[Asia Economy Reporter Dongwoo Lee] The 16th G20 Summit opened on the 30th (local time) in Rome, Italy. The summit, themed "People, Planet, Prosperity," will continue until the 31st.
This summit is the first in-person meeting in two years since 2019. The 15th summit last November, chaired by Saudi Arabia, was held virtually due to the COVID-19 pandemic. This year's summit is divided into three sessions: the first focusing on international economy and health, the second on climate change and the environment, and the third on sustainable development. The key agenda items include responding to climate change, overcoming the pandemic crisis and global economic recovery, and resolving the energy crisis.
This summit is regarded as a litmus test for the success of the 26th United Nations Climate Change Conference of the Parties (COP26), which opens on the 31st in Glasgow, United Kingdom.
Since G20 accounts for more than 75% of global greenhouse gas emissions, the agreements reached within the G20 framework inevitably influence the outcome of COP26. UN Secretary-General Ant?nio Guterres also urged ambitious and practical attitudes, warning that if the G20 summit fails to produce results, COP26 will end up empty-handed.
The top priority is to establish an effective "action plan" under the shared recognition that the global average temperature rise should be limited to within 1.5℃ compared to pre-industrial levels. At this meeting, phased "decoal" measures, including the gradual phase-out of coal power, cessation of financial support for domestic and overseas coal power plants, and the abolition of fossil fuel subsidies, are expected to be discussed extensively as part of the implementation tasks.
Proposals to reduce methane gas emissions by 30% by 2030 compared to 2020, and to fulfill the past commitment by developed countries to support developing countries with $100 billion (approximately 117 trillion won) by 2025 to address climate change, will also be on the discussion table.
However, it remains uncertain whether meaningful outcomes on climate change issues will be achieved at this point. The attitudes of the three largest greenhouse gas emitters?China, Russia, and India?are major variables.
Regarding overcoming the pandemic crisis, equitable distribution of COVID-19 vaccines is also a key agenda item.
Leaders are expected to engage in final negotiations to include in the joint statement a concrete goal to vaccinate 40% of the global population by the end of this year and 70% by mid-next year.
Additionally, issues such as global economic recovery post-pandemic and stabilizing soaring energy prices will be discussed. The digital tax agreement, signed earlier this month by 136 countries under the leadership of the OECD/G20 Inclusive Framework (IF), will also be officially endorsed at this G20 summit.
The G20 was established in response to the need for cooperation and coordination among major economies following the 2008 global financial crisis, with the first summit held in November of that year in Washington, USA. The G20 member countries account for 60% of the world's population, 80% of global GDP, and 75% of global trade volume.
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