G20 Summits • 2021 Rome Summit | Road to the 2021 Rome Summit
G20 Finance Ministers Meetings
G20 Rome Leaders' Declaration
Rome, October 31, 2021
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- We, the Leaders of the G20, met in Rome on October 30th and 31st, to address today's most pressing global challenges and to converge upon common efforts to recover better from the COVID-19 crisis and enable sustainable and inclusive growth in our Countries and across the world. As the premier forum for international economic cooperation, we are committed to overcoming the global health and economic crisis stemming from the pandemic, which has affected billions of lives, dramatically hampered progress towards the achievement of the Sustainable Development Goals and disrupted global supply chains and international mobility. With this in mind, we express our profound gratitude to the health and care professionals, frontline workers, international organizations and scientific community for their relentless efforts to cope with COVID-19.
- Underlining the crucial role of multilateralism in finding shared, effective solutions, we have agreed to further strengthen our common response to the pandemic, and pave the way for a global recovery, with particular regard to the needs of the most vulnerable. We have taken decisive measures to support Countries most in need to overcome the pandemic, improve their resilience and address critical challenges such as ensuring food security and environmental sustainability. We have agreed upon a shared vision to combat climate change, and taken important steps towards the achievement of gender equality. We have also further advanced in our common efforts to ensure that the benefits of digitalization are shared broadly, safely and contribute to reducing inequalities.
- Global economy. Over 2021, global economic activity has been recovering at a solid pace, thanks to the roll-out of vaccines and continued policy support. However, the recovery remains highly divergent across and within countries, and exposed to downside risks, in particular the possible spread of new variants of COVID-19 and uneven vaccination paces. We remain determined to use all available tools for as long as required to address the adverse consequences of the pandemic, in particular on those most impacted, such as women, youth, and informal and low-skilled workers, and on inequalities. We will continue to sustain the recovery, avoiding any premature withdrawal of support measures, while preserving financial stability and long-term fiscal sustainability and safeguarding against downside risks and negative spill-overs. Central banks are monitoring current price dynamics closely. They will act as needed to meet their mandates, including price stability, while looking through inflation pressures where they are transitory and remaining committed to clear communication of policy stances. We remain vigilant to the global challenges that are impacting on our economies, such as disruptions in supply chains. We will work together to monitor and address these issues as our economies recover and to support the stability of the global economy. We commit to advancing the forward-looking agenda set in the G20 Action Plan as updated in April 2021 and we welcome the fourth Progress Report. We reaffirm the commitments on exchange rates made by our Finance Ministers and Central Bank Governors in April 2021.
- Health. Recognizing that vaccines are among the most important tools against the pandemic, and reaffirming that extensive COVID-19 immunization is a global public good, we will advance our efforts to ensure timely, equitable and universal access to safe, affordable, quality and effective vaccines, therapeutics and diagnostics, with particular regard to the needs of low- and middle-income countries. To help advance toward the global goals of vaccinating at least 40 percent of the population in all countries by the end of 2021 and 70 percent by mid-2022, as recommended by the World Health Organization (WHO)'s global vaccination strategy, we will take steps to help boost the supply of vaccines and essential medical products and inputs in developing countries and remove relevant supply and financing constraints. We ask our Health Ministers to monitor progress toward this end and to explore ways to accelerate global vaccination as necessary.
- We will reinforce global strategies to support research and development as well as to ensure their production and swift and equitable distribution worldwide, also by strengthening supply chains and by expanding and diversifying global vaccine manufacturing capacity at local and regional level, while promoting vaccine acceptance, confidence and fighting disinformation. To this end, we commit to refrain from WTO inconsistent export restrictions and to increase transparency and predictability in the delivery of vaccines. We reiterate our support to all pillars of the ACT-Accelerator, including COVAX, and will continue to improve its effectiveness. We support the extension of ACT-A's mandate throughout 2022 and acknowledge the formation of the Multilateral Leaders Task Force on COVID-19. We welcome the work undertaken by the COVAX ACT-A Facilitation Council Vaccine Manufacturing Working Group and its report aimed at creating a broader base for vaccine manufacturing. In particular, we will support increasing vaccine distribution, administration and local manufacturing capacity in LMICs, including through technology transfer hubs in various regions, such as the newly established mRNA Hubs in South Africa, Brazil and Argentina, and through joint production and processing arrangements. We will work together towards the recognition of COVID-19 vaccines deemed safe and efficacious by the WHO and in accordance with national legislation and circumstances, and to strengthen the organization's ability regarding approval of vaccines, including optimizing procedures and processes, with the aim of broadening the list of vaccines authorized for emergency use (EUL), while continuing to protect public health and ensuring privacy and data protection. As a collective G20 effort, and in light of the enduring vaccination gaps, we commit to substantially increase the provision of and access to vaccines, as well as to therapeutics and diagnostics. We will enhance our efforts to ensure the transparent, rapid and predictable delivery and uptake of vaccines where they are needed. We call on the private sector and on multilateral financial institutions to contribute to this endeavor. We acknowledge the work of the World Bank Group in this respect and of the IMF and the WHO through the vaccine supply forecast dashboard.
