Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climate objectives that are crucial to keeping global temperatures in check, according to a draft statement for this weekend’s summit.

The 11-page document seen by Bloomberg, which is still being negotiated by diplomats in Rome ahead of the meeting, shows key deliverables have yet to be agreed. The draft, dated Thursday, refers to the “existential challenge” of climate change.

Many references to climate objectives and dates are still in brackets or with large slabs of text highlighted in various colors, meaning they haven’t been finalized. That includes a vow to take “immediate action” to keep the objective of limiting global warming to 1.5 degrees Celsius within reach. There is a reference to ending the use of coal in domestic power generation, but the current wording would give countries wiggle room.

Some sort of agreement among G-20 leaders is essential as many of them then go onto Glasgow for the COP26 climate summit, which is designed to improve on the goals set under the Paris climate accord.

Leaders would commit to “put an end to the provision of international public finance for newly built unabated coal power generation by the end of 2021 and to mobilize international public finance to support green and inclusive energy development,” according to the document.

This refers to country investment, not just the International Monetary Fund, according to a G-20 official who asked not to be identified speaking about confidential talks.

On domestic coal, the draft only pledges that leaders “will do our utmost to avoid building new unabated coal power generation capacity, taking national circumstances into account.”

The document suggests countries could agree to “differentiated responsibilities” depending on their “respective capabilities.”

An agreement to stop funding coal plants abroad could reduce carbon dioxide emissions by 230-million tons a year, said Christine Shearer, program director at the Global Energy Monitor. That’s almost equivalent to the annual emissions of Belgium and Nigeria combined. The vast majority of the savings would come from China, though a lack of clarity remains over President Xi Jinping’s September pledge to stop building overseas coal plants.

G-20 nations say they “remain committed” to the Paris Agreement of holding the global average temperature increase well below 2 degrees Celsius and to pursue efforts to limit it to 1.5 degrees above pre-industrial levels. They acknowledge “the key relevance of achieving global net zero greenhouse gas emissions or carbon neutrality,” but the target date of 2050 is in brackets. The statement also says the countries are “mindful” that clean energy transitions “require an enhanced understanding of energy security.”

The draft also vows to “reduce our collective methane emissions substantially” but the sentence, as well as the date of “by 2030” are still under discussion. The leaders “recognize the value of national and international initiatives on methane emissions reduction, including the Global Methane Pledge and its objective of reducing global methane emissions by at least 30% below 2020 levels by 2030.”

The section on achieving a yearly $100-billion target for climate financing for developing countries has yet to be detailed.

Other points of note in the draft statement:

• Still not formalized is a potential pledge to work toward the recognition of Covid-19 vaccines deemed safe and effective by the World Health Organization, with the aim of broadening the list of vaccines authorized for emergency use.
• Also not formalized is a proposal to set up a G-20 Joint Finance-Health Task Force to boost cooperation on issues such as pandemic preparedness and response.
• It includes a line about the importance of preventing irregular migration flows and tackling human traffickers, with a focus on “safe, orderly and regular migration”.
• There is no suggested language as yet on international tax.
• There is a statement of support for “open and fair, rules-based trade” alongside a “commitment to fight protectionism and strengthen the multilateral trading system, with the WTO at its core.”

The negotiations are very slow, particularly on climate and energy issues, said another G-20 official.

China and India have been an obstacle to drafting the statement, according to a separate official, with the Chinese delegation digging in their heels on points of contention.