Thirteen heads of state, government and political leaders pledged to “advance with concrete measures” for a “fair and inclusive ecological transition”, in a letter published in newspapers such as the Portuguese daily Negócios and the French daily Le Monde.
“We are working urgently to do more for people and the planet,” the leaders say in the letter, published on the occasion of the Summit for a New Financial Deal, which takes place in Paris on Thursday and Friday.
Signed by French President Emmanuel Macron, US President Joe Biden, European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz, Barbados Prime Minister Mia Mottley, Prime Minister British, Rishi Sunak, and the President of Brazil, Luiz Inácio Lula da Silva, the letter calls for the “transition to a world with zero net emissions”.
Other signatories are the President of the European Council, the Prime Minister of Japan and the Presidents of the United Arab Emirates, South Africa, Kenya and Senegal, who warn of “existential risk for (…) societies and economies” due to catastrophes caused by climate change, undertake to “work on concrete measures to achieve the objectives of sustainable development, (…) for people and for the planet”.
The signatories recognize the need to “invest everywhere for the long term” and advocate prioritizing subsidies and loans at preferential rates to fight poverty and “mitigate climate change and biodiversity loss”, through the introduction of “Long-term loans to invest in economic, social and infrastructure resilience.”
The leaders also stressed the need to continue the reform of multilateral development banks and strengthen financial instruments, namely debt deferment mechanisms and “a new, more stable financing model for humanitarian aid.”
In the letter, the leaders also stress that “technology, skills, sustainability, and public and private investment will be at the center of alliances to promote technology transfer and the free circulation of scientific and technological talent, and contribute to an inclusive, open, fair and non-discriminatory economy”.
The Heads of State recognize that “meeting development and climate goals, adapting to climate change and preventing, minimizing and resolving loss and damage will require new innovative and sustainable sources of financing, such as debt bailouts, the involvement of sectors that prosper from globalization and more reliable carbon and biodiversity credit markets.”
They also refer that the achievement of development objectives, including the mitigation of climate change, “will also depend on the increase in private capital flows” and the “improvement of the exchange of reliable data.”
The Paris summit kicks off Thursday with the goal of reinventing a global financial system capable of better empowering fragile states to fight climate change and poverty.
One hundred countries will be represented at the summit, including nearly 50 heads of state and government.
Source: TSF
