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This should enable progress in the global fight against poverty and in overcoming the climate crisis. Participants in the summit, hosted by French President Emmanuel Macron, include European Commission President Ursula von der Leyen, Chancellor Olaf Scholz, Chinese Premier Li Qiang, World Bank President Ajay Banga and Secretary-General of the UN, Antonio Guterres. African and Asian countries are well represented at the summit.
No binding decisions will be made at the two-day summit. What is expected, however, is a guide to bridging the growing gap between the industrialized countries and the countries of the South, which are particularly affected by the effects of climate change. Topics are the debt relief of these countries and the necessary investments there to cope with global warming. As Macron said before the meeting, it is about reforming the financial system with the World Bank, the International Monetary Fund (IMF) and public and private funds to tackle the twin challenges of poverty and climate change.
As financial expert Florian Egli of ETH Zurich said before the start of the summit of the German news agency, it is about mobilizing money for measures to reduce climate-damaging emissions and investments to adapt to climate change, as well as about compensation for damage and losses already incurred. Activist Friederike Röder of the non-governmental organization Global Citizen, which specializes in climate finance, said a new pact should ensure that funds to deal with the climate crisis can go to particularly affected countries in a predictable and timely manner in the future. flow.
The development organization One asked the meeting to take concrete steps towards a sustainable international financial architecture. Economically weak countries should have easier access to money to cope with crises, so far the conditions for granting credit for these countries have often been unfairly regulated. The federal government must therefore put pressure on reforms of development institutions such as the World Bank.
Meanwhile, the International Energy Agency IEA and the International Development Bank IFC wrote for the summit: “Much more needs to be done to ensure that all countries and all parts of society benefit from clean energy technologies.” Investment in emerging markets and emerging economies should be more than three times higher by the start of the next decade. If you exclude China, funding should increase sevenfold. The organizations warned that public funds alone were not enough. Private capital can be extracted with the help of better data, new financing instruments and credible government plans for the energy transition.
(SDA)
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
