As the Summit for a New Global Financing Pact commences in Paris, world leaders are emphasizing the need for immediate reforms in the global financial architecture to address the pressing challenges of our time.
President Emmanuel Macron of France, in his opening remarks, acknowledged that while the existing financial system had previously been effective and provided necessary assistance, it no longer adequately adapts to current needs. Last year, he proposed a new financial pact to address these shortcomings.
The summit in Paris serves as a platform for all those affected by the consequences of climate change and poverty to establish a broad international consensus. President Macron highlighted the growing inequalities and vulnerabilities resulting from climate change, stressing that decision-makers should never be forced to choose between reducing poverty and protecting the planet.
Recognizing the importance of each country’s sovereignty, President Macron emphasized the need for a reorganization of global financial systems that respect the unique paths of individual nations. While acknowledging the limitations in completely overhauling the system, he expressed the belief that significant improvements can be made.
World leaders and organizations were urged to mobilize funds more effectively, ensuring they reach the countries that require them the most. The summit aims to generate solutions that positively impact the lives of people and countries around the world.
Prime Minister Mia Mottley of Barbados emphasized the summit’s purpose of identifying our shared humanity and the moral obligation to safeguard our planet. She called for action in response to the changing realities we face, emphasizing the need to secure transformation rather than mere reforms.: Mottley stressed the interconnection between poverty and climate change, highlighting the imperative to address both simultaneously. She called upon heads of state and government to challenge the existing order and break free from business-as-usual approaches that perpetuate inequalities.
Ugandan climate activist Vannessa Nakate emphasized the critical role of fossil fuels in the climate crisis. She urged the summit attendees to hold polluters accountable, cancel debts, and provide climate finance and grants to countries in the global south. Nakate emphasized the necessity of transitioning from fossil fuels to renewable energy in an equitable manner. UN Chief Antonio Guterres echoed the sentiment that the current global financial architecture is outdated, dysfunctional, and unfair. He stressed the urgency of a New Global Financial Pact to address the needs of developing countries and take meaningful action in combating inequalities, climate change, and biodiversity loss.
