French President Emmanuel Macron reacts during a joint press conference at the end of the New Global Financial Compact Summit in Paris, France.
the President of France, Emmanuel Macronannounced this Friday 23 during a summit in Paris attended by the Brazilian President Luis Inacio Lula da Silva (PT) announces that rich nations have completed a pledge of US$100 billion in climate finance for developing countries and created a fund for biodiversity and forest conservation. The Paris summit aims to increase crisis financing for lowincome countries and reduce their debt, reform postwar financial systems and free up funds to tackle climate change, aiming to reach a highlevel consensus on how a number of initiatives can be promoted in bodies like that struggling G20, COP, IMFWorld Bank and United Nations. The $100 billion pledge falls far short of the real needs of poor countries, but has become a symbol of rich countries failing to deliver the climate funds pledged. This has fueled mistrust of broader climate negotiations between countries looking to step up their carbon reduction efforts. The Paris summit brings together some 40 leaders, including two dozen from Africa, the Chinese prime minister and the Brazilian president to push a new global financial agenda.
The meeting ended with a “full consensus” on “fundamental reform” of the global financial system, but without the longawaited revolution that would comprehensively tackle the fight against global warming without jeopardizing poverty reduction. At the end of the twoday debate, Macron reached a “complete consensus” on making the global financial system “more effective and fairer.” Among the advances the French leader cites is an agreement by several creditor countries to restructure Zambia’s debt and the achievement of a target of redistributing $100 billion in special drawing rights to poor countries, which was promised for 2021. However, there are few concrete results from the event. The events organized in the former headquarters of the Paris Stock Exchange, the Palais de Brongniart, came mainly from groups of countries. United States, United Kingdom, France, Spain and BarbadosAmong other things, the country has reached an agreement with the World Bank (WB) and other organizations to create a system of suspending debt payments in the event of natural disasters.
*With information from Portal