Rethinking Sustainability: 3 Paris Summit Ideas for a New Global Finance Pact
In June 2023, Paris became the epicenter for a pivotal gathering of world leaders and financial experts from over 32 countries for the Summit for a New Global Financing Pact.
Hosted by French President Emmanuel Macron, the goal of the two-day event was to rethink the current global financial system in the face of climate change and other developmental threats and strategize solutions to lessen the gap between developing and developed countries. With the rapidly approaching 2030 deadline for the United Nation’s Sustainable Development Goals (SDGs), the formation of a new global financing pact is rethinking how we can address climate change through a sustainable financial lens.
Sustainability Lessons Learned from the Paris Summit
The Paris Summit for a New Global Financing Pact highlighted barriers to achieving climate and development goals, along with strategies to lessen economic inequalities. Here are three sustainability lessons learned:
Collaboration is Key: Global development issues are interconnected. The solution lies in a collaborative effort towards a common goal. The Paris Summit emphasized the need to solve our most pressing developmental goals by collaborating with nations and international organizations that are equally committed to creating solutions for the climate crisis. By pooling resources and expertise, we can tackle some of the world’s most complex issues such as climate change, poverty, and economic development, and lend support where it is needed most.
It’s Important to Keep Promises: The Paris Summit is a testament to the importance of making sure nations and international organizations stay on track with their developmental and sustainability pledges. Developed nations failed to allocate $100 billion per year from 2009 to 2020 to support positive climate action in developing countries, which is critical for meeting the Climate Action SDG. Although developing countries have made minimal contributions to the issue, they are projected to experience the greatest consequences of climate change, putting the developmental progress they have already made at risk. Climate summits serve as an important checkpoint for governments to reflect on each other's progress and ensure everyone is following through on their commitments.
It’s Time to Bridge the Infrastructure Gap: There is a critical need for investment in infrastructure development, particularly in bridging the estimated $2.5 trillion annual gap between developing and developed nations. This gap has been a longstanding barrier preventing developing countries from achieving sustainability goals. According to the Paris Peace Forum, it would take $4-5 trillion for developing countries to achieve the SDGs and the objectives of the Paris Agreement. By ensuring a fair global financial system, we can alleviate some of the discrepancies and give much-needed support to developing nations.
We Cannot Predict Crisis, But We Can Prepare
The Paris Summit reinvigorates the importance of sustainable economic development for all. Global issues, such as COVID-19, the war in Ukraine, and the ongoing climate crisis exacerbate inequalities, particularly among developing countries lacking economic security and resources. While some crises are unpredictable, having the right global financial system in place can ensure that nations of all sizes and levels of development have the necessary support and resources. As developed nations combine resources to invest in the SDGs, we can reframe our current international financial system into one that is inclusive for all countries to mobilize change.
Working Together to Address Climate Change
When we work together, we can achieve our goals more efficiently. Through collective action and cooperation among nations, we can create a more resilient and equitable global financial system to better serve our environment and reduce inequalities. While this is happening at a large scale across nations and international organizations, everyone is needed to make a difference when it comes to climate change.
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