Reuters, citing a draft
The global minimum tax has been in the works for awhile so it’s not a surprise. I could see it impacting capital flows over time but it’s tough to see it in any tradable way, especially with so much of the implementation (and loopholes) still unknown.
Other headlines from the draft:
- Leaders will ensure ‘stable and uninterrupted supply of energy’
- Will end international public finance for newly built unabated coal power generation abroad by the end of 2021
- Will do their ‘utmost’ to stop building new unabated coal power generation ‘in the 2030s’
- Commit to phasing out inefficient fossil fuels ‘over the medium term’
- Acknowledge ‘key relevance of achieving global net zero greenhouse gas emissions by mid-century’
The irony of Biden and others pushing for more oil and gas pumping at the same time shouldn’t be lost on anyone.