French President Emmanuel Macron at the opening session of the G20 summit in Rome on October 30, 2021. Source: Jacques Witt/ ABACA via Reuters.
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • At the G20 summit in Rome, French President Emmanuel Macron says Prime Minister Scott Morrison had lied to him over the cancellation of a submarine contract
  • This weekend was the first time the two leaders had met since the multi-billion dollar deal was scrapped in September
  • Morrison claims he didn’t lie, saying he had previously explained to Macron that conventional submarines would no longer meet Australia’s needs
  • The G20 summit itself has frustrated environmental activists by offering few concrete commitments regarding climate change
  • World leaders will meet in Glasgow this week for the 2021 United Nations Climate Change Conference, also known as COP26

At the G20 summit in Rome over the weekend, French President Emmanuel Macron said Prime Minister Scott Morrison had lied to him over the cancellation of a submarine building contract in September.

It was the first time the two leaders had met since Australia scrapped the multi-billion dollar deal with France in favour of a new security alliance with the United States and Britain.

Dubbed ‘AUKUS’, the new arrangement could give Australia access to nuclear-powered submarines. However, Paris claims it was caught off guard, and recalled its ambassadors from Washington and Canberra amid accusations of betrayal.

“I have a lot of respect for your country,” Mr Macron told a group of Australian reporters at the summit. “I have a lot of respect and a lot of friendship for your people.

“I just say when we have respect, you have to be true and you have to behave in line and consistently with this value.”

Asked if he thought Morrison had lied to him, Macron replied “I don’t think, I know”.

Speaking on Sunday at a later media conference, also in Rome, Prime Minister Morrison disputed the claim that he had lied and said he had previously explained to Macron that conventional submarines would no longer meet Australia’s needs.

On Friday, US President Joe Biden said he thought France had been informed of the contract cancellation but added that the handling of the new security agreement had been clumsy.

Biden also weighed in on the G20 summit itself, which frustrated environmental activists by offering few concrete commitments regarding climate change.

“The disappointment relates to the fact that Russia and … China basically didn’t show up in terms of any commitments to deal with climate change,” President Biden told reporters.

While the G20 members agreed to stop financing coal power overseas, no timetable was set for phasing it out at home. Discussions regarding efforts to reduce emissions of methane — another potent greenhouse gas — were also watered down.

Still, Italian Prime Minister Mario Draghi, who chaired the gathering, said the final accord marks the first time all G20 states had agreed on the importance of capping global warming at the 1.5 degrees Celsius level, which scientists say is vital to avoid disaster.

“We made sure that our dreams are not only alive but they are progressing,” Prime Minister Draghi told a closing news conference.

The 2021 United Nations Climate Change Conference, also known as COP26, kicks off in Glasgow, Scotland, today with two days of speeches that could include some new emissions-cutting pledges. Technical negotiators are then expected to lock horns over the rules of the 2015 Paris climate accord.

More From The Market Online

Alcoa, Arafura pop as first Oz winners benefiting from Albo-Trump US critical minerals deal

Alcoa and Arafura have emerged as the first big winners of Albo and Trump's US$8.5B agreement…

Next door to a nickel giant: The untapped opportunity in Timmins

In the heart of Ontario’s emerging Timmins Nickel District—one of Canada’s most prolific and infrastructure-rich mining regions—a small but ambitious exploration company is
Image of an American flag flying over Washington

Trump’s 10% Intel deal belies a gov’t shouting ‘free market’ but thinking the opposite

If you wanted something to chew on from US government activities over the weekend, Wall Street's…
Bitcoin concept

Bitcoin and ether smashed all time highs this week – can the price keep running?

On Thursday, the price of Bitcoin minted yet another fresh record high, dragging along with it…