Reviewing the Summit for a New Global Financing Pact

How can we finance both the fight against poverty and the fight against climate change?

This is an existential question for both the planet and for peace – and therefore for the Forum. Alongside heads of state and leaders of international organizations gathered in Paris June 22 and 23 – from Lula to Scholz, including Mia Mottley, Li Qiang, William Ruto and Antonio Guterres – there were many civil society players, without whom the Summit’s deliberations on a new global financial pact would not have been the same.

The Paris Peace Forum team played a key role in the political, organizational and logistical development of this Summit, particularly mobilized over the last few months to enable the participation of civil society actors from countries from the South and the North.

Thanks to our efforts:

50 thematic events were held during the Summit, bringing together heads of state and government, leaders of international organizations and members of civil society

200+ civil society actors from the South were able to travel to Paris and take part in the Summit, representing 35 countries around the world

50 civil society representatives had the opportunity to exchange views with a head of state or government on stage during the Summit

What were the outcomes of the Summit?

The most important result was the unprecedented political mobilization around the need to reform international climate and poverty financing. Essential in the eyes of the countries of the South, a new dialogue was established in Paris. Countries of the North affirmed that they were not abandoning the SDG priority, but also that they are making progress on climate change, which is increasingly contributing to poverty.

A number of concrete outcomes have also been achieved:

Achieving the two objectives of mobilizing $100 billion in support of a green transition in the countries of the South by 2023 and reallocating $100 billion in Special Drawing Rights to these same countries.

Several announcements around the World Bank and other multilateral development banks, including $200 billion in additional loans within 5 years, the introduction of a standard debt suspension clause for borrowing countries in the event of natural disasters, and encouraging private sector investment in the South’s green transition.

The commitment of a coalition of 16 philanthropic organizations to mobilize investment and support SDG priorities by unlocking new investment for climate action in low- and middle-income countries, while reducing poverty and inequality.

Many country-specific advances, such as an agreement on Zambian debt restructuring and the partnership for a just energy transition between Senegal and the G7 countries.

The development of a roadmap based on key milestones on the international agenda to ensure a continuation following the Summit for a New Global Financing Pact.

What's next?