The activities of the “For a New Global Financial Pact” summit were launched in Paris to discuss several topics, including the climate, debt restructuring and poverty reduction, in the presence of heads of state, finance ministers and international organizations from all over the world.
The summit attracts nearly 50 heads of state and government, such as Germany, Brazil, Senegal and Zambia, and representatives of more than 100 countries, including Saudi Crown Prince Mohammed bin Salman.
The new summit called for by French President Emmanuel Macron, during the COP 27 climate summit last year in Egypt, aims to lay the foundations for a new financial system that is more fair and solidarity to face common global challenges, including reducing poverty, confronting climate change and protecting environmental diversity. In addition to strengthening the resilience of the most fragile countries in the face of economic shocks and the repercussions of climate change.
The new global summit has become a necessity, especially after the economic losses resulting from natural disasters last year exceeded 300 billion dollars, and the rate of decline in wildlife reached about 70% between 1970 and 2018, in addition to the increase in the percentage of people living in extreme poverty by about 11% due to the pandemic. corona.
The summit also paves the way for concluding new agreements to reduce the problem of debt aggravation, and allows a greater number of countries to obtain the financing they need in order to invest in sustainable development, better preserve nature, reduce greenhouse emissions and protect the population from environmental crises, especially in the areas most vulnerable to crises. .
With 40 parallel events expected, the summit will provide an opportunity to examine the interactions between multilateral development bank reform, climate finance and debt solutions.
In this context, the French President said: “Today we must succeed in setting some clear goals in light of this mobilization, despite the collective successes that we have achieved in Montreal with regard to biodiversity. If we face reality, inequality is increasing, and climate fragility is increasing.” risks and our world is exposed to greater and greater shocks.”
He added: “The pandemic added to these difficulties, followed by a disorderly global recovery and now the war in Ukraine in the wake of Russian aggression and many upheavals. We have a financial system now, which is the fruit of old cooperation, which has shown its effectiveness and which has been very helpful over the past decades, but it is no longer so fast.” enough and is no longer appropriate and must be in line with our objectives.”
He continued, “This is why we proposed, last year in Bali, a new global financial compact that must first be built on people’s expectations, and I want to salute our young people around the world who contributed to the preparation of this summit; non-governmental organizations and civil societies must remain in heart of this project.