Stressing on the involvement of developing countries in the global fight against the climate crisis, Macron called for ‘climate solidarity’…reports Asian Lite News
The Summit for a New Global Financing Pact kicked off at Paris on Thursday, with more than 300 participants from various sectors. The two-day summit is being held at the Palais Brongniart, which used to house the Paris stock exchange.
The international financing system “is the fruit of a past consensus, which was able to show its effectiveness,” but it “is no longer entirely suitable, and must be realigned with our objectives,” French President Emmanuel Macron said in his opening speech.
Macron called for more funding to meet the challenges of poverty, biodiversity and climate. He told delegates that the world needs a “public finance shock” — a global push of innovation and financing in order to combat these challenges considering that the current system was “not well suited to address the world’s challenges.”
“Facing these challenges at the same time, poverty, climate and biodiversity, we must invest more, and we are not up to the task,” he added at the beginning of the two-day summit.
Stressing on the involvement of developing countries in the global fight against the climate crisis, Macron called for ‘climate solidarity’.
The participants are expected to discuss climate change-related financing issues through six round tables, including overhauling the international financial architecture, restoring confidence, forging partnerships for strategies, and creating a conducive environment for the private sector.
According to a Le Monde report, the global financing summit seeks to ‘redefine North-South relations’. Around 50 heads of state from across the globe, along with representatives from international institutions and civil bodies, are attending the summit.
“The objective of this ambitious conference is to “build a new contract between [the global] North and South,” said Macron. The aim is to “address the needs of developing countries in their fight against poverty and their adaptation to global warming,” he added. The Summit for a New Global Financing Pact will aim to materialise an investment surge for countries in need.
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