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From left to right, Australian Prime Minister Scott Morrison, German Chancellor Angela Merkel, Italian Prime Minister Mario Draghi, French President Emmanuel Macron and British Prime Minister Boris Johnson on Oct. 31. Photo: Antonio Masiello/Getty Images

Group of 20 leaders on Sunday wrapped up a two-day summit by announcing a compromise has been achieved that sets a target of reaching carbon neutrality "by or around mid-century."

Driving the news: The joint commitment tees up the United Nations climate conference, which begins Sunday in Glasgow, Scotland.

Our thought bubble, via Axios' climate reporter Andrew Freedman: The reported outcome is not what the U.S. and United Kingdom were advocating, which is a coal phaseout date. However, some observers noted it was a step in a positive direction on the need for greater emissions cuts.

  • E3G chief executive and co-founder Nick Mabey said: “After a tough fight that went all the way to leaders we expect the G20 to have confirmed the need for all countries to increase ambition this decade consistent with keeping 1.5C within reach. COP26 now needs to turn this political promise into an agreed process.”
  • "I am cautiously hopeful in what I am hearing from Rome," said COP26 president Alok Sharma at a press conference in Glasgow. He noted he is awaiting the final outcome.

Details: The world leaders also agreed to end public financing for coal-fired power generation abroad, but no target was set for phasing out coal domestically.

  • G20 leaders also searched for a reasonable solution on reducing gas emissions and providing aid to low-income countries dealing with the brunt of climate change, per the Associated Press.

Go deeper

Biden's meeting with Xi "substantive" but no breakthroughs

Illustration: Aïda Amer/Axios

President Biden and Chinese President Xi Jinping held a wide-ranging and, at times, candid discussion in a virtual meeting that lasted for about three and half hours on Monday evening.

Why it matters: The meeting didn't produce any "deliverables," but it did bolster a sense of much-needed stability between the two countries.

Extreme weather outruns the world

Illustration: Sarah Grillo/Axios

The pace and severity of climate change are simply outrunning humans' efforts to contain it.

The big picture: Severe flooding hit Canada and the Pacific Northwest before the ink was even dry on the climate agreements reached last week at the COP26 summit. And the extreme weather caused by climate change will continue to worsen, even if every one of those new commitments is met.

Movie theaters go out of style

Illustration: Sarah Grillo/Axios

Vaccination rates are going up, people are going out to restaurants again — although the new COVID variant may get in the way — but they still aren't rushing back to the movies.

By the numbers: Some 49% of pre-pandemic moviegoers are no longer hitting theaters, according to a study from the film research company The Quorum, as reported by the New York Times.