On June 22 and 23, the “Summit for a new global financial pact” is being held in Paris to try to reform the global financial system in order to better arm the States most affected in the face of climate change. ” produced by NOWU in partnership with franceinfo provides an update on the program and the challenges.
The head of the UN Antonio Guterres, the environmental activist Greta Thunberg, the presidents of the European Council, of the WTO… All made the trip to Paris to take part in the “Summit for a New Global Financial Pact”.
But what does it mean and why is it necessary?
Trillions of dollars needed to address the loss and damage of climate change.
The planet is warming up and that obviously causes a lot of damage: material, human, cultural, psychological… And this, even if from today everything is implemented to limit the breakage.
This unavoidable damage is called “loss and damage” and obviously cost a lot of money!
Today, experts estimate the needs of developing countries at more than 2 trillion dollars per year by 2030 !
Developing countries, which suffer the most from the damage caused by climate change, and which paradoxically are also the least able to cope with it financially.
So where to find this money? Perhaps in the countries of the North, which are at the origin of 92% of emissions causing climate change and which are also the richest countries? It’s a question of climate justice which has been at the heart of discussions in recent days.
This financing cannot be found either without reform of financial institutions (IMF, World Bank) which are no longer adapted to the situation.
It is to meet all these challenges that Emmanuel Macron organized this summit.
On the program: round tables, concerts and dinners.
The summit opened Thursday morning with Barbados Prime Minister Mia Mottleyface of the countries of the South in the fight against global warming where she pleaded the urgent need to transform global financial institutions.
We have chosen not to follow the advice of scientists. And what could have been done in over a century must now be done in less than a decade.
Mia Mottley, during her opening speech of the “Summit for a new global financial pact”AFP
The summit revolves around round tables to define “a roadmap” which should be presented by Friday evening.
Many topics are covered, including the restructuring of the debts of the most vulnerable countriesreform of institutions (IMF, World Bank, etc.), taxation or even the role of the private sector.
A major concert on the sidelines of the summit was also organized by the Global Citizen organization this Thursday evening at the foot of the Eiffel Tower. On stage in particular, the stars Billie Eilish, Jon Batiste or even Lenny Kravitz. Dozens of activists from around the world, personalities like Diane Kruger, Michelle Yeoh or even Brazilian President Lula also intervened to push governments to do more in the face of the environmental emergency.
Can the measures taken be up to the challenges?
If this vertex allows give real importance to the issue of fundingmany specialists doubt that real commitments will be made by this evening.
This is the case ofEsther Duflo, 2019 Nobel Prize in Economics:
[…] With regard to the specific question of commitments vis-à-vis poor countries, what can be said is that the commitments COP after COP after COP are on the one hand insufficient and on the other hand not kept. .
Esther Duflo, 2019 Nobel Prize in EconomicsAFP
On the association side, the NGO Attac denounced a “greenwashing summit”, “a communication operation”. On Wednesday, several NGOs also unfurled a banner on the Place du Trocadéro, calling for an end to the financing of fossil fuels and the taxation of polluters, arguing that the money already existed, but that today it was invested in fossil fuels.
Thursday evening, the Managing Director of the IMF nevertheless announced the achievement of the objective of mobilizing 100 billion dollars for the benefit of the most vulnerable populations. A commitment that was initiated at the Summit on Financing African Economies in 2021.
This Friday’s day should end with the presentation of the conclusions of the round tables and the restitution of a roadmap.
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