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G20 ministers fail to agree on climate goals in communique -Italy

By Gavin Jones NAPLES (Reuters) -Energy and environment ministers from the Group of 20 rich nations have failed to agree on the wording of a key climate change commitment in their...

By Gavin Jones

NAPLES (Reuters) -Energy and environment ministers from the Group of 20 rich nations have failed to agree on the wording of a key climate change commitment in their final communique, Italy's Ecological Transition Minister Roberto Cingolani said on Friday.

The G20 meeting was seen as a decisive step ahead of United Nations climate talks, known as COP 26, which takes place in 100 days' time in Glasgow in November.

The failure to agree to common language ahead of that gathering will be seen as setback to hopes of securing a meaningful accord in Scotland.

Cingolani told reporters that ministers meeting in southern Italy could not agree on two disputed issues and that these would now have to be discussed when G20 heads of state and government hold a summit in Rome in October.

He said negotiations with China, Russia and India had proved especially difficult.

Cingolani said one of the sticking points was phasing out coal power, which most countries wanted to achieve by 2025 but some said would be impossible for them.

The other problem concerned the wording surrounding a 1.5-2 degree Celsius limit on global temperature increases that was set by the Paris Agreement.

Average global temperatures have already risen by more than 1 degree compared to the pre-industrial baseline used by scientists and are on track to exceed the 1.5-2 degree ceiling.

Cingolani said the final communique, which had been due to be published on Friday, would probably not now be released until Saturday.

Ahead of COP 26, environmental activists had hoped that the G20 gathering would lead to a strengthening of climate targets, new commitments on climate financing, and an increase in countries committing to net zero emissions by 2050.

Cingolani said the G20 had made no new financial commitments, but added that Italy itself would increase its own climate financing for underdeveloped countries.

The urgency of climate action has been brought home this month by deadly floods in Europe, fires in the United States and sweltering temperatures in Siberia, but countries remain at odds on how to pay for costly policies to reduce global warming.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

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EUR/USD

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USD/JPY

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AUD/USD

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USD/CAD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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