- We reaffirm our commitment to the Global Health Summit Rome Declaration as a compass for collective action and are committed to strengthening global health governance. We support the ongoing work on strengthening the leading and coordination role of an adequately and sustainably funded WHO. We acknowledge that financing for pandemic prevention, preparedness and response (PPR) has to become more adequate, more sustainable and better coordinated and requires a continuous cooperation between health and finance decision-makers, including to address potential financing gaps, mobilizing an appropriate mix of existing multilateral financing mechanisms and explore setting up new financing mechanisms. We establish a G20 Joint Finance-Health Task Force aimed at enhancing dialogue and global cooperation on issues relating to pandemic PPR, promoting the exchange of experiences and best practices, developing coordination arrangements between Finance and Health Ministries, promoting collective action, assessing and addressing health emergencies with cross-border impact, and encouraging effective stewardship of resources for pandemic PPR, while adopting a One Health approach. Within this context, this Task Force will work, and report back by early 2022, on modalities to establish a financial facility, to be designed inclusively with the central coordination role of the WHO, G20-driven and engaging from the outset Low- and Middle-Income Countries, additional non-G20 partners and Multilateral Development Banks, to ensure adequate and sustained financing for pandemic prevention, preparedness and response.
- We reaffirm our commitment to achieve the health-related SDGs, in particular Universal Health Coverage. We welcome multilateral efforts aimed at supporting and strengthening pandemic preparedness and response, including consideration of a possible international instrument or agreement in the context of the WHO, and at strengthening implementation of and compliance with the International Health Regulations 2005. We commit to pursue a One Health approach at global, regional, national and local levels. To this end, we will enhance global surveillance, early detection and early warning systems, under the coordinating role of the WHO, FAO, OIE and UNEP, and address risks emerging from the human-animal-environment interface, particularly the emergence of zoonotic diseases, while pursuing global efforts to fight antimicrobial resistance, while ensuring access to antimicrobials and their prudent stewardship, and continuing to address other critical issues, including non-communicable diseases and mental health. Acknowledging the importance of swiftly reacting to pandemics, we will support science to shorten the cycle for the development of safe and effective vaccines, therapeutics and diagnostics from 300 to 100 days following the identification of such threats and work to make them widely available.
- We reaffirm the importance of ensuring the continuity of health services beyond COVID-19 and of strengthening national health systems and primary health care services, in light of the repercussions of the pandemic on mental health and well-being, due to isolation, unemployment, food insecurity, increased violence against women and girls and constrained access to education as well as health services, including sexual and reproductive health, paying special attention to women and girls and to the needs of the most vulnerable. We will continue to support initiatives aimed at fighting AIDS, Tuberculosis and Malaria. We will pursue our efforts to enhance innovation in digital and other health-related technologies, taking into account the need to protect personal health data, encourage voluntary technology transfer on mutually agreed terms, and work with the WHO towards updating and reinforcing public health workforce operation standards through enhanced health curricula and training materials. To this end, we will pursue our engagement with the Global Innovation Hub for Improving Value in Health and we welcome the launch of the WHO Academy and initiatives such as the Public Health Workforce Laboratorium proposed by the Italian G20 Presidency.
- Sustainable Development. We remain deeply concerned about the impacts of the COVID-19 crisis, especially in developing countries, which has set back progress towards the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda. We reaffirm our commitment to a global response to accelerate progress on the implementation of the SDGs and to support a sustainable, inclusive and resilient recovery across the world, able to promote equity and accelerate progress on all SDGs, recognizing the importance of nationally owned strategies, SDG localization, women and youth empowerment, sustainable production and responsible consumption patterns, and access to affordable, reliable, sustainable and modern energy for all. We will strengthen our actions to implement the G20 Action Plan on the 2030 Agenda and the G20 Support to COVID-19 Response and Recovery in developing countries, building on the 2021 Rome Update, with particular regard to the most vulnerable countries. We welcome the progress made and reiterate our continued support to African Countries, in particular through the G20 Initiative on Supporting the Industrialization in Africa and LDCs, the G20 Africa Partnership, the Compact with Africa and other relevant initiatives. We remain committed to addressing illicit financial flows.
- Support to vulnerable countries. We welcome the new general allocation of Special Drawing Rights (SDR), implemented by the International Monetary Fund (IMF) on 23 August 2021, which has made available the equivalent of USD 650 billion in additional reserves globally. We are working on actionable options for members with strong external positions to significantly magnify its impact through the voluntary channelling of part of the allocated SDRs to help vulnerable countries, according to national laws and regulations We welcome the recent pledges worth around USD [45] billion, as a step towards a total global ambition of USD 100 billion of voluntary contributions for countries most in need. We also welcome the ongoing work to significantly scale up the Poverty Reduction and Growth Trust's lending capacity and call for further voluntary loan and subsidy contributions from countries able to do so. We also call on the IMF to establish a new Resilience and Sustainability Trust (RST) – in line with its mandate – to provide affordable long-term financing to help low-income countries, including in the African continent, small island developing states, and vulnerable middle-income countries to reduce risks to prospective balance of payments stability, including those stemming from pandemics and climate change. The new RST will preserve the reserve asset characteristics of the SDRs channelled through the Trust. Our Finance Ministers look forward to further discussion of surcharge policy at the IMF Board in the context of the precautionary balances interim review.
- We welcome the progress achieved under the G20 Debt Service Suspension Initiative (DSSI), which is also agreed to by the Paris Club. Preliminary estimates point to at least USD 12.7 billion of total debt service deferred, under this initiative, between May 2020 and December 2021, benefitting 50 countries. We welcome the recent progress on the Common Framework for debt treatment beyond the DSSI. We commit to step up our efforts to implement it in a timely, orderly and coordinated manner. These enhancements would give more certainty to debtor countries and facilitate the IMF's and MDBs' quick provision of financial support. We look forward to progress in the current negotiations under the Common Framework. We stress the importance for private creditors and other official bilateral creditors to provide debt treatments on terms at least as favourable, in line with the comparability of treatment principle. We recall the forthcoming work of the MDBs, as stated in the Common Framework, in light of debt vulnerabilities. We affirm the importance of joint efforts by all actors, including private creditors, to continue working towards enhancing debt transparency. We look forward to progress by the IMF and World Bank Group on their proposal of a process to strengthen the quality and consistency of debt data and improve debt disclosure.
