THE G-20 Summit hosted by Italy has found some common grounds, a number of far-reaching measures which, if implemented, could go a far way in creating a more just and equitable world. The G-20 bloc includes Brazil, China, India, Germany and the United States, which together accounts for an estimated 80 per cent of global greenhouse gas emissions and a corresponding level of global industrial output.
Among the several measures agreed is a global minimum tax aimed at stopping big business from hiding profits in off-shore tax havens. The corporate tax is seen as a recognition by world leaders of the need to take a coordinated position in order to prevent big business from hiding their profits in tax havens. This is indeed a step in the right direction which could go a far way in terms of making billions of dollars available to governments, which could be used to foster development and reduce poverty levels.
The meeting also broadly agreed to back calls to extend debt relief for impoverished nations. The President of the United States described the move as more than a tax deal, but as ‘diplomacy reshaping our global economy and delivering for our people.’
Another agreement reached was that of getting more COVID-19 vaccines to poorer nations. The aim is to vaccinate 70 per cent of the world’s population against COVID-19 by mid-2022. There is a strong correlation between the unvaccinated and infections rates, which are significantly higher in the undeveloped world due mainly to the unavailability of the COVID vaccines.
One area of disappointment is the apparent failure of these bigger powers to reach consensus on measures to reduce carbon-emission measures, which climate scientists believe poses an existential threat to humanity. This is especially disappointing, especially coming on the eve of the largest climate conference which will bring together leaders from all across the world in search of a solution to reduce global warming to acceptable levels. The rich, industrialised nations are the main contributors to global carbon emissions and any significant progress at the COP26 Glasgow conference would depend on the collective action taken by them, both at individual and collective levels.
This observation was made by G20 Summit host Prime Minister Mario Draghi, who in his address at the meeting said that ‘going it alone is not an option and governments must work together to confront the formidable challenges facing their peoples.’
‘From the pandemic, to climate change, to fair and equitable taxation, going it alone is simply not an option,’ the Italian Prime Minister said.
Climate change continues to be a challenge to many countries in the industrialised world, due in part to considerations of national self-interest and a lack of political will by leaders of the developed world to tackle the issue in a meaningful way.
Expectations are high that with growing scientific evidence and mounting world pressure, new and enlightened thinking will prevail on the issue of global warming. President Dr. Irfaan Ali has already indicated Guyana’s full and unconditional support for all measures aimed at reducing carbon emissions and has only recently re-launched a new round of consultations aimed at updating the current Low Carbon Development Strategy (LCDS) to reflect our new realities. Guyana is one of the few countries in the world with net zero carbon-emission levels. As such, it is in a unique position to share with the entire world some concrete ideas on the way forward in the direction of an environmentally safer and more secure planet.
