Paris summit aims to overhaul global financial system for 'climate solidarity' with South

French President Emmanuel Macron gives a press conference as part of the COP27 climate conference at the Sharm el-Sheikh International Convention Centre, in Egypt's Red Sea resort city of the same name, on November 7, 2022. © Ludovic Marin, AFP

Around 50 heads of state, along with representatives from international institutions and civil society, will attend a summit hosted by French President Emmanuel Macron on Thursday and Friday in Paris. Their objective is to develop a new global financial system so the most vulnerable countries will be better equipped to combat both poverty and climate change. 

The world’s wealthiest nations are demonstrating a "surge of solidarity" with those most vulnerable to climate change, said Cécile Duflot, president of the NGO Oxfam. Some 50 heads of state and government, representatives from international financial institutions, members of the private sector, climate experts and members of civil society will be attending the summit in Paris hosted by French President Emmanuel Macron on June 22 and 23. The objective of this ambitious conference is to "build a new contract between [the global] North and South", according to the Élysée Palace.