- We reaffirm the crucial role of the Multilateral Development Banks' (MDBs) long-term support towards achieving the SDGs. Acknowledging the high financing needs of low income countries, we look forward to an ambitious IDA20 replenishment by December 2021, including through the sustainable use of IDA's balance sheet. We also look forward to the future African Development Fund-16 replenishment. We welcome the launch of the Independent Review of MDBs' Capital Adequacy Frameworks and the G20 Recommendations on the use of Policy-Based lending, which will help maximize the impact of MDB operations.
- International Financial Architecture. We reiterate our commitment to strengthening long-term financial resilience and supporting inclusive growth, including through promoting sustainable capital flows, developing local currency capital markets and maintaining a strong and effective Global Financial Safety Net with a strong, quota-based, and adequately resourced IMF at its centre. We look forward to the forthcoming review of the IMF's Institutional View on the liberalisation and management of capital flows, informed, among others, by the Integrated Policy Framework. We remain committed to revisiting the adequacy of IMF quotas and will continue the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, by 15 December 2023.
- Recognizing the importance of strengthening the alignment of all sources of Financing for Sustainable Development with the SDGs and the need to address the related financing gaps, in line with existing commitments, we endorse the G20 Framework for Voluntary Support to Integrated National Financing Frameworks, the G20 High-Level Principles on Sustainability-Related Financial Instruments and the G20 Common Vision on SDG Alignment, noting the importance of transparency and mutual accountability. We also ask our Development and Finance Ministers to further enhance their cooperation.
- Food security, nutrition, agriculture and food systems. We are committed to achieving food security and adequate nutrition for all, leaving no one behind. To this end, we endorse the Matera Declaration and its Call to Action. We encourage partners and stakeholders to collaborate with or join the Food Coalition launched by the FAO as a means to respond to the impacts of COVID-19 on food security and nutrition. We are concerned by famine conditions and acute food insecurity fuelled by armed conflicts in many parts of the world, particularly in the countries listed in the 2021 Global Report on Food Crises. We will foster sustainable and resilient food systems and agriculture innovation, which are vital to end hunger and malnutrition, eradicate poverty and ensure sustainability, also by increasing access to finance through responsible investment, developing and improving early warning programmes, reducing food loss and waste along the food value chain, improving livelihoods for small-holder and marginal farmers and better integrating urban-rural interface. We recognize that promoting sustainable food systems, including by strengthening global, regional and local food value-chains and international food trade, will contribute not only to food security, but also make a major contribution to tackling the interlinked global challenges of climate change and biodiversity loss. We acknowledge the outcomes of the Food Systems Summit, including initiatives such as the School Meals Coalition, and invite all partners to contribute to its follow-up, highlighting the importance of reinforced co-ordination in food system policy-making and of improved financing tools for sustainable food systems.
- Environment. We commit to strengthen actions to halt and reverse biodiversity loss by 2030 and call on CBD Parties to adopt an ambitious, balanced, practical, effective, robust and transformative post 2020 Global Biodiversity Framework at COP15 in Kunming. We welcome the launch of the UN Decade on Ecosystem Restoration 2021-2030, reaffirm the shared ambition to achieve a 50% reduction of degraded land by 2040 on a voluntary basis, and will strive to achieve Land Degradation Neutrality by 2030. We will build on the G20 Global Initiative on Reducing Land Degradation and Enhancing Conservation of Terrestrial Habitats launched under Saudi Presidency and look forward to its upcoming Implementation Strategy. We recognize the efforts made by a number of countries to adhere to the Leaders' Pledge for Nature and to ensure that at least 30 % of global land and at least 30 % of the global ocean and seas are conserved or protected by 2030, and we will help to make progress towards this objective in accordance with national circumstances. We encourage and support others to make similarly ambitious commitments. We will pursue our efforts to ensure the conservation, protection and sustainable use of natural resources and will take concrete measures to end overfishing, deliver on our commitment to end illegal, unreported and unregulated fishing, and combat crimes that affect the environment such as illegal logging, illegal mining, illegal wildlife trade and illegal movement and disposal of waste and hazardous substances. We underline the many synergies in financial flows for climate, biodiversity and ecosystems, and we will strengthen those synergies to maximize co-benefits. In this context, we recognize the importance of work on nature-related financial disclosure.
- We will scale up and encourage the implementation of Nature-based Solutions or Ecosystem-based Approaches as valuable tools providing economic, social, climate and environmental benefits including in and around cities, in an inclusive manner and through the participation of local communities and Indigenous Peoples. We will integrate the implementation of a One Health approach in relevant policies and decision-making processes. We recognize that water resources are globally at risk due to anthropogenic pressure. We will continue to share innovation and best practices, also as a means to support integrated water resources management, including through the G20 Dialogue on Water and the G20 Water Platform adopted under Saudi Presidency.
