Emmanuel Macron took advantage of the G7 summit to promote the global “new financial pact” which he calls to avoid “choosing between the fight against poverty and the fight for the climate”.
Reshaping the architecture of global finance
“I was able to present what will be the summit for a new financial pact in Paris on June 22 and 23,” the French president told reporters in Hiroshima, Japan, on Sunday, the last day of this meeting of the seven major industrialized democracies. . countries to which emerging countries such as Brazil, India and Indonesia were also invited.
Paris had floated the idea for this summit last fall during COP27 in Egypt with the Prime Minister of Barbados, Mia Mottley, whose small Caribbean island is on the front line against the threats of climate change.
The goal is ambitious: to reform the architecture of global finance to better respond to the challenges of global warming.
“We are going to carry out a reform agenda of the International Monetary Fund and the World Bank to provide more financing to the countries that need it most,” explained Emmanuel Macron. He also intends to “develop more private financing through guarantee mechanisms.”
“It is the only way to avoid a division of the world”
The French head of state explained this “funding shock” project to all his interlocutors in Hiroshima, whether they were large donor countries such as Brazilian President Lula or Indian Prime Minister Narendra Modi.
“The just transition is the only answer” and “therefore, it presupposes a concessionary clash and a stronger mobilization of our instruments”.
“It is the only way to avoid a division of the world,” he insisted, noting that “more and more countries in the South have the feeling” that “they are being asked to make climate efforts when they have not been given enough help to fight against poverty”.
Source: BFM TV
