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Why the Paris Financing Summit failed* |
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Jun 18th 2023, Jayati Ghosh, Sandrine
Dixson-Declève and Johannah Bernstein |
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The
June 22-23 Summit for a New Global Financing Pact promised
to catalyze a revolution in climate finance and empower
the Global South. But it failed to meet its lofty goals,
concluding without a single firm commitment or concrete
proposal to help developing countries reduce their debt
burden and move away from fossil fuels.
The recent Paris Summit for a New Global Financing Pact
was touted by its organizers, including French President
Emmanuel Macron, as a groundbreaking initiative to forge
a "new contract" between the Global North
and South that would address climate change and foster
sustainable development. The fact that most G20 leaders
did not even bother to show up, however, casts doubt
on the feasibility of the effort.
Despite the participation of roughly 50 heads of state,
high-ranking representatives of international institutions,
private-sector executives, and climate experts, the
summit did not live up to its lofty promises. It failed
to introduce the necessary measures to narrow the climate-finance
gap, provide lower-income countries with the fiscal
space they need to weather the current debt crisis,
and overhaul the global financial architecture…..
Click
here for
full article.
*
This article was originally published in the Project
Syndicate
on July 13, 2023.
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