ROME: Vowing to take action in combating climate change reflecting the principle of common but differentiated responsibilities, the leaders of the world's 20 biggest economies on Sunday reaffirmed their commitment to the Paris Agreement goal to hold the global average temperature increase to well below 2 C and to pursue efforts to limit it to 1.5 C above pre-industrial levels.
The G20 leaders, including Prime Minister Narendra Modi, committed to tackle the critical and urgent threat of climate change and to work collectively to achieve a successful United Nations Framework Convention on Climate Change COP26 in Glasgow.
"To this end, we reaffirm our commitment to the full and effective implementation of the UNFCCC and of the Paris Agreement, taking action across mitigation, adaptation and finance during this critical decade, on the basis of the best available scientific knowledge, reflecting the principle of common but differentiated responsibilities and respective capabilities, the G20 Rome Declaration stated.
"We remain committed to the Paris Agreement goal to hold the global average temperature increase well below 2 C and to pursue efforts to limit it to 1.5 C above pre-industrial levels, also as a means to enable the achievement of the 2030 Agenda, the G20 leaders said.
Recognising that the impacts of climate change at 1.5 C are much lower than at 2 C, they said that keeping 1.5 C within reach will require meaningful and effective actions and commitment by all countries, taking into account different approaches, through the development of clear national pathways that align long-term ambition with short- and medium-term goals, and with international cooperation and support, including finance and technology, sustainable and responsible consumption and production as critical enablers.
"We look forward to a successful COP26. In this endeavour, informed by the IPCC assessments, we will accelerate our actions across mitigation, adaptation and finance, acknowledging the key relevance of achieving global net zero greenhouse gas emissions or carbon neutrality by or around mid-century and the need to strengthen global efforts required to reach the goals of the Paris Agreement, the G20 leaders said.
Noting that energy and climate were the centre of the discussions at the G-20, India's Sherpa at G20 Summit Piyush Goyal at a briefing on the deliberations here said India and many other developing countries pushed for safeguarding the interest of the developing world.
"We were also joined by the developed countries to increase the ambition from the current levels of commitment and active interest that the developed world has shown in terms of providing technology and affordable finance,'' he said.
"We have really got into the text the language that confirms that the developed world has acknowledged that they have not done enough in terms of meeting their commitments and that they will have to be more forthcoming in providing finance in providing technology and (be) the enablers to make the transition to a clean energy world in the future," Goyal said.
Recognising that G20 members can significantly contribute to the reduction of global greenhouse gas emissions, the leaders committed in line with the latest scientific developments and with national circumstances, to take further action this decade and to formulate, implement, update and enhance, where necessary, their 2030 Nationally determined contributions (NDCs).
They also agreed to formulate Long-Term Strategies that set out clear and predictable pathways consistent with the achievement of a balance between anthropogenic emissions and removal by sinks by or around mid-century.
"We will deliver national recovery and resilience plans that allocate, according to national circumstances, an ambitious share of the financial resources to mitigating and adapting to climate change and avoid harm to the climate and environment, the G20 leaders said.
Noting that the impacts of climate change are being experienced worldwide, particularly by the poorest and most vulnerable, the G20 leaders stressed the importance of the effective implementation of the global goal on adaptation and will submit adaptation communications.
"We also commit to scale up adaptation finance, with a view to achieving a balance with the provision of finance for mitigation to address the needs of developing countries including by facilitating mechanisms, the declaration said.
"We recall and reaffirm the commitment made by developed countries, to the goal of mobilizing jointly USD 100 billion per year by 2020 and annually through 2025 to address the needs of developing countries, in the context of meaningful mitigation actions and transparency on implementation and stress the importance of meeting that goal fully as soon as possible, they said.
The G20 nations encouraged International Financial Institutions to step up their efforts to pursue alignment with the Paris Agreement within ambitious timeframes, to support sustainable recovery and transition strategies, NDCs and long-term low greenhouse gas emission development strategies in emerging markets and developing economies, and to set out plans to mobilise private finance, in line with their mandates and internal approval procedures, while continuing to support the achievement of the UN 2030 Agenda.
"We commit to significantly reduce our collective greenhouse gas emissions, taking into account national circumstances and respecting our NDCs. We acknowledge that methane emissions represent a significant contribution to climate change and recognize, according to national circumstances, that its reduction can be one of the quickest, most feasible and most cost-effective ways to limit climate change and its impacts," the leaders said in the declaration.
The leaders also reaffirmed their full support for the Financial Action Task Force and recognised that effective implementation of measures put in place to combat money laundering, terrorist financing and proliferation is essential for building confidence in financial markets, ensuring a sustainable recovery and protecting the integrity of the international financial system.
In the Rome Declaration, the G20 leaders stressed the relevance of the risk-based approach of the global anti-money laundering and Paris-based terror financing watchdog's recommendations with the aim to ensure legitimate cross-border payments and to promote financial inclusion.
"We reaffirm our full support for the Financial Action Task Force (FATF) and the Global Network and recognize that effective implementation of Anti-Money Laundering/Countering the Financing of Terrorism and Proliferation (AML/CFT/CPF) measures is essential for building confidence in financial markets, ensuring a sustainable recovery and protecting the integrity of the international financial system, the declaration stated.
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Earlier this month, the FATF announced that Pakistan will remain on its 'grey list' until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations. The FATF also placed Turkey, Jordan and Mali to its watch list.
Pakistan was placed on the grey list by the FATF in June, 2018 and was given a plan of action to complete it by October, 2019. Since then the country continues to be in that list due to its failure to comply with the FATF mandates.
In the Rome Declaration, the G-20 nations confirmed their support for strengthening the FATF recommendations to improve beneficial ownership transparency and called on countries to fight money laundering from environmental crime, particularly by acting on the findings of the watchdog's report.
We reaffirm the commitments made by Finance Ministers and Central Bank Governors aimed at sustaining and strengthening the work of the FATF-Style Regional Bodies, the declaration said.
The G20 nations also said that they will work towards enhancing confidence in the digital environment by improving internet safety and countering online abuse, hate speech, online violence and terrorism while protecting human rights and fundamental freedoms.
They renewed their commitment to zero tolerance for corruption in the public and private sectors and said that to achieve common goals in the global fight against corruption, they have adopted the 2022-2024 Anti-Corruption Action Plan.
We are committed to fight any new and sophisticated forms of corruption. We endorse the G20 High-Level Principles on Corruption related to Organized Crime, on Tackling Corruption in Sport, and on Preventing and Combating Corruption in Emergencies, and adopt the G20 Anti-corruption Accountability Report. We reaffirm our commitment to deny safe haven to corruption offenders and their assets, in accordance to domestic laws and to combat transnational corruption, the declaration stated.
The G20 is a leading global forum that brings together the world's major economies. Its members account for more than 80 per cent of the global GDP, 75 per cent of global trade and 60 per cent of the population of the planet.