The Summit for a New Global Financial Pact

The Summit for a New Global Financial Pact

📅 22 – 23 June 2023
Paris, France

From June 22 to 23, 2023, the Summit for a « New Global Financial Pact » will be held in Paris following the wishes of the President of the Republic Emmanuel Macron, shared during the COP27 in Egypt. During this Summit, the issues at stake are the repercussions of the multiple climate, energy, health, and economic crises, particularly in the most vulnerable countries. The financing needed to address these crises will also be central to the event’s program.

”The international community’s responses are currently fragmented, partial and insufficient. We therefore call for a fundamental overhaul of our approach. Together, we need to build a more responsive, fairer and more inclusive international financial system to fight inequalities, finance the climate transition, and bring us closer to achieving the Sustainable Development Goals,” said Mia Mottley, Prime Minister of Barbados.

”We will take a major step, as we will start by establishing a new consensus. The fight against poverty, the decarbonization of our economy in order to achieve carbon neutrality by 2050, and the protection of biodiversity, are closely intertwined. We, therefore, need to agree together on the best means to address these challenges in the poor and emerging countries of the developing world, when it comes to the amount of investment, to comprehensive reform of infrastructure like the World Bank, the IMF, and public and private funds, and how to set a new process in motion, ”said Emmanuel Macron, President of the French Republic.

Four major objectives for this Summit have been announced and will be followed up by four working groups:

  • Restoring fiscal space to countries facing short-term difficulties, especially the most indebted countries
  • Promoting private sector development in low-income countries
  • Encouraging investment in « green » infrastructure for the energy transition in emerging and developing countries
  • Mobilizing innovative financing for countries vulnerable to climate change.

Original Source: The Summit for a New Global Financial Pact