Finance Minister Nirmala Sitharaman on Friday discussed at the G20 Finance Ministers meeting the global economic risks in view of emerging Covid19 variants.

Participating through virtual mode at the Day 1 of G20 Finance Ministers and Central Bank Governors meeting at Italy, Sitharaman also welcomed the Report of the G20 High Level Independent Panel on Financing Global Commons for pandemic preparedness and response.

This is the third time that G20 Finance Ministers and Central Bank Governors are gathering under the Italian G20 Presidency. The G20 members account for more than 80 per cent of world gross domestic product, 75 per cent of global trade and 60 per cent of population of the planet.

At the Venice meeting that is to conclude on Saturday, G20 Finance Ministers are widely expected to back a global tax deal to stop multinationals from shifting profits into low tax jurisdictions and havens. The aim is to get the pact to establish a minimum global corporate tax rate of at least 15 per cent get final approval from G20 country leaders at the October summit in Rome.

Meanwhile, earlier on Friday ahead of the G20 Finance Ministers meet, Sitharaman participated through virtual mode in the G20 High Level tax symposium on Tax Policy and Climate Change. She emphasised on the role of technology in fighting climate change and called for international cooperation to increase supply of alternative sources of energy and technologies for adaptation.

Sitharaman shared India’s innovative policy mix for better environmental outcomes such as new energy map of India, digital innovation and emerging fuels, solar alliance for enabling clean energy and international promotion of energy efficiency and afforestation, the Finance Ministry said in a series of tweets.

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