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Global checkup: The G20 summit tackles climate change, Covid, and the economy

Snacks / Monday, November 01, 2021
The G20’s colossal battle [Grant Faint/The Image Bank via Getty Images]
The G20’s colossal battle [Grant Faint/The Image Bank via Getty Images]

Fly like a G20... or Air Force One over the Colosseum. Over the weekend, leaders of the world's 20 biggest economies met IRL for the first time in two years — minus Russia's Putin and China's Xi, who called in via video. The two-day summit was held in Rome, but it wasn't a breezy Roman holiday. Why it matters:

  • Econ impact: G20 countries account for more than 80% of the world's economic output, 75% of its trade, and 60% of its population.
  • Climate impact: The G20 — which includes the US, China, Germany, India, and Brazil — accounts for 80% of greenhouse-gas emissions.
  • Biz impact: G20 leaders endorsed a minimum global tax rate of 15% for multinational corporations, aiming to implement it in 2023.

Climate vitals… Greenhouse-gas concentrations hit a record last year, and the planet is "way off track" in capping rising temperatures, the UN says. This exacerbates extreme weather and rising sea levels. Rich countries are lagging behind their $100B/year pledge to help developing nations transition to greener energy.

Covid checkup... While 70% of US adults are fully vaxxed, only half the world’s population has received a shot. The goal was to vaccinate at least 40% of each country's population by the end of 2021 — we’re still far from that. Most African countries have fully vaccinated less than 10% of their population.

Recovery screening... Thanks to Delta surges, supply-chain backlogs, and rising prices, global economic recovery is in danger of stalling. The US economy's growth slowed sharply last quarter — so did China's.

With great power comes great responsibility… So the G20 is setting shared targets for the Earth’s biggest problems. On the Covid front, leaders committed to trying to vaccinate 70% of every country by mid-2022. The US plans to donate 1B+ doses by next fall. On climate, leaders pledged to stop financing coal power plants abroad, and “pursue efforts” to limit the average global temp rise to 1.5 °C by 2100. At the UN climate summit this week, powerful nations have another chance to further their ambitious goal: global carbon neutrality by 2050.

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