Just, green transition at heart of Paris Summit

France is set to host an international Summit for a New Global Financing Pact. An Élysée official pointed out that the summit is held with the aim to provide a space for discussion and global conversation at a time when inequality, climate challenges, biodiversity loss, and public health challenges are becoming a feature of the century. The summit is to tackle how to correctively deliver commitments besides exploring ways to co-operate to achieve the required goals through effective solutions.
The summit is to create a political momentum and put all solutions and commitments like the loss and damage fund on the table.
In addition, the official clarified that the summit will help expand the network of diverse institutions including multilateral donors, banks and private sector, which will have a positive impact in terms of financing projects.
In this summit, all stakeholders will work together to deliver a change at scale, giving a floor to everyone to share their solutions. Achieving swift and just transition will also be at heart of the summit in hopes of striking a balance between development aspirations and fight for the planet in tandem with each country’s own pathway. The official added that the just transition will help provide opportunities to people.
At the invitation of President Macron, the summit will bring together heads of state and government, leaders of major international organisations, representatives of global financial institutions, and private sector and civil society representatives. Its goal is to lay the groundwork for a new financial system, one that is fairer and more solidarity-based, to meet our shared global challenges: the fight against poverty, climate change and the protection of diversity.
This summit, which will take place at the Palais Brongniart in Paris on June 22 and 23, is consistent with the many international meetings that will be held in late 2023, including the G20 summit under the Indian Presidency, the World Bank and IMF Annual Meetings in Marrakech, the UN secretary-general’s summit in New York on the Sustainable Development Goals, and the UN Climate Change Conference (COP28) in Dubai.
It will help define the principles underlying future reforms and set a course toward a new, more balanced financial partnership between the Global South and North. It will also pave the way for future agreements to combat over-indebtedness and allow more countries to access the financing they need to invest in sustainable development, better protect the environment, lower greenhouse gas emissions and protect populations who are at the greatest risk from ecological crises.
The arrival of President Sisi in France
will make it possible to carry the voice of Egypt, a great Arab, African and Mediterranean country, which, with many challenges ahead, is seeking to consolidate its sustainable development.
the Summit for a New Global Financing Pact will draw roughly 50 heads of state and government – from Germany, Brazil, Senegal, Zambia and more – with more than 100 countries represented.US Treasury Secretary Janet Yellen, Chinese Premier Li Qiang, new World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva, and climate activists Greta Thunberg and Vanessa Nakate also are set to attend.