Leaders from the world's 20 leading economies are meeting in Rome for their first in-person G20 summit on Saturday since the COVID-19 pandemic. The meeting hopes to find a way forward on climate change and vaccine equality.

"From the pandemic to climate change, to fair and equitable taxation, going it alone is simply not an option," G20 host and Italian Prime Minister Mario Draghi told the assembled group of leaders ahead of the closed-door meeting.

Draghi said that G20 countries should ensure that 70 percent of the global population is vaccinated against COVID-19 by mid-2022.

"We are very close to meeting the World Health Organization (WHO)'s target of vaccinating 40 percent of the global population by the end of 2021. Now, we must do all we can to reach 70 percent by mid-2022," Draghi said during his opening remarks for the two-day summit.

Russian President Vladimir Putin, who addressed the summit via video link, called on G20 countries to accelerate the mutual recognition of each other's COVID-19 vaccines.

Putin also said that the WHO should be quick to make decisions on approving vaccines.

Saudi King Salman bin Abdulaziz, speaking remotely, said the global economy is still suffering from the COVID-19 pandemic and that low-income countries are still struggling to provide vaccines for their population. 

Global economic recovery, climate change, COVID-19 vaccines, the supply chain crisis and energy prices are expected to be key issues at the ongoing 16th G20 summit.

The world leaders will say they aim to cap global warming at the 1.5 degrees Celsius level that scientists say is vital to avoid disaster, but will largely avoid firm commitments, according to a draft statement seen by Reuters.

However, more progress was made on other fronts, with the leaders endorsing a minimum tax agreement that all countries can collect from corporations from 2023 – a landmark deal aimed at stopping big businesses from parking profits in tax havens, the news agency reported. 

Additionally, the leaders set pledge to halt financing of overseas coal-fired power generation by the end of this year, and to "do our utmost" to stop building new coal power plants before the end of the 2030s.

King Abdulaziz said that Saudi Arabia will continue to support the stability and balance of oil markets and back efforts to supply clean energy to the world.

The first day of the summit featured the first session titled "Global Economy and Global Health," while the second and third sessions on Sunday will focus on "Climate Change and Environment" and "Sustainable Development" respectively.

The summit comes ahead of the key COP26 summit kicking off in Glasgow on Monday.

Set up in 1999, the G20 serves as the main forum for international cooperation on financial and economic issues.

It comprises 19 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States – and the European Union.

The G20 members represent about 60 percent of the planet's population and account for around 80 percent of global gross domestic product. 

(With input from agencies)