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G20 Members Agree to Minimum Corporate Tax Rate, Vaccines Push, Make Little Progress on Climate

HeadlineNov 01, 2021

President Biden and others traveled to Glasgow after attending this weekend’s G20 summit in Italy, where world leaders agreed to a minimum corporate tax rate of 15%. The deal also raises additional revenue for most countries and shifts profits to the countries where companies sell products to consumers, rather than where the companies are based. Studies indicate the deal will benefit high-income countries, including the U.S., the most.

On the climate front, G20 members agreed to work toward ending coal financing overseas and pledged to “pursue efforts” to keep the global temperature rise to 1.5 degrees Celsius above preindustrial levels, as per the Paris Agreement, but made no firm commitments to that end. Activists held protests in Rome throughout the weekend.

Edoardo Mentrasti: “We are holding a demonstration on environmental and social issues and against the G20, which continues undaunted on a path that has almost led us to social and ecological failure.”

G20 members also backed an extension of debt relief for poorer nations and pledged to vaccinate 70% of the global population against COVID-19 by the middle of next year. G20 countries have received three times more vaccine doses per person than all other countries combined and 15 times more COVID vaccine doses per person than sub-Saharan African nations.

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