As the Summit for a New Global Financing Pact commences in Paris, leaders from around the world are emphasizing the need for immediate reforms in the international financial system to address pressing challenges.

French President Emmanuel Macron, in his opening remarks, acknowledged the effectiveness of the existing financial system in the past but emphasized its need for adaptation and improvement. Last year, he proposed a new financial pact to address the current shortcomings.

Paragraph 3: President Macron stated that the summit in Paris aims to create a broad international consensus among those directly impacted by climate change and poverty. He highlighted the growing inequalities and multiple shocks faced by the world despite previous agreements.

He emphasized that decision-makers should not have to choose between poverty reduction and protecting the planet. To achieve this, more funds need to be mobilized, and the global financial system must be reorganized, while respecting each country’s sovereignty.

President Macron urged world leaders and organizations to mobilize funds effectively, ensuring they reach the countries in need. The summit serves as an opportunity to find solutions that can positively transform lives and countries worldwide.

Prime Minister Mia Mottley of Barbados emphasized the urgency of taking action and recognized the interconnectedness of poverty and climate issues. She called for a transformative approach rather than mere reforms and stressed the importance of addressing the outdated imperial order.

Climate activist Vannessa Nakate highlighted the significance of discussing fossil fuels and their impact on affected communities. She advocated for polluters to be held accountable, debts to be canceled, and climate finance to be provided to developing countries to alleviate the crisis they did not create.

UN Chief Antonio Gutterres criticized the current global financial architecture as outdated, dysfunctional, and unjust. He emphasized the need for a New Global Financial Pact to address the urgent needs of developing countries and tackle issues such as inequality and climate change.

The two-day summit, attended by over 300 high-level participants, including heads of state, international organizations, and civil society representatives, aims to lay the groundwork for a renewed financial system capable of addressing 21st-century challenges.

The New Global Financial Pact will define principles and measures to reform the financial system, tackle high levels of debt, and provide financing for sustainable development, climate action, and biodiversity preservation.