G-20 Summit in Rome- Relevance for UPSC Exam
- GS Paper 2: International Relations- Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
G-20 Summit in Rome- Context
- Recently, the leaders of the G20 met in Rome, Italy for the first in-person meeting in two years after COVID-19 Pandemic.
G20 Summit in Rome- Key Points
- G-20 Leaders discussed the biggest issues facing the global community today, including-
- COVID-19 pandemic,
- Climate change,
- A major tax agreement, and
- Steps to address concerns regarding global economic growth and stability.
COP26 Glasgow Summit of UNFCC- India’s Commitments
G20 Summit in Rome- On Covid-19
- The focus was on vaccine production and distribution with assurances of support to WHO’s target of-
- Vaccinating 40% or more of the global population against COVID-19 by 2021, and
- Vaccination of at least 70% by mid-2022.
- Cooperation among G-20 countries to overcome supply and financing constraints. This is expected to boost the supply of vaccines in developing countries.
A Climate Dividend- India at the COP26 of the UNFCCC
G20 Summit in Rome- On climate change
- G20 leaders recommitted their nations to provide $100 billion a year toward adaptation, mitigation, and green technologies, focusing on the needs of developing countries.
- G20 leaders committed to limiting global warming to 1.5° C and identified sustainable and responsible consumption and production as “critical enablers”.
UN Glasgow Climate Change Conference (COP 26)
G20 Summit in Rome- On post-covid economic recovery
- Issues: Post covid-9, countries are facing rising inflation, spiking energy prices, and alarming supply chain bottlenecks, etc.
- G20 leaders affirm that national stimulus policies would not be removed prematurely.
- it would remain a challenge to walk the tightrope between preserving financial stability and fiscal sustainability.
G20 Summit in Rome- Global tax agreement
- G20 leadership agreed to slap multinationals with a minimum 15% tax to create “a more stable and fairer international tax system”.
- Impact: This would impact the tech titans of Silicon Valley, as this initiative would make it harder for such companies to benefit from locating themselves in relatively lower-tax jurisdictions.
- Background: This OECD-led reform enjoys the support of 136 countries, which account for more than 90% of global GDP, and is likely to enter into force in 2023 or after.
- Associated challenge: Nations such as the U.S. are divided on whether to approve this proposal domestically and unless there is unanimity amongst the discussants, the initiative risks facing implementation delays.
Rashtriya Ekta Divas: Celebrating Birth Anniversary of Sardar Vallabh Bhai Patel
G-20 Summit in Rome- Conclusion
- The G20 meeting has come at a critical moment for the global political economy. If it results in timely, effective, coordinated action across major nations, hope for recovery will remain afloat.
COP26 Glasgow Summit of UNFCC- India’s Commitments