French President Emmanuel Macron opened the summit for a new international financial pact in Paris this Thursday, during which dozens of world leaders will speak for two days, including the Presidents of Cuba, Miguel Díaz-Canel, and Brazil, Luiz Inácio Lula da Silva, among others.
In his opening speech, the French President called for “very concrete solutions” to reform development financing now so that the countries affected are also confronted with the consequences of climate change.
“No country should have to choose between reducing poverty and protecting the planet,” Macron said at the opening of the summit for a new world fiscal pact.
This is the first of the four principles that Macron says will guide these two days of discussions. Second, each country must be sovereign in choosing its path, because “there is no one-size-fits-all model,” he added.
The third is “expected to have an impact on public finances” because “much more investment must be made”, including with “a mobilization of international institutions” such as the World Bank and the International Monetary Fund.
Finally, he referred to the private sector and accused it of not being “equal to” the global challenge. “We need a lot more from the private sector,” he stressed, because “there’s a lot of money out there” and they need to be “serving the planet.”
Macron reiterated that the reform of the financial system is necessary at a time when “inequalities are increasing and climate change poses risks”.
He recalled that the Covid-19 pandemic “increases inequality” and said that the conflict between Russia and Ukraine “contributed to destabilization”.
Díaz-Canel is attending on behalf of the G-77 and China
This meeting will bring together in Paris for two days leaders, international institutions and representatives of civil society to try to lay the groundwork for a new development finance system that will enable participating countries to lift themselves out of poverty while confronting poverty challenges of climate change.
Cuban President Miguel Díaz-Canel is taking part in the conclave on behalf of the G-77 plus China, the largest and most diverse advisory group in the multilateral field with 134 member states, of which the island is the president this year.
president @DiazCanelBIn addition to representation #Cuba It is participating in this world event on behalf of the G-77 plus China, the largest and most diverse consultative group in the multilateral sphere with 134 member states, which the island is presiding over this year. pic.twitter.com/DMyvHMDvSx
— Presidency of Cuba 🇨🇺 (@PresidenciaCuba) June 22, 2023
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