The summit wanted by Emmanuel Macron in Paris may have broken some barriers in the consideration of international solidarity. But this peak did not cause a big bang.
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Some forty Heads of State and Government were reunited since Wednesday June 21 in Paris. Their mission was to set up a new global financial pact both for the development of the poorest countries and their adaptation to climate change.
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On the financial level, the objective of 100 billion dollars for the climate promised for more than ten years will soon be reached according to the French president. This point is important for trust between the countries of the North and the countries of the South. These 100 billion funds had been promised at the time of the Covid, however there is still part of the funds to be disbursed.
Financial advances
The summit also made it possible to release significant amounts for loans. It has enabled progress to be made on the restructuring of Zambia’s debt. It also confirms the success of a mode of intervention for the energy transition. It consists of investing large amounts to support certain countries, of which the Senegal.For its part, the World Bank is committed to a debt suspension system for vulnerable countries in the event of a disaster. And the participating countries are committing to a reform of the governance of the international financial architecture. Emmanuel Macron baptized this the “new Paris consensus for the planet”. He would like a progress report to be produced within 6 months and he promises a follow-up meeting within 2 years in Paris.
The significance of this summit, while useful, remains uncertain. The financial means had already been promised a long time ago. The financial reform will be judged in the facts. The shipping tax remains uncertain. It is supported by a “country club“, in the words of Emmanuel Macron, eighteen according to NGOs, and the Americans have not shown of enthusiasm.
However, this summit broke a number of taboos on taxes and debts. He pointed failure of the financial system to preserve solidarity and international momentum. And it made it possible to underline the need for inclusiveness, in the institutions, of the countries of the South. But for many NGOs, this summit “is not up to the stakes“, denounces Oxfam. “It’s far from being a real financial pact“, is indignant ONE. For the WWF “the biggest remains to be done”.
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