- We commit to intensify our actions to conserve, protect, restore and sustainably use marine biodiversity and reiterate our commitment to the Global Coral Reef R&D Accelerator Platform launched under Saudi Presidency. We highlight the importance of parties to UNCLOS making progress as soon as possible in the ongoing negotiations for an ambitious and balanced international legally binding instrument under UNCLOS on the conservation and sustainable use of marine biodiversity of areas beyond national jurisdiction. In the context of the Antarctic Treaty System, we fully support, and encourage further progress to implement the long-standing commitment of the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR), recognizing Marine Protected Areas (MPAs) can serve as a powerful tool for protecting sensitive ecosystems representative of the Convention Area, in particular in East Antarctica, the Weddell Sea and in the Antarctic Peninsula. We reaffirm our commitment to prohibit fishing subsidies that contribute to overfishing and overcapacity, in line with the SDGs. In line with the Osaka Blue Ocean Vision, we reaffirm our commitment to end Illegal, Unreported and Unregulated fishing and to address marine plastic litter, building on the initiatives conducted, inter alia, by the UNEA, in view of strengthening existing instruments and developing a new global agreement or instrument.
- Acknowledging the urgency of combating land degradation and creating new carbon sinks, we share the aspirational goal to collectively plant 1 trillion trees, focusing on the most degraded ecosystems in the planet, and urge other countries to join forces with the G20 to reach this global goal by 2030, including through climate projects, with the involvement of the private sector and civil society.
- Cities and Circular Economy. We commit to increase resource efficiency, including through the G20 Resource Efficiency Dialogue and recognize the importance of cities as enablers of sustainable development and the need to improve sustainability, health, resilience and well-being in urban contexts as underlined by the Habitat III New Urban Agenda. With the involvement of businesses, citizens, academia and civil society organizations, we will enhance our efforts towards achieving sustainable consumption and production patterns and management and reduction of emissions, including by adopting circular economy approaches, and will support local actions for climate mitigation and adaptation. We endorse the G20 Platform on SDG Localization and Intermediary Cities, with the support of the OECD and UN-Habitat. We will support intermediary cities in adopting integrated and inclusive urban planning; accelerating their transitions towards clean and sustainable energy and sustainable mobility for all; improving waste management; fostering empowerment and decent work for women, youth, migrants and refugees; assisting disabled and elderly persons; enhancing food systems sustainability; and enabling more equitable access to digital innovations. Partnerships like the Coalition for Disaster Resilience Infrastructure could act as a vehicle to accelerate this agenda.
- Energy and Climate. Responding to the call of the scientific community, noting with concern the recent reports of the IPCC and mindful of our leadership role, we commit to tackle the critical and urgent threat of climate change and to work collectively to achieve a successful UNFCCC 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, in light of different national circumstances. 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.
- We recognize that the impacts of climate change at 1.5°C are much lower than at 2°C. 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, in the context of sustainable development. 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. Accordingly, recognizing that G20 members can significantly contribute to the reduction of global greenhouse gas emissions, we commit, 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, our 2030 NDCs, and 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, taking into account different approaches, including the Circular Carbon Economy, socio-economic, economic, technological, and market developments, and promoting the most efficient solutions. We acknowledge the efforts made to date, including net zero and carbon neutrality commitments and new and ambitious NDCs and LTSs by G20 members, and those to come by or at COP26.
- 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. We acknowledge the Sustainable Recovery Tracker developed in cooperation with the IEA, encouraging its update. In order to deploy the full potential of zero, low-emission, innovative, modern and clean solutions, we will collaborate to accelerate the development and deployment of the most efficient and effective solutions and help them rapidly achieve cost parity and commercial viability, including to ensure access to clean energy for all, especially in developing countries. We commit to scale up public Research, Development and Deployment. We will increase our cooperation on enhanced country-driven capacity building and technology development and transfer on mutually agreed terms, including through key global initiatives and joint or bilateral projects on the most efficient solutions in all sectors of economy.
- Impacts of climate change are being experienced worldwide, particularly by the poorest and most vulnerable. We stress 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, conditions and procedures to access available funds, taking national strategies, priorities and needs into account. 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. In this regard, we welcome the new commitments made by some of the members of the G20 to each increase and improve their overall international public climate finance contributions through to 2025 and look forward to new commitments from others. We note the Climate Finance Delivery Plan, which shows, based on OECD estimates, that the goal is expected to be met no later than 2023. We also recall the Paris Agreement aim to strengthen the global response to the threat of climate change, in the context of sustainable development and efforts to eradicate poverty, and that one of its goals is to make finance flows consistent with a pathway towards low GHG emissions and climate-resilient development. We encourage International Financial Institutions, including MDBs, 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 mobilize 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. We welcome the contribution of various institutions, in this regard, and take note of specific initiatives on methane, including the establishment of the International Methane Emissions Observatory (IMEO). We will further promote cooperation, to improve data collection, verification, and measurement in support of GHG inventories and to provide high quality scientific data.
- We will increase our efforts to implement the commitment made in 2009 in Pittsburgh to phase out and rationalize, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support for the poorest and the most vulnerable.
- We acknowledge the close link between climate and energy and commit to reduce emission intensity, as part of mitigation efforts, in the energy sector to meet timeframes aligned with the Paris temperature goal. We will cooperate on deployment and dissemination of zero or low carbon emission and renewable technologies, including sustainable bioenergy, to enable a transition towards low-emission power systems. This will also enable those countries that commit to phasing out investment in new unabated coal power generation capacity to do so as soon as possible. We commit to mobilize international public and private finance to support green, inclusive and sustainable energy development and we will put an end to the provision of international public finance for new unabated coal power generation abroad by the end of 2021.
