In its first in-person meeting in two years, G20 leaders Don’t shy away from re-engaging with the biggest issues facing the global community today, including covid-19 pandemic, climate change, a major tax settlement, and steps to address concerns regarding global economic growth and stability. Coordinated efforts to mitigate the pandemic were focused on vaccine production and distribution, with assurances of support for the World Health Organization’s target of 40% or more vaccination. Global population fight against COVID-19 by 2021, and at least 70% by the middle of 2022. Implicit in this commitment of the G20 leaders is the belief that initiatives to boost the supply of vaccines to developing countries will be successful, and that cooperation will help the world overcome supply and financing barriers. On climate change, the group’s leaders recommended their nations to provide $100 billion per year for adaptation, mitigation and green technologies, focusing on the needs of developing countries. However, in this area, a divergence of views still exists between developing and developed countries: ahead of this summit and the 2021 climate summit in Glasgow, India had rejected calls to announce a zero-emissions target. Prime Minister Narendra Modi A victory appears to have been achieved in this regard as the post-summit communiqué commits the G20 to limit global warming to 1.5 °C and to recognize sustainable and responsible consumption and production as a “key enabler”. I recognize in.
The world community remains unsettled about the ongoing fragile post-COVID economic recovery following the paralyzing lockdown. Unsurprisingly, given rising inflation, rising energy prices and alarming supply chain constraints, G20 leaders were quick to confirm that national stimulus policies would not be prematurely removed. Nevertheless, it will remain a challenge to follow the link between financial stability and maintaining fiscal stability. Perhaps to avoid potentially debilitating volatility in global finance, the G20 leadership agreed to slap multinationals with a minimum 15% tax to create a “more stable and fair international tax system”. This would affect Silicon Valley’s tech giants, as the initiative would make it harder for such companies to profit from establishing themselves in relatively low-tax jurisdictions. The OECD-led reform is backed by 136 countries, accounting for more than 90% of global GDP, and is likely to be implemented in 2023 or later. Nations such as the US are divided over whether to ratify the proposal domestically, and unless there is a consensus among those discussing, the initiative could face delays in implementation. The G20 meeting has come at a crucial moment for the global political economy. If this results in timely, effective, coordinated action in key countries, the hope for recovery remains.
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