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G20 leaders approve global minimum tax deal and want it to be in place in 2023

Reuters, citing a draft

The global minimum tax has been in the works for some time, so it’s no surprise. I could see this impacting capital flows over time, but it’s hard to see it in a negotiable way, especially with much of the implementation (and loopholes) still unknown.

Other project titles:

  • The leaders will guarantee “a stable and uninterrupted supply of energy”
  • End international public funding for newly constructed coal-fired power generation abroad by the end of 2021
  • Will do their best to stop building new coal-fired power generation relentlessly “in the 2030s”
  • Commit to phase out inefficient fossil fuels “in the medium term”
  • Recognize “the key importance of achieving zero net global greenhouse gas emissions by mid-century”

The irony of Biden and others pushing for more pumping of oil and gas at the same time should not be lost on anyone.

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