For months, Ms. Yellen cajoled Ireland’s finance minister, Paschal Donohoe, to back the agreement, which would require Ireland to raise its 12.5 percent corporate tax rate — the centerpiece of its economic model to attract foreign investment. Ultimately, through a mix of pressure and pep talks, Ireland relented, removing a final obstacle that could have prevented the European Union from ratifying the agreement.

Some progressives in the United States say that Mr. Biden’s ability to follow through on his end of the bargain was a crucial piece of the framework spending bill.

“The international corporate reforms are the most important,” said Seth Hanlon, a senior fellow at the liberal Center for American Progress, who specializes in tax policy, “because they are linked to the broader multilateral effort to stop the corporate race to the bottom. It’s so important for Congress to act this year to give that effort momentum.”

Jim Tankersley reported from Rome, and Alan Rappeport from Washington.

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Biden Eases Fray with France and Savors Meeting with Pope as Europe Trip Begins

ROME — After a six-week diplomatic uproar over a scuttled submarine deal and accusations of American duplicity, President Biden made a one-on-one effort Friday to mend fences with President Emmanuel Macron of France by admitting that, yes, the matter could have been handled better.

“What we did was clumsy,” Mr. Biden told reporters hours after arriving in Italy to attend a summit with other world leaders. “It was not done with a lot of grace.”

By delivering an in-person mea culpa to the leader of one of America’s oldest allies, Mr. Biden signaled that he was ready to move on from an embarrassing spat that grew from a secretive American agreement with Britain and Australia to supply Australia with nuclear-powered attack subs, effectively canceling out a lucrative and strategically important French contract.

“I was under the impression that France had been informed long before that the deal was not coming through,” Mr. Biden said, effectively inviting his negotiating partners to shoulder some of the blame after weeks of weathering French ire. Later in the day, the two issued a joint statement that confirmed Mr. Biden’s support for America’s European allies to develop a “stronger and more capable European defense” as a compliment to NATO.

global agreement to set minimum levels of corporate taxation, aimed at stopping companies from stuffing income into tax havens. He will also prod other countries to assist in uncorking supply chain bottlenecks, announce a global task force to fight the coronavirus and urge investments to curb global warming.

But his trip began with a private audience with Pope Francis at the Vatican, a diplomatic meeting that the president, who was grinning broadly as he emerged from his presidential limousine, seemed to enjoy.

After spending about 90 minutes with Francis in the Vatican’s Apostolic Palace, Mr. Biden told reporters that the pope had called him a “good Catholic” who should keep receiving holy communion.

The apparent show of support would mark the first time the pope has explicitly pushed back against a campaign by conservative bishops in the United States to deny Mr. Biden, a fellow Roman Catholic, the sacrament because of his support for abortion rights. Asked if the two had spoken about abortion, the president said no, but that the topic of receiving the sacrament had come up.

“We just talked about the fact he was happy that I was a good Catholic,” Mr. Biden told reporters, “and I should keep receiving communion.”

have become common targets of powerful conservative American bishops seeking to undercut them.

Massimo Faggioli, a theology professor at Villanova University and author of “Joe Biden and Catholicism in the United States,” said there was “no question” that American bishops would be angered by the pope’s encouragement, and wondered whether the president had cleared his decision to speak publicly about it with the Vatican.

The heavily edited footage released by the Vatican appeared to underscore the warm bond shared by the two leaders. Mr. Biden clasped the pope’s hand and called him “the most significant warrior for peace I’ve ever met.”

After their private talk they exchanged gifts, and Mr. Biden gave the pope a presidential challenge coin that featured Delaware, his home state, and Beau’s Army National Guard unit. “I know my son would want me to give this to you,” he said.

As Francis showed Mr. Biden and Jill Biden, the first lady, to the door, Mr. Biden was in no rush to leave.

He unspooled a folksy yarn that referred to both he and the pope ascending to their positions later in life. In a nod to their ages — he is 78 and Francis is 84 — he relayed a story about Satchel Paige, the legendary Black player who pitched the majority of his career in the Negro Leagues, and who was allowed to join the Major Leagues only in his 40s.

“Usually, pitchers lose their arms when they’re 35,” Mr. Biden said to the pope, who seemed a little lost by the baseball reference. “He pitched a win on his 47th birthday.”

As Mr. Biden explained it, reporters asked the pitcher: “‘Satch, no one’s ever pitched a win at age 47. How do you feel about pitching a win on your birthday?’” and the pitcher responded: “‘Boys, that’s not how I look at age. I look at it this way: How old would you be if you didn’t know how old you were?’”

The pope looked at Mr. Biden.

“You’re 65, I’m 60,” the president said. “God love ya.”

Jim Tankersley contributed reporting from Rome, and Ruth Graham from Dallas.

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Finance Ministers Meet in Venice to Finalize Global Tax Agreement

“I think first, this is an economic surrender that other countries are glad to go along with, as long as America is making itself that uncompetitive,” Mr. Brady said. “And secondly, I think there are too many competing interests here for them to finalize a deal that would be agreeable to Congress.”

