Get ready for more tax! G20 agrees to continue efforts to limit temperature rise to 1.5c – – Our News, Your Views

Get ready for more tax! G20 agrees to continue efforts to limit temperature rise to 1.5c

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Leaders at the G20 meeting in Bali agreed to continue efforts to limit the rise in global temperatures to 1.5°C, including accelerating efforts to phase out continued use of coal.

“We resolve to pursue efforts to limit the temperature increase to 1.5C. This will require meaningful and effective actions and commitment by all countries,” a declaration issued at the end of the meeting said, reports RTE.

The leaders’ statement, released after a summit on the Indonesian island of Bali, urged delegates to the ongoing COP27 in Egypt to “urgently scale up” efforts at the summit on the issue of climate change mitigation and adaptation.

It also referred to the need to accelerate “efforts towards the phasedown of unabated coal power, in line with national circumstances and recognising the need for support towards just transitions,” reports RTE.

The leaders deplored Russia’s aggression in Ukraine “in the strongest terms” and called for its unconditional withdrawal in a statement adopted at the end of a two-day summit.

“Most members strongly condemned the war in Ukraine” the statement said, noting that Russia, which is a member of the G20, opposed the wording.

However, at least three diplomats said that the statement, which acknowledges that “there were other views and different assessments of the situation and sanctions” was adopted unanimously.

“The use or threat of use of nuclear weapons is inadmissible,” the declaration said, reports RTE.

“This includes upholding all the purposes and principles enshrined in the Charter of the United Nations and adhering to international humanitarian law,” reports RTE.

Earlier, the day’s program at the summit on the Indonesian island of Bali was interrupted by an emergency meeting to discuss reports that a missile struck Polish territory near Ukraine yesterday, killing two people.

US President Joe Biden said after the meeting that the United States and its NATO allies were investigating the explosion, but initial reports suggested it might not have been caused by a Russian-launched missile.

NATO member Poland said a rocket killed two people in eastern Poland near Ukraine and summoned the Russian ambassador for an explanation after Russia denied responsibility.

The G7 nations include the United States, Germany, France, Canada, Italy, Great Britain and Japan.

On the sidelines of the summit, US Treasury Secretary Janet Yellen held a two-hour meeting with China’s central bank Governor Yi Gang, her first in-person talks with a senior Chinese economic official.

She had said before the meeting that she hoped to gain new insights into China’s political plans and work towards greater economic engagement between the two countries.

WTO Director-General Ngozi Okonjo-Iweala told Reuters on the sidelines of the summit that several major economies faced a real risk of falling into recession as the war in Ukraine, rising food costs and the fuel and rising inflation cloud the global outlook.

Mr Biden held a bilateral meeting with British Prime Minister Rishi Sunak, the first face-to-face talks since Sunak took office.

The US president described Britain as America’s “closest ally and closest friend”, while Sunak said the partnership between their countries is unique and their values ​​and interests are aligned.

“Calibrating monetary tightening”

The Western-led push to condemn Russia’s invasion of Ukraine dominated the summit.

Many attendees said President Vladimir Putin’s invasion of Ukraine on February 24 hit the global economy and revived Cold War-era geopolitical divisions just as the world was emerging from the worst Covid-19 pandemic.

Russia, whose forces attacked cities and energy facilities in Ukraine yesterday during the G20 meeting, said the “politicization” of the summit was unfair.

“Yes, there is a war going on in Ukraine, a hybrid war that the West has unleashed and been preparing for years,” Russian Foreign Minister Sergei Lavrov said yesterday, repeating Putin’s line that NATO expansion has threatened Ukraine. Russia.

Lavrov represented Putin at the summit but left last night. Russia was later represented by Finance Minister Anton Siluanov.

The West has accused Russia of making irresponsible statements about the possible use of nuclear weapons after its invasion of Ukraine. Russia, in turn, accused the West of “provocative” nuclear rhetoric.

The 19 G20 countries together with the European Union represent more than 80% of the world’s gross domestic product, 75% of international trade and 60% of its population.

Host country Indonesia has called for unity and attention to problems such as inflation, famine and high energy prices, all exacerbated by the war.

The summit document also said that the G20 central banks will calibrate monetary tightening with a close watch on global inflation, keeping in mind the need to limit “cross-country spillovers”.

G20 members also reaffirmed their commitment to avoid excessive exchange rate volatility, while acknowledging that “many currencies have moved significantly” this year, reports RTE.

On debt, he expressed concern about the “deteriorating” situation of some middle-income countries and stressed the importance of a fair burden sharing by all creditors.


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