G20: The planned measures would lift the combined GDP of G20 nations by 2.1%
If fully implemented, the raft of policies will create millions of jobs, a communique says
Australian Prime Minister: "We will do everything we humanly can to make them happen"
G20 nations also agree to work to adopt a measure with "legal force" on climate change
World leaders at the G20 summit have agreed to a series of measures aimed at boosting the global economy by more than $2 trillion.
The plans, if they’re fully put into action, would lift the combined gross domestic product of G20 nations by an extra 2.1% by 2018, a communique from the summit said on Sunday.
“We can do more for our people and the wider world when we work together,” Australian Prime Minister Tony Abbott, who hosted the summit, told journalists.
The G20 is a group of the biggest advanced and emerging economies on the planet, accounting for two-thirds of the world’s population, 85% of global gross domestic product.
’Millions of jobs’
The action plan from the summit, held this weekend in the city of Brisbane, contains more than 800 separate reform measures, Abbott said.
The strategies include “major investment initiatives, including actions to strengthen public investment and improve our domestic investment and financing climate,” according to the communique.
But international leaders agreeing to do something is one thing, actually putting it into action is another.
“We will do everything we humanly can to make them happen,” Abbott said of the measures, which are specific to each member country.
The International Monetary Fund and the Organization for Economic Co-operation and Development “will be regularly reviewing our progress to achieving these measures to keep us accountable,” he said.
If all of it is successfully put into practice, the overall package will “add more than $2 trillion to the global economy and create millions of jobs,” the communique said.
Climate change commitment
The statement also voiced support for “strong and effective action to address climate change.”
G20 members said they agreed to work to successfully adopt a measure “with legal force” under the United Nations Framework Convention on Climate Change. The deadline is a major conference in Paris next year.
That commitment follows the historic climate change deal announced last week by the United States and China, the world’s two largest emitters of greenhouse gases.
“There was a lot of pressure here in Brisbane that the G20 follow through, continue the momentum about climate change,” said CNN’s Andrew Stevens.
Under the U.S.-China agreement, the United States would cut its 2005 level of carbon emissions by 26-28% before the year 2025. China would peak its carbon emissions by 2030 and will also aim to get 20% of its energy from zero-carbon emission sources by the same year.
President Obama who spoke to journalists after Abbott, commended the summit for its work but also took the opportunity to wrap up his entire trip to Asia with a few words of self-praise.
“From trade to climate change to the fight against Ebola, this was a strong week for American leadership, the result will be more jobs for the American people, historic steps towards a cleaner and healthier planet, and progress towards saving lives not just in West Africa but eventually in other places,” he said.
“If you ask me I’d say that’s a pretty good week.”
The trip contrasts with the political reality Obama faces in Washington, after his party suffered heavily in the midterm elections this month.
Obama said of his Asian trip that he planned to “build on that momentum” after his return to Washington.