The Banking Executive, Issue 155, November 2021

2021 G20 Rome Summit 23. In this endeavour, informed by the IPCC assessments, we will accelerate our actions across mitigation, adaptation and fi- nance, acknowledging the key relevance of achieving global net zero greenhouse gas emissions or carbon neutrality by or around mid-century and the need to strengthen global efforts required to reach the goals of the Paris Agreement. Accordingly, recog- nizing that G20 members can significantly contribute to the re- duction of global greenhouse gas emissions, we commit, in line with the latest scientific develop- ments and with national circum- stances, to take further action this decade and to formulate, imple- ment, update and enhance, where necessary, our 2030 NDCs, and to formulate Long- Term Strategies that set out clear and predictable pathways con- sistent with the achievement of a balance between anthropogenic emissions and removal by sinks by or around mid-century, taking into account different ap- proaches, including the Circular Carbon Economy, socio-eco- nomic, economic, technological, and market developments, and promoting the most efficient so- lutions. We acknowledge the ef- forts made to date, including net zero and carbon neutrality com- mitments and new and ambi- tious NDCs and LTSs by G20 members, and those to come by or at COP26. 24. We will deliver national recov- ery and resilience plans that al- locate, according to national circumstances, an ambitious share of the financial resources to mitigating and adapting to cli- mate change and avoid harm to the climate and environment. We acknowledge the Sustainable Recovery Tracker developed in cooperation with the IEA, en- couraging its update. In order to deploy the full potential of zero, low-emission, innovative, mod- ern and clean solutions, we will collaborate to accelerate the de- velopment and deployment of the most efficient and effective solutions and help them rapidly achieve cost parity and commer- cial viability, including to ensure access to clean energy for all, es- pecially in developing countries. We commit to scale up public Research, Development and De- ployment. We will increase our cooperation on enhanced coun- try-driven capacity building and technology development and transfer on mutually agreed terms, including through key global initiatives and joint or bi- lateral projects on the most effi- cient solutions in all sectors of economy. 25. Impacts of climate change are being experienced worldwide, particularly by the poorest and most vulnerable. We stress the importance of the effective im- plementation of the global goal on adaptation and will submit adaptation communications. We also commit to scale up adapta- tion finance, with a view to achieving a balance with the provision of finance for mitiga- tion to address the needs of de- veloping countries including by facilitating mechanisms, condi- tions and procedures to access available funds, taking national strategies, priorities and needs into account. We recall and reaf- firm the commitment made by ISSUE 155 NOVEMBER 2021 the BANKING EXECUTIVE 43