G20 Seen Failing to Agree on Net Zero by 2050; Carbon Pricing Seen Key; Document Expected Saturday (2)

–World aligns pandemic and climate responses
–Adds link to new story, reacting to Saturday news

Press summary, G20 report

July 10-13, 2021

Finance ministers of the Group of 20 major economies meeting in Italy failed to agree on a climate pledge to achieve net zero greenhouse gas emissions by 2050, according to people familiar with the matter, Bloomberg reported.

“European nations’ attempts to include the language in the G-20’s communique, which is due to be finalized on Saturday, was thwarted by several countries that are more reliant on fossil fuels, said the people, who asked not to be named because the discussions are private.”

The G-20 statement, however, will for the first time recognize the role of carbon pricing as part of efforts to tackle climate change, the people said.

It would make sense for the G20 to implement a minimum carbon tax or price, like it’s recommending minimum levels of corporation taxes, to improve safety, cut physical and financial risks and prevent perverse market incentives.

There is a comment from a G20 report aligning pandemic and climate risks: “In a historically unprecedented way, security for people around the world now depends on global cooperation. Acting and investing collectively for pandemic security, together with climate change, represents the primary international challenge of our times. Failure to build the basis for international cooperation will make it almost impossible to address these existential challenges.” https://www.g20.org/wp-content/uploads/2021/07/G20-HLIP-Report.pdf

G20: The pandemic response is being mirrored on climate like this: We recommend that the Global Preparedness Monitoring Board be transformed to constitute this scientific advisory panel (“Intergovernmental Panel on Epidemic Risks and Infectious Health Threats”), drawing on the parallel of the Intergovernmental Panel on Climate Change.

Pandemic preparedness and response should be incorporated as a core activity of the World Bank Group, akin to climate.

The G20 is the international forum that brings together the world’s major economies. Its members account for more than 80% of world GDP, 75% of global trade and 60% of the population of the planet.

Photo by Burak Kebapci on Pexels.com

UPDATE: http://carrzee.org/2021/07/12/g20-carbon-pricing-seen-cutting-need-for-divisive-border-adjustments-imf/

See also this:

(Updates with pandemic and climate alignment)

Leave a Reply