Climate change devote G20 finance communique
25 February, 2020
Finance officials from the world’s 20 biggest economies (G20) on Sunday referenced climate change within their final communique for the very first time in U.S. President Donald Trump’s administration, but stopped short of calling it a significant risk to the economy.
AMERICA blocked including climate change on a set of downside risks to global growth that had won agreement by nearly all other G20 delegates, but finally decided to permit a mention of the Financial Stability Board’s work examining the implications of climate change for financial stability.
U.S. Treasury Secretary Steven Mnuchin played down the importance of the language included, calling it a “purely factual” reference to work being done by the FSB. But several G20 sources said it marked progress toward greater recognition of the monetary risks posed by climate change.
“I did so not bend to pressure from the Europeans,” Mnuchin told reporters following the release of the communique, bristling at the characterization of one reporter.
Saudi Finance Minister Mohammed al-Jadaan, hosting the meeting in Riyadh, told reporters that climate change remained a very important issue on the Saudi G20 presidency agenda and that there had been discussions linked to “financial risks most importantly” from the issue.
Discussions linked to “climate change and environmental protection” would continue at ministerial meetings and in technical groups over summer and winter, he said.
One G20 source said it had been the 1st time a mention of climate change have been included in a G20 finance communique during Trump’s presidency, though it was removed from the most notable of the joint statement.
U.S. officials have resisted naming climate change as an economical risk since Trump took office in 2017. One of his first acts as president was to announce Washington’s withdrawal from the Paris climate accord.
Asked why Washington did not back a broader reference to climate change in the communique, Mnuchin told Reuters, “That is an monetary forum, so issues of disclosure and an FSB report are relevant, however the broader issue is merely much less applicable.”
Source: the-japan-news.com
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