G20 SUMMIT

• In the recently concluded G20 summit, the leaders made a commitment to reach carbon neutrality by or around mid-century.
• They have adopted the Rome Declaration (the current presidency of G20 countries is being held by Italy).
• Earlier, the G20 Climate Risk Atlas was released which provides climate scenarios, information, data and future changes in climate across the G20 countries.

Important points:

• Roadmap for COP 26: It urged leaders of the world’s biggest economies to put their action plans to tackle the global climate change crisis.
• This is a significant step in the context of the upcoming UN climate conference (COP 26) in Glasgow, Scotland.
• Restricting Aid to Coal Based Plants: It included a pledge to halt financing of overseas coal-fired power generation by the end of this year (2021).
• PPP Model of Finance Mobilisation: Public-Private Partnerships (PPP) are the only way to achieve the trillions of dollars in annual investment needed to transition to clean, sustainable energy sources that will mitigate the warming of global temperatures.

G20

• It is an informal group of 19 countries and the European Union (EU), with representatives of the International Monetary Fund and the World Bank
• It does not have a permanent secretariat or Headquarters.
• The membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product 80% of global investment and over 75% of global trade.
• Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT