G20 agrees on final communique with reference to climate change

Calls for G20 Leaders Meeting amid virus-triggered Global Markets Panic
Calls for G20 Leaders Meeting amid virus-triggered Global Markets Panic

Compromise language hammered out to overcome U.S. objectionsretained a reference to the Financial Stability Board's work examining theimplications of climate change for financial stability, although it droppedclimate change from its list of downside risks to global economic growth.

One of the sources said itwas the first time a reference to climate change had been included in a G20finance communique, even though it was removed from the top of the jointstatement.

G20 finance ministers and central bankers are meeting in theSaudi capital to discuss top global economic challenges, including the spreadof the new coronavirus.

Concerns about the economicimpact of climate change have escalated in recent years and pressure ismounting on business to accelerate the shift to a low-carbon economy ahead of UnitedNations climate talks in November.

A report issued last weekforecast the world's financial services sector risks losses of up to $1trillion if it fails to respond quickly to climate change and is hit by policyshifts such as the introduction of a carbon tax.

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