G20 leaders meeting in RomeArabic and international
Economy News – Baghdad
A White House official said that the first session of the leaders participating in the “Group of Twenty” summit, which will be held today, Saturday, in the Italian capital, Rome, will cover issues of the global economy and health, and on the sidelines of it, President Joe Biden will meet with European heads of state to discuss the Iran file.
The official added, during a press briefing, that the leaders participating in the plenary session will officially announce support for the decision reached regarding the minimum tax on giant companies at 15%, and they will announce their commitment to implement this in 2023, according to the text of the agreement.
The official pointed out that Biden will raise the issue of the imbalance in supply and demand in global energy markets in order to promote economic recovery after the Corona pandemic crisis, explaining that “energy demand has returned to pre-pandemic levels, while supply has not returned yet.”
When asked if OPEC would be notified, he said: “No, we are not a party to OPEC, and certainly we will not interfere in the details of what is happening in the bloc, but we have a voice and we intend to use it on an issue that affects the global economy as much as energy prices.”
He explained that this will happen “at the G20 summit, where there are consumers and suppliers, and we want to use our voice to stress the importance of a balance and stability in the oil and energy markets.”
He said that the IMF expected a growth of 6% for the United States, which would be the largest in 40 years.
On Saturday and Sunday, the Italian capital, Rome, will host the “Group of Twenty” summit, with the participation of leaders of countries that represent 80% of the global economy, 60% of the world’s population and an estimated 80% of carbon emissions.
The climate change crisis, the fight against the Corona pandemic and the economic recovery will be at the top of the discussions in the meetings, which will be in attendance for the first time since the start of the Corona pandemic. The summit will be held on the eve of the COP26 international climate conference, which will be held in Glasgow, Scotland.
According to “Foreign Policy” magazine, the “G20 Summit” is expected to witness discussions on Iran, seeking to solve supply chain problems that have threatened the global economic recovery, as well as agreeing by group leaders to a minimum global corporate tax rate of 15%, which The official at the White House confirmed it.
The group is also likely to extend a program to help the poorest countries pay their debts.
US President Joe Biden, Brazilian President Jair Bolsonaro, Indian Prime Minister Narendra Modi and British Prime Minister Boris Johnson will be present at the summit, while Russian President Vladimir Putin and Chinese President Xi Jinping will participate via video technology.
This will be the last G-20 summit that German Chancellor Angela Merkel attends before stepping down, accompanied by her potential Social Democrat successor Olaf Scholz, the outgoing finance minister in the outgoing government.
Climate change priority
According to a draft statement carried by “Reuters”, the leaders of the “Group of Twenty” will pledge to establish a global council for health and finance, and to address climate change, in addition to fighting “trade protectionism.”
The leaders will declare their commitment to address the “existential risks of climate change” and affirm their recognition that immediate action is required to ensure the goal of “holding global warming to 1.5°C” is achieved.
The leaders of the “G20” will renew their commitment to “phasing out government subsidies for fossil fuels and rationalizing their use by 2025.”
They will also stress the need for developed countries to fulfill their common commitments, to mobilize $100 billion annually until 2025 for “climate finance” and to help developing countries deal with climate change issues.
The leaders will pledge to work on “transforming 30% of the land, oceans and seas into reserves or conservation areas by 2030, according to the specific conditions of each country.”
Fixing the “imperial collapse”
Just hours before the summit began, British Prime Minister Boris Johnson urged world leaders to step up their response to climate change, saying global civilization could collapse as quickly as the ancient Roman Empire unless more was done.
Johnson told reporters Friday, as he headed to Rome for the summit, that future generations risk hunger, conflict and mass migration if progress is not made in tackling climate change, an idea also contained in a US intelligence and Pentagon report a week ago.
“There is absolutely no doubt that this is a reality we have to face,” Johnson added. He warned that living conditions could deteriorate rapidly without a mass change of course.
“You have seen it with the decline and fall of the Roman Empire, and I am sorry to say that this applies to what is happening today,” he continued.
Canada and the Netherlands are also heading to the G20 summit and COP26 with a joint strategy aimed at putting pressure on countries to intensify their efforts to confront climate change, according to Canadian Prime Minister Justin Trudeau after meeting his Dutch counterpart Mark Rutte in The Hague on Friday.
“It was a meeting between two like-minded friends that allowed us to strategize how we can continue to apply pressure to ensure that the world steps up in the face of these enormous challenges,” Trudeau told a news conference.
And Abizaid Trudeau: “We are working with allies who share our thoughts, including Germany and other countries, to ensure that the world very quickly meets its obligation (allocation) $ 100 billion,” to help developing countries in the fight against climate change.
This goal was supposed to be achieved last year, and the inability of the rich countries to achieve it has become a thorny and critical point.
For his part, Rutte said that he is “very optimistic” about the COP26 conference, in which neither Russian President Vladimir Putin nor his Chinese counterpart Xi Jinping will attend, while Russia and China are among the largest “polluting” countries.
“I am very optimistic. Our teams are working tonight and tomorrow” on the contribution that Canada and the Netherlands will make towards driving the success of the climate conference, said Rutte. Pointing out that “it is still possible to achieve a good result. But if we do not work hard, we will face problems.”
After the G20 summit, many leaders, including Biden, will go directly to Scotland for the UN climate summit (Cop 26), which is seen as important to addressing the threat of rising temperatures and its consequences, such as sea level rise and storms. severe floods, worse floods in some areas, and worse droughts in others.
“On the eve of the UN Climate Conference in Glasgow, all the paths to success pass through Rome,” UN Secretary-General Antonio Guterres told reporters on Friday.