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Over the weekend, G20 finance ministers touted the need to discourage fossil fuel use. Members of the G20 — an international organization composed of the United States, China, Germany, South Korea, the United Kingdom, and fourteen other top economies, plus the European Union — recently met to discuss climate change, taxation, and other global economic issues. The group encouraged International Financial Institutions — which include the International Monetary Fund, World Bank, and African Development Bank — to pursue alignment with the Paris Agreement “within ambitious timeframes.” Indeed, the Biden administration also drove the G20 to support a “global minimum tax” of at least 15% on corporations. United States Treasury Janet Yellen asserted that “we need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share.” Domestically, the Biden administration considers addressing climate change as a core policy priority.

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