- As we are recovering from the crisis, we are committed to maintain energy security, while addressing climate change, and guaranteeing just and orderly transitions of our energy systems that ensures affordability, including for the most vulnerable households and businesses. In this endeavour, we will remain vigilant of the evolution of energy markets, taking into account trends over the years, and promote an intensive dialogue. Accordingly, the G20 in collaboration with the International Energy Forum (IEF) will facilitate a dialogue between producers and consumers to bolster the efficiency, transparency and stability of the energy markets. We emphasize the importance of maintaining undisrupted flows of energy from various sources, suppliers and routes, exploring paths to enhanced energy security and markets stability, while promoting open, competitive and free international energy markets. We recognize the role of digitalization in enhancing energy security and market stability through improved energy planning, while ensuring the security of energy systems against risks of attacks, including through malicious use of ICT. In addition to continuing to address traditional energy security challenges, we are mindful that clean energy transitions require an enhanced understanding of energy security, integrating aspects such as the evolving share of intermittent energy sources; the growing demand for energy storage, system flexibility changing climate patterns; the increase in extreme weather events; responsible development of energy types and sources; reliable, responsible and sustainable supply chains of critical minerals and materials, as well as semiconductors and related technologies.
- Policies for the transition and sustainable finance. We welcome the agreement by Finance Ministers and Central Bank Governors to coordinate their efforts to tackle global challenges such as climate change and environmental protection, and to promote transitions towards green, more prosperous and inclusive economies. We welcome the introduction of a Pillar dedicated to Protecting the Planet in the G20 Action Plan. We agree on the importance of a more systematic analysis of macroeconomic risks stemming from climate change and of the costs and benefits of different transitions, as well as of the macroeconomic and distributional impact of risk prevention strategies and mitigation and adaptation policies, including by drawing on well-established methodologies. We ask the different G20 work streams to act in synergy, within their respective mandates and while avoiding duplication, to inform our discussions on the most appropriate policy mix to move towards low-greenhouse gas emission economies, taking into account national circumstances. Such policy mix should include investment in sustainable infrastructure and innovative technologies that promote decarbonisation and circular economy, and a wide range of fiscal, market and regulatory mechanisms to support clean energy transitions, including, if appropriate, the use of carbon pricing mechanisms and incentives, while providing targeted support for the poorest and the most vulnerable. We welcome the constructive discussions held at the Venice International Conference on Climate and at the G20 High Level Tax Symposium on Tax Policy and Climate Change and we recognise that the policy dialogue on the macroeconomic and fiscal impact of climate change policies could benefit from further technical work.
- Sustainable finance is crucial for promoting orderly and just transitions towards green and more sustainable economies and inclusive societies, in line with the 2030 Agenda for Sustainable Development and the Paris Agreement. We welcome the establishment of the G20 Sustainable Finance Working Group (SFWG) and we endorse the G20 Sustainable Finance Roadmap and the Synthesis Report. The Roadmap, initially focused on climate, is a multi-year action-oriented document, voluntary and flexible in nature, which will inform the broader G20 agenda on climate and sustainability. We recognise the importance of gradually expanding the Roadmap's coverage to include additional issues, such as biodiversity and nature as well as social matters, based on mutual agreement by G20 members in the coming years. We welcome the Financial Stability Board (FSB) Roadmap for addressing financial risks from climate change, which will complement the work carried out by the SFWG. We welcome the FSB report on the availability of data on climate-related financial stability risks and the FSB report on promoting globally consistent, comparable and reliable climate-related financial disclosures and its recommendations. We also welcome the work programme of the International Financial Reporting Standards Foundation to develop a baseline global reporting standard under robust governance and public oversight, building upon the FSB's Task Force on Climate-Related Financial Disclosures framework and the work of sustainability standard-setters.
- International taxation. The final political agreement as set out in the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy and in the Detailed Implementation Plan, released by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) on 8 October, is a historic achievement through which we will establish a more stable and fairer international tax system. We call on the OECD/G20 Inclusive Framework on BEPS to swiftly develop the model rules and multilateral instruments as agreed in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level in 2023. We note the OECD report on Developing Countries and the OECD/G20 Inclusive Framework on BEPS identifying developing countries' progress made through their participation in the OECD/G20 Inclusive Framework on BEPS and possible areas where domestic resource mobilisation efforts could be further supported.
- Gender Equality and Women's Empowerment. We reaffirm our commitment to gender equality and emphasize the pivotal role of women's and girls' empowerment and leadership at all levels for inclusive and sustainable development. We commit to put women and girls, who have been disproportionately affected by the pandemic, at the core of our efforts to build forward better. We will work on key factors such as equal access to education and opportunities, including in STEM sectors, the promotion of women's entrepreneurship and leadership, the elimination of gender-based violence, the enhancement of social, health, care and educational services, the overcoming of gender stereotypes, and the uneven distribution of unpaid care and domestic work. We commit to implement the G20 Roadmap Towards and Beyond the Brisbane Goal and to rapidly enhance the quality and quantity of women's employment, with a particular focus on closing the gender pay gap. We reiterate our commitment to share progress and actions taken towards the Brisbane Goal in the related annual report and ask the ILO and the OECD to continue reporting annually on our progress, taking into account the Roadmaps' Auxiliary Indicators.
- We welcome the hosting of the first G20 conference on Women's Empowerment and will continue to enhance our concrete measures towards a systemic and cross-cutting approach to gender equality in our national policies, with adequate implementation tools. We will work on women's empowerment in cooperation with academia, civil society and the private sector. To this end, we support the convening of a G20 Conference on Women's Empowerment under the upcoming Presidencies. We welcome the work of the EMPOWER Alliance and its engagement with the G20, to be reviewed in 2025. We acknowledge the Women Entrepreneurs Finance Initiative as an important partnership to support women-led SMEs.
