G20 Rome, agreement on vaccines and global tax. It's about the climate

Climate change and sustainable development are at the center of the second day of the G20 in Rome. And the road to an agreement between the 20 world leaders, judging by the premises, is all uphill. The drafts circulated on the final document of the G20 summit leave no room for optimism on the possibility of setting stringent commitments towards maintaining the Paris objectives: limiting global warming to 1,5 degrees by 2050 and decarbonising the planet by that same date. However, Palazzo Chigi sources ensure that the sherpas of the summit - the technicians of the twenty delegations - worked all night and that Italy is determined to negotiate until the last moment to reach an agreement that indicates a clear path and offers a basis for the Cop26 which opens in the UK tomorrow, November 1st. In the meantime, the first day of the G20 summit in Rome achieved successes on the subject of vaccines and the global tax vis-à-vis large multinationals.

G20 ROME: VACCINES AND GLOBAL TAX

During the G20, "broad and transversal" support was expressed for the agreement reached during the work of the summit on the global minimum taxation, diplomatic sources let leak out on the sidelines of the work. It is already an important success of the Italian presidency summit: the G20 where to confirm, in the final document, the agreement reached within the OECD last summer.

The other strong argument concerns the economic recovery and the anti-Covid19 vaccination: "To fully achieve the goal of a true and equitable recovery, all leaders have argued that it is necessary to reduce the inequalities between high- and low-income countries in the availability and distribution of vaccines", explained the sources of the summit, after the first working session of the G20. The goal set by WHO is to vaccinate at least 40% of the global population by 2021 and at least 70% of the global population by 2022. The goal was announced by President Mario Draghi in his introductory speech "and was shared by all the leaders".

“France has already donated 67 million doses of vaccines against Covid to the most vulnerable countries, by mid-2022 we will reach 120 million,” said the French president Emmanuel Macron in his speech at the G20 summit. "Partners of the G20, let's increase our efforts - was Macron's appeal - Solidarity, transparency and joint production: only together will we defeat the virus".

Il Chinese President Xi Jinping he called for making global development "more equitable, effective and inclusive to ensure that no country is left behind". And according to Chinese official media, Xi has proposed a global cooperation initiative on vaccines, recalling that Beijing has provided the international community with 1,6 billion doses.

Vladimir Putin he invited the G20, speaking via video conference, to work on the mutual recognition of vaccination certificates.

G20 ROME: CLIMATE AND SUSTAINABLE DEVELOPMENT

"We remain committed to the goal of keeping the increase in global average temperature well below 2°C and to continue efforts to limit it to 1,5" with "significant and effective actions" by countries. However, the draft, anticipated by Reuters, does not mention the need for "immediate action" e there is no reference to the goal of zero emissions by 2050 except a generic "by mid-century". But Palazzo Chigi sources specify: “The drafts leaked so far are preliminary versions: the Sherpas are at work and will continue their session throughout the night”. Further driving the discussions of the 20 leaders would also be the attempt, promoted by Italy and the UK, to increase the Fund for the climate, intended to support developing countries towards the achievement of decarbonisation objectives. Italy and Great Britain would like to raise the endowment of the Fund from 100 to 150 billion, in which the International Monetary Fund also participates.

On the way to an agreement, however, weighs the position of China, reluctant to accept stringent commitments and the date of 2050 (Beijing would like to extend its commitments to 2060).