On 22 and 23 June, Paris is hosting a summit for a “New Global Financing Pact” at the Palais Brogniart. Heads of state, international organisations and representatives of civil society will be gathering to discuss ways to boost solidarity toward the Global South. The aim is also to contribute to the international agenda on development and climate financing, a few months after the UN climate summit, COP27, left a mixed record.
The summit comes at a time when the budgetary margins and debt sustainability in a number of countries have been undermined by a succession of crises: pandemics, Russia’s war on Ukraine, inflation, rising global interest rates, etc. Yet the need for funds that promote low-carbon development, as well as adaptation to increasing climate disruption, is as pressing as ever. Many developing countries are having to reckon with an ever-growing number of natural hazards, at a time of acute socio-economic vulnerability.