- Employment and social protection. The Covid-19 pandemic has exacerbated inequalities in our labour markets, disproportionately affecting vulnerable workers. In cooperation with social partners, we will adopt human-centered policy approaches to promote social dialogue and to ensure greater social justice; safe and healthy working conditions; and decent work for all, including within global supply chains. To reduce inequalities, eradicate poverty, support worker transitions and reintegration in labour markets and promote inclusive and sustainable growth, we will strengthen our social protection systems, as outlined in the G20 Policy Principles to Ensure Access to Adequate Social Protection for All in a Changing World of Work. We welcome the G20 Policy Options to Enhance Regulatory Frameworks for Remote Working Arrangements and Work through Digital Platforms. We will work to ensure decent working conditions for remote and platform workers and strive to adapt our regulatory frameworks to new forms of work, ensuring that these are fair and inclusive, leaving no one behind, while paying special attention to addressing the digital gender divide and intergenerational inequalities. We also ask the ILO and the OECD to continue monitoring progress towards the Antalya Youth Goal. We underscore our commitment to further international cooperation to strengthen safe and healthy working conditions for all workers and welcome the G20 Approaches on Safety and Health at Work.
- Education. Access to education is a human right and a pivotal tool for inclusive and sustainable economic recovery. We commit to ensure access to quality education for all, with particular attention to women and girls and vulnerable students. We will increase our efforts to make education systems inclusive, adaptable and resilient, and will enhance the coordination between education, employment and social policies to improve the transition from education to quality employment, also through lifelong learning.
- We recognize the critical role of education for sustainable development, including environmental stewardship, in empowering younger generations with the necessary skills and mindset to address global challenges. We commit to enhance cooperation and to foster stronger, effective measures to this end.
- Migration and forced displacement. The impact of the pandemic has confronted us with new challenges with regard to migration in our globalized economies. We commit to take steps to support the full inclusion of migrants, including migrant workers, and refugees in our pandemic response and recovery efforts, in the spirit of international cooperation and in line with national policies, legislation and circumstances, ensuring full respect for their human rights and fundamental freedoms regardless of their migration status. We also recognize the importance of preventing irregular migration flows and the smuggling of migrants, as part of a comprehensive approach for safe, orderly and regular migration, while responding to humanitarian needs and the root causes of displacement. We note the 2021 Annual International Migration and Forced Displacement Trends and Policies Report to the G20 prepared by the OECD in cooperation with ILO, International Organization for Migration (IOM) and United Nations High Commissioner for Refugees (UNHCR). We will continue the dialogue on migration and forced displacement in future Presidencies.
- Transportation and Travel. We will endeavor to restart international travel in a safe and orderly manner, consistent with the work of relevant international organizations such as the WHO, the International Civil Aviation Organization, the International Maritime Organization and the OECD. To this end, taking into consideration national public health policies, we acknowledge the relevance of shared standards to ensure seamless travel, including testing requirements and results, vaccination certificates and interoperability and mutual recognition of digital applications, while continuing to protect public health and ensuring privacy and data protection. We reiterate the essential role of transport personnel and the need for a coordinated approach to the treatment of air, maritime and land crews, consistent with public health standards and with the principle of non-discrimination.
- Financial regulation. We welcome the FSB final report on the lessons learnt from the COVID-19 pandemic from a financial stability perspective and the proposed next steps. While the global financial system has been largely resilient, gaps in the regulatory framework remain which we are committed to addressing, including by completing the remaining elements of the G20 regulatory reforms agreed after the 2008 financial crisis. We are also committed to strengthening the resilience of the non-bank financial intermediation (NBFI) sector with a systemic perspective, and reducing the need for extraordinary central bank interventions, by implementing the FSB NBFI work programme. We endorse the FSB final report on policy proposals to enhance money market fund (MMF) resilience and we will assess and address MMF vulnerabilities in our jurisdictions, using the framework and policy toolkit in the report, recognizing the need to tailor measures to jurisdictions' specific circumstances, as well as taking account of cross-border considerations.
- We welcome the progress reported against milestones set for 2021 by the G20 Roadmap to enhance cross-border payments, and we endorse the ambitious but achievable quantitative global targets for addressing the challenges of cost, speed, transparency and access by 2027 set out in the FSB report. We call on public authorities and the private sector to work together to make the practical improvements to achieve these goals. We reiterate that no so-called "global stablecoins" should commence operation until all relevant legal, regulatory and oversight requirements are adequately addressed through appropriate design and by adhering to applicable standards. We encourage jurisdictions to progress in the implementation of the FSB High-Level Recommendations, and standard setting bodies to complete their assessment of whether to make any adjustments to standards or guidance in light of the FSB Recommendations. We encourage the Committee on Payments and Market Infrastructures, Bank for International Settlements Innovation Hub, IMF and World Bank to continue deepening the analysis on the potential role of central bank digital currencies in enhancing cross-border payments and their wider implications for the international monetary system. We thank Mr. Randal K. Quarles for his service as FSB Chair and we welcome the appointment of Mr. Klaas Knot as his successor.
- Trade and Investment. We affirm the important role of open, fair, equitable, sustainable, non-discriminatory and inclusive rules-based multilateral trade system in restoring growth, job creation and industrial productivity and promoting sustainable development, as well as our commitment to strengthen it with the WTO at its core. Recalling the Riyadh Initiative on the future of the WTO, we remain committed to working actively and constructively with all WTO Members to undertake the necessary reform of the WTO, improving all its functions, and we highlight the need to implement this commitment in practice through an inclusive and transparent approach including tackling the development issues. We commit to a successful and productive WTO 12th Ministerial Conference (MC12) as an important opportunity to advance that reform and revitalize the organization. We will work with all WTO members in the lead-up to the MC12 and beyond to enhance the capacity of the multilateral trading system to increase our pandemic and disaster preparedness and resilience through a multifaceted response, with a view to deliver an outcome on trade and health by MC12, including to work towards enhancing timely, equitable and global access to vaccines. We support reaching a meaningful WTO agreement on harmful fisheries subsidies by the MC12, in line with the SDG 14.6, and we welcome the ongoing work on agriculture.
