Towards a new financial architecture to fight climate change

by time news

2023-06-22 17:45:23

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Pars

Updated Thursday, June 22, 2023 – 17:45

Emmanuel Macron brings together rulers, sheikhs and activists from 50 countries to discuss formulas that help the countries most vulnerable to global warming cope with natural disasters

Emmanuel Macron and Mohammed bin Salman, Crown Prince of Saudi Arabia, and ParsEFE

In the Brongniart palace in Paris, the old Stock Exchange building, antagonistic profiles were seen this Thursday: the crown prince of Saudi Arabia, Mohamed Bin Salman, or the young Ugandan environmentalist Vanessa Nakate. Two worlds so opposite with a common need: fight against climate change.

Reconciling economic development and protecting the environment is the challenge of the international summit organized in Paris by the French president, Emmanuel Macron. An appointment that will last two days and in which representatives of fifty countries debate formulas to help the countries most vulnerable to climate change, those that suffer the most from droughts, floods and heat waves, and have fewer resources to deal with catastrophes. natural.

“No country should have to choose between fighting poverty and climate change,” the French president has said in his opening speech. The meeting, dubbed the “summit for a new global financial pact”, starts with this objective, at least on paper: to refound the international financial system that was founded in 1944 at Bretton Woods, in New Hampshire (USA), after the Second World War.

It was then that the International Monetary Fund (IMF) and the World Bank were created, but “the world has changed” and the idea is to create a new pact “that is more respectful of the sovereignty of each one.” Must be “the meeting to propose concrete solutions”, Macron said. Among the ideas under debate are creating a new rate for the sectors with the most benefits, restructuring the debt of poor countries and involving the private sector more.

“This summit is yours, that is, that of all those who are in the front line” facing the consequences of climate change and the increase in poverty and inequality,” the French president said in his speech, recalling that a shock of public financing is needed, but also private.

The event, which ends today, was attended by NGOs, environmental associations and a broad representation of different countries, especially African, as well as companies and organizations such as the World Bank or the IMF.

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