015 Paris climate accords.

"From the pandemic, to climate change, to fair and equitable taxation, going it alone is simply not an option," Italian Prime Minister Mario Draghi told leaders ahead of the closed-door talks.

But G20 members, many at different stages of economic development, remain at odds over the other major goal of reducing greenhouse gas emissions to net zero by 2050.

The stakes are high, as the G20 -- which includes China, the US, India, the EU and Russia -- accounts for 80 per cent of global GDP and nearly 80 per cent of greenhouse gas emissions.

'Grave' concern on Iran


The Rome meeting was the opportunity for a flurry of bilateral meetings between G20 leaders, notably involving President Joe Biden, who is hoping to reassert US leadership following the tumultuous Trump years.

He met with his French, British and German counterparts to discuss Iran's offer to resume discussions on reviving the 2015 nuclear deal, and they expressed their "grave and growing concern" over Tehran's nuclear programme.

The deal has been floundering since Biden's predecessor Donald Trump walked out in May 2018 and imposed sweeping sanctions.

On Sunday, the US president's agenda includes bilateral talks with Turkish President Recep Tayyip Erdogan covering Syria, Libya and defence deals.

Another key topic in Rome is the coronavirus pandemic, with both Chinese President Xi Jinping and Russian leader Vladimir Putin raising the issue of the unequal global distribution of vaccines.

Putin blamed disparities on "dishonest competition, protectionism and because some states, especially those of the G20, are not ready for mutual recognition of vaccines and vaccination certificates", in his speech broadcast on Russian state television.

No new pledges are expected to address the vast gap in COVID-19 vaccine access between rich and poor countries.

But Draghi urged counterparts to "do all we can" to meet a WHO goal of vaccinating 70 per cent of the global population by mid-2022.

According to a source following the summit discussions, "all the leaders" agreed to commit to that target.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
×