- We recognize the importance of sound, predictable and transparent domestic regulatory frameworks for trade in services and investment. We underscore the importance of fair competition and we will continue to work to ensure a level playing field to foster a favourable trade and investment environment. Reducing trade tensions, tackling distortions in all sectors of trade and investment, addressing supply chain disruptions and fostering mutually beneficial trade and investment relations will be critical as economies respond to and recover from the COVID-19 pandemic. We believe that trade and environmental policies should be mutually supportive and WTO consistent and contribute to the optimal use of the world's resources in accordance with the objectives of sustainable development. We highlight the importance of strengthening MSMEs' capacity to become more integrated into the global economy.
- Infrastructure investment. We recognize the critical role of quality infrastructure investments in the recovery phase. We acknowledge that resilient, properly funded, well maintained and optimally managed systems are essential to preserve infrastructure assets over their life-cycles, minimising loss and disruption, and securing the provision of safe, reliable and high-quality infrastructure services. To this end, we endorse the G20 Policy Agenda on Infrastructure Maintenance. In line with the G20 Roadmap for Infrastructure as an Asset Class, and building on the G20 Infrastructure Investors Dialogue, we will continue, in a flexible manner, to develop further the collaboration between the public and private investors to mobilise private capital. We underline the importance of promoting knowledge sharing between local authorities and national governments to foster more inclusive infrastructure. We will continue to advance the work related to the G20 Principles for Quality Infrastructure Investment. We agree to extend the Global Infrastructure Hub mandate until the end of 2024.
- Productivity. Digital transformation has the potential of boosting productivity, strengthening the recovery and contributing to broad-based and shared prosperity. We endorse the G20 Menu of Policy Options – Digital Transformation and Productivity Recovery, which provides policy options, shares good practices, promotes inclusion and sheds light on the key role of international cooperation to make use of the growth opportunities of digitalization. Drawing on the Menu we will continue discussing policies to sustain productivity growth, and to help ensure that the benefits are evenly shared within and across countries and sectors. We recognise the importance of good corporate governance frameworks and well-functioning capital markets to support the recovery, and look forward to the review of the G20/OECD Principles of Corporate Governance.
- Digital economy, higher education and research. We recognize the role of technology and innovation as key enablers for the global recovery and sustainable development. We recognize the importance of policies to create an enabling, inclusive, open, fair and non-discriminatory digital economy that fosters the application of new technologies, allows businesses and entrepreneurs to thrive, and protects and empowers consumers, while addressing the challenges related to privacy, data protection, intellectual property rights, and security. Mindful of the need to support a better inclusion of MSMEs in the digital economy, we commit to reinforce our actions and international cooperation towards the digital transformation of production, processes, services and business models, also through the use of consensus-based international standards and the improvement of consumer protection, digital skills and literacy. We welcome the results of the G20 Innovation League, as a platform through which multilateral endeavors can boost partnerships, collaboration, co-creation, and private investments in technologies and applications benefitting humankind, highlighting how trade and digital policies can help strengthen the competitiveness of MSMEs in global markets and address the particular challenges they face. We have also begun to address the application of distributed ledger technologies such as blockchain networks to protect consumers through increased traceability. We recognize the growing role that Information and Communication Technologies play in our societies. In this context, we emphasize the need to address the increased security challenges in the digital environment, including from ransomware and other forms of cyber crime. With this in mind, we will work to strengthen bilateral and multilateral cooperation to secure our ICT, address shared vulnerabilities and threats, and combat cyber crime.
- Well aware of the benefits stemming from the responsible use and development of trustworthy human-centered Artificial Intelligence (AI), we will advance the implementation of the G20 AI Principles, while considering the specific needs of MSMEs and start-ups to encourage competition and innovation, as well as diversity and inclusion, and the importance of international cooperation to promote research, development and application of AI. We welcome the G20 Policy Examples on How to Enhance the Adoption of AI by MSMEs and Start-ups.
- We acknowledge the importance of data free flow with trust and cross-border data flows. We reaffirm the role of data for development. We will continue to work on addressing challenges such as those related to privacy, data protection, security and intellectual property rights, in accordance with the relevant applicable legal frameworks. We will also continue to further common understanding and to work towards identifying commonalities, complementarities and elements of convergence between existing regulatory approaches and instruments enabling data to flow with trust, in order to foster future interoperability. Recognizing the responsibility of digital service providers, we will work in 2022 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. We remain committed to protecting the most vulnerable, and acknowledge the G20 High Level Principles for Children Protection and Empowerment in the Digital Environment, drawn from the OECD Recommendation on Children in the Digital Environment and other relevant tools, such as the ITU 2020 Guidelines on Child Online Protection.
- Financial inclusion. We reaffirm our commitment to enhancing digital financial inclusion of vulnerable and underserved segments of society, including micro, small and medium-sized enterprises (MSMEs), carrying forward the work of the Global Partnership for Financial Inclusion (GPFI) and implementing the G20 2020 Financial Inclusion Action Plan. We endorse the G20 Menu of Policy Options for digital financial literacy and financial consumer and MSME protection "Enhancing digital financial inclusion beyond the COVID-19 crisis", with the aim to provide a guide for policymakers in their efforts to lay the ground for new financial inclusion strategies in the post-pandemic world. We welcome the 2021 GPFI Progress Report to G20 Leaders and the 2021 Update to Leaders on Progress Towards the G20 Remittance Target. We support the GPFI in bringing forward the monitoring of National Remittances Plans, also gathering more granular data, and strongly encourage the continued facilitation of the flow of remittances and the reduction of average remittance transfer costs.
