The Magazine for Asian Investors
The heads of state and government of the industrialized countries (G20) met yesterday (October 30) in Rome to discuss the main topic of climate change. The meeting took place before the COP26 meeting in Glasgow on Monday (November 1).
Earlier, the United Nations (UN) warned that G20 leaders must do more and reassure the international community with higher climate change targets.
Italy, the host country of this meeting, holds the G20 responsible for limiting the global temperature increase to 1.5 °C above pre-industrial levels. This is the ultimate goal of the 2015 Paris Agreement on climate change.
In addition, the United Kingdom, which is hosting the COP26 conference, warned of the dangers of the world not getting a grip on climate change.
Another issue to watch out for is the G20 summit.
The goal is a minimum tax rate of 15% for multinational companies that operate globally. Almost 140 countries reached this agreement at the Organization for Economic Co-operation and Development (OECD) as a negotiating medium.
This step is intended to end tax exploitation. Leading global companies use low-tax countries to maximize their revenues.
The OECD found that maintaining a minimum corporate tax rate of 15% would increase global tax revenues by $150 billion annually.
On the issue of the COVID-19 vaccine, there should be nothing new on the G20 stage.
In addition to the meeting of G20 finance and health ministers, measures will be discussed among member countries to improve the supply of vaccines for medical products and necessary factors in developing countries while removing related financial and supply constraints.