Other nations must also determine how to turn their commitments into domestic law.

The mechanics of changing how the largest and most profitable companies are taxed, and of making exceptions for financial services, oil and gas businesses, will be central to the discussions. There are already concerns that carve-outs could lead to new tax loopholes.

Ms. Yellen, who is making her second international trip as Treasury secretary, will be holding bilateral meetings with many of her counterparts, including officials from Saudi Arabia, Japan, Turkey and Argentina. China, which signed on to the global minimum tax framework, is not expected to send officials to the gathering of finance ministers and central bank governors, so there will be no discussions between the world’s two largest economic powers.

Mr. Saint-Amans expressed optimism about the trajectory of the tax negotiations, which were on life support during the final year of the Trump administration, and attributed that largely to the new diplomatic approach from the United States.

“It took a U.S. election, and some work at the O.E.C.D.,” he said.

During the panel discussion on tax and climate change, Ms. Yellen’s counterparts said they appreciated the spirit of cooperation from the United States.

Chrystia Freeland, Canada’s deputy prime minister and finance minister, said having the United States back at the table working to combat climate change was “welcome” and “transformative.” Mr. Le Maire thanked the Biden administration for rejoining the Paris Agreement.

“The U.S. is back,” he said.

Jim Tankersley contributed reporting from Washington, andLiz Alderman from Paris.

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How Debt and Climate Change Pose a ‘Systemic Risk to the Global Economy’

How does a country deal with climate disasters when it’s drowning in debt? Not very well, it turns out. Especially not when a global pandemic clobbers its economy.

Take Belize, Fiji and Mozambique. Vastly different countries, they are among dozens of nations at the crossroads of two mounting global crises that are drawing the attention of international financial institutions: climate change and debt.

They owe staggering amounts of money to various foreign lenders. They face staggering climate risks, too. And now, with the coronavirus pandemic pummeling their economies, there is a growing recognition that their debt obligations stand in the way of meeting the immediate needs of their people — not to mention the investments required to protect them from climate disasters.

The combination of debt, climate change and environmental degradation “represents a systemic risk to the global economy that may trigger a cycle that depresses revenues, increases spending and exacerbates climate and nature vulnerabilities,” according to a new assessment by the World Bank, International Monetary Fund and others, which was seen by The Times. It comes after months of pressure from academics and advocates for lenders to address this problem.

downgraded its creditworthiness, making it tougher to get loans on the private market. The International Monetary Fund calls its debt levels “unsustainable.”

nearly $600 billion in debt service payments over the next five years. Both the World Bank and the International Monetary Fund are important lenders, but so are rich countries, as well as private banks and bondholders. The global financial system would face a huge problem if countries faced with shrinking economies defaulted on their debts.s

“We cannot walk head on, eyes wide open, into a debt crisis that is foreseeable and preventable,” the United Nations Secretary General, António Guterres, said last week as he called for debt relief for a broad range of countries. “Many developing countries face financing constraints that mean they cannot invest in recovery and resilience.”

The Biden administration, in an executive order on climate change, said it would use its voice in international financial institutions, like the World Bank, to align debt relief with the goals of the Paris climate agreement, though it hasn’t yet detailed what that means.

flurry of proposals from economists, advocates and others to address the problem. The details vary. But they all call, in one way or another, for rich countries and private creditors to offer debt relief, so countries can use those funds to transition away from fossil fuels, adapt to the effects of climate change, or obtain financial reward for the natural assets they already protect, like forests and wetlands. One widely circulated proposal calls on the Group of 20 (the world’s 20 biggest economies) to require lenders to offer relief “in exchange for a commitment to use some of the newfound fiscal space for a green and inclusive recovery.”

debts soared, including to China, and the country, whose very existence is threatened by sea level rise, pared back planned climate projects, according to research by the World Resources Institute.

The authors proposed what they called a climate-health-debt swap, where bilateral creditors, namely China, would forgive some of the debt in exchange for climate and health care investments. (China has said nothing publicly about the idea of debt swaps.)

sinking under huge debts, including secret loans that the government had not disclosed, when, in 2019, came back-to-back cyclones. They killed 1,000 people and left physical damages costing more than $870 million. Mozambique took on more loans to cope. Then came the pandemic. The I.M.F. says the country is in debt distress.

Six countries on the continent are in debt distress, and many more have seen their credit ratings downgraded by private ratings agencies. In March, finance ministers from across Africa said that many of their countries had spent a sizable chunk of their budgets already to deal with extreme weather events like droughts and floods, and some countries were spending a tenth of their budgets on climate adaptation efforts. “Our fiscal buffers are now truly depleted,” they wrote.

In developing countries, the share of government revenues that go into paying foreign debts nearly tripled to 17.4 percent between 2011 and 2020, an analysis by Eurodad, a debt relief advocacy group found.

Research suggests that climate risks have already made it more expensive for developing countries to borrow money. The problem is projected to get worse. A recent paper found climate change will raise the cost of borrowing for many more countries as early as 2030 unless efforts are made to sharply reduce greenhouse gas emissions.

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