Paris, 23 June 2023 (TDI): Global leaders from around the world have come together to establish a consensus on a new framework for global financing. The agreement, reached during the “New Global Finance Pact” summit in Paris, outlines four core elements that will guide the path towards a more equitable and sustainable financial system.
The first element of the consensus focuses on the urgent need to reduce inequality and poverty while simultaneously combating the adverse effects of climate change.
Recognizing the interconnectedness of these challenges, global leaders have emphasized the importance of addressing social and environmental concerns in a coordinated manner.
In addition, the consensus highlights the significance of adopting a country-by-country approach that takes into account the specific circumstances and needs of individual nations.
4 core elements of the consensus for a #NewGlobalFinancingPact:
1⃣ Reduce inequality and poverty while combating climate change and its consequences
2⃣ Develop a country-by-country approach that takes specific situations into account
3⃣ Encourage a substantial public funding… pic.twitter.com/qcVkt49XIL— Paris Peace Forum (@ParisPeaceForum) June 23, 2023
To ensure the successful implementation of the new financing pact, global leaders have agreed to encourage a substantial increase in public funding. Recognizing the critical role of public investment in driving sustainable development, leaders have pledged to provide a funding shock that will support initiatives aimed at achieving the agreed-upon goals.
Furthermore, mobilizing significantly more private funding is a key element of the consensus. The world recognizes the importance of engaging the private sector in sustainable finance and leveraging its resources to support impactful projects and initiatives worldwide.
Furthermore, in a statement, French President Emmanuel Macron announced a roadmap for the approval of a new global financial pact during the “New Global Finance Pact” summit in Paris.
In his address, Macron called for comprehensive reforms of the global financial system to make it more effective, fairer, and better suited to the challenges of the modern world.
President Macron expressed satisfaction with the “complete consensus” reached among the attending leaders, highlighting the need for a profound transformation of the global financial system.
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As part of the roadmap, President Macron announced a follow-up meeting to be held in Paris two years later, further discussing the “new consensus” and focusing on strengthening financial tools to combat poverty and mitigate the impacts of climate change.
The meeting aims to build upon the progress achieved during the initial summit and consolidate efforts towards meaningful reform.
The consensus achieved among global leaders signals a collective commitment to transform the financial system and create a more just and sustainable future.