- Data gaps. Improving data availability and provision, including on environmental issues, and harnessing the wealth of data produced by digitalization is critical to better inform our decisions. We take note of the work done so far by the IMF, in close cooperation with the FSB and the Inter-Agency Group on Economic and Financial Statistics (IAG) towards a possible new G20 Data Gaps Initiative and we look forward to its further development.
- Recognizing the importance of an efficient use of digital tools within public administrations, we will continue to promote agile regulatory frameworks and will provide digital public services that are human-centric, proactive, easy to use and accessible to all. We welcome the novel emphasis on secure, interoperable and trusted digital identity solutions that can provide better access to public and private sector services while promoting privacy and personal data protection. We will pursue further work on designing digital identity tools, deployable also in emergency scenarios.
- Recognizing that sustainable investment in quality digital infrastructure can greatly contribute to reducing the digital divide, we will promote universal, and affordable access to connectivity for all by 2025. Recognizing universal, secure, affordable, advanced and well-functioning digital infrastructure as an important driver for the economic recovery, we endorse the G20 Guidelines for Financing and Fostering High-Quality Broadband Connectivity for a Digital World, developed with the support of the OECD.
- We will enhance our efforts to ensure that our research and work forces are able to adapt their skills to the rapidly evolving digital environment and harness the potential of innovation and digital tools whilst upholding shared ethical principles and values. We will also leverage common digital infrastructures to promote research collaboration, open science and higher education. Firmly convinced about the crucial relevance of scientific progress in improving the lives of billions around the world and effectively addressing global challenges, we will also continue to ensure that scientific research, including on digital technology, is carried out in a responsible, safe, transparent, equitable, inclusive and secure manner, taking into account the risks stemming from cutting-edge technologies.
- We welcome the transformation of the Digital Economy Task Force into a Working Group and invite our Digital Ministers to further their discussions on the digital economy as appropriate.
- Tourism. Building on the work made in 2020, we will continue to support a rapid, resilient, inclusive and sustainable recovery of the tourism sector, which is among those hardest hit by the pandemic, with a particular focus on developing countries and MSMEs. We endorse the G20 Rome Guidelines for the Future of Tourism, and commit to take action to fulfill its objectives, in particular with regard to safe mobility and seamless travel and sustainability and digitalization. We will explore collaboration in the fields of creative economy and innovation in support of tourism. To this end, we ask our Ministers of Tourism to pursue their collaboration with the OECD, the UNWTO and other relevant international organizations.
- Culture. Recalling that culture has intrinsic value, we underline the role of culture and of cultural and creative professionals and businesses as drivers for sustainable development and in fostering the resilience and the regeneration of our economies and societies, stressing the importance of international efforts to safeguard and promote culture, with a key role to be played by UNESCO, and the need to support workers, including in the cultural field, also by facilitating access to employment, social protection, digitalization and business support measures. We emphasize the importance of addressing threats to irreplaceable cultural resources and protecting and preserving cultural heritage damaged, trafficked or endangered by conflicts and disasters, recalling the objectives of UNSC Resolution 2347. We ask our relevant institutions to further pursue the G20 cooperation on culture.
- Anti-corruption. Renewing our commitment to zero tolerance for corruption in the public and private sectors and to achieving common goals in the global fight against corruption, we adopt our 2022-2024 Anti-Corruption Action Plan. We will further strengthen our engagement with other stakeholders such as academia, civil society, media and the private sector, and will continue to promote their important role and active participation in this field. 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. We will also provide competent authorities with adequate, accurate and up-to-date information by adopting legally appropriate measures to improve international and domestic beneficial ownership transparency of legal persons and arrangements and real estate, especially trans-national flows, in line with the Financial Action Task Force recommendations.
- We remain committed to promoting a culture of integrity in the private sector, particularly in their relations with the public sector. In our collective efforts to better measure corruption, we welcome the Compendium of Good Practices on Measurement of Corruption. We will ensure that G20 Countries adapt their regulation and legislation to comply with the relevant obligation to criminalize bribery, including bribery of foreign public officials, and bolster efforts to effectively prevent, detect, investigate, prosecute and sanction domestic and foreign bribery. We will demonstrate concrete efforts for the duration of the Action Plan and share information on our actions towards criminalizing foreign bribery and enforcing foreign bribery legislation in line with article 16 of UNCAC, with a view to the possible adherence of all G20 countries to the OECD Anti-Bribery Convention. As a means to further improve international cooperation on anti-corruption, we welcome the progress made by the GlobE Network.
- 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. We stress the relevance of the risk-based approach of the FATF recommendations with the aim to ensure legitimate cross-border payments and to promote financial inclusion. We confirm our support for strengthening the FATF recommendations to improve beneficial ownership transparency and call on countries to fight money laundering from environmental crime, particularly by acting on the findings of the FATF 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.
- We look ahead to Beijing Winter Olympics and Paralympics 2022, as opportunities for competition for athletes from around the world, which serves as a symbol of humanity's resilience.
- We thank the international organizations and the G20 Engagement Groups for their valuable inputs and policy recommendations. We thank Italy for its Presidency, for successfully hosting the Global Health Summit, co-Chaired with the European Commission, and the Rome Leaders' Summit, and for its contribution to the G20 process, and we look forward to meeting again in Indonesia in 2022, in India in 2023 and in Brazil in 2024.
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Annex
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Source: Official website of the Italy's G20 Presidency
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