G20 Leaders Convene in Rome Amid Climate Targets Deadlock

Strategic Insights -

Italian diplomats are hoping to secure agreements on meaningful action to cut greenhouse gases and limit global warming at the G20 summit in Rome. The meeting will see the leaders of the world's 20 biggest economies come together to set the tone for the COP26 summit in Glasgow. However, the physical absence of high-profile leaders, including Xi Jinping of China and Vladimir Putin of Russia, may hinder the chances of a breakthrough.

The Italian government, led by Prime Minister Mario Draghi, aims to secure commitments to achieve carbon neutrality by 2050 and restrict global warming to 1.5C over the same timeframe, in line with the Paris climate accord. Additionally, Draghi will seek to build consensus to slash global methane emissions by 30 per cent by 2030 compared to the 2020 level.

However, the absence of Xi and Putin, who will participate via video conference, may indicate a difficult road ahead for multilateral solutions. The summit will also discuss developing-country debt and the global minimum tax agreement, which was struck by 140 countries at the OECD this month.

Key Takeaways:

  • Italian diplomats hope to secure agreements on climate action at the G20 summit in Rome.
  • The meeting sets the tone for the COP26 summit in Glasgow, where almost 200 nations will be represented.
  • The Italian government aims to secure commitments to achieve carbon neutrality by 2050 and restrict global warming to 1.5C.
  • Draghi will seek to build consensus to slash global methane emissions by 30 per cent by 2030.
  • The absence of Xi Jinping and Vladimir Putin may hinder the chances of a breakthrough on climate issues.
  • The summit will discuss developing-country debt and the global minimum tax agreement.
  • The G20's debt service suspension initiative, launched in 2020, has fallen short of expectations.

Statistics:

  • According to the G20, its member countries account for more than 80 per cent of global gross domestic product and a similar level of carbon emissions.
  • The G20's debt service suspension initiative was expected to provide "north of $20bn" in relief last year, but only 46 countries have taken part, deferring $10.3bn in payments on bilateral debt.
  • The G20 common framework on debt relief has attracted just three applicants: Chad, Ethiopia, and Zambia.

Sources:

  • BBC News: "G20 leaders in Rome: What are the key issues up for negotiation?"
  • The Financial Times: "G20 summit in Rome to focus on climate action and debt relief"
  • The New York Times: "G20 Leaders Gather in Rome to Tackle Climate, Debt Issues"