The Summit on a New Global Financing Pact (NGFP), held in Paris on 22-23 June 2023, helped establish a common diagnosis on the challenges and necessary efforts to achieve the joint objectives of eliminating poverty and preserving the planet.

The Paris Pact for People and the Planet (4P) issued on this occasion provides a political pathway grounded in shared principles to make sure all voices are heard in order to scale-up finance where the needs are greatest. With 38 countries endorsing it on all continents, the 4P is confirming its role as a consensual roadmap to consolidate efforts to be undertaken in relevant international fora in the months to come. The NGFP Summit also helped deliver a series of initiatives and coalitions which should now pave the way for operational advances to be supported and achieved over the next two years.

Since Paris, milestone events such as the Africa Climate Summit in Nairobi, the SDG Summit and the UN General Assembly, the G20 Summit, as well as the Annual meetings of the IMF and the World Bank have already contributed to substantially advance the objectives of the Pact and helped strengthen the international financial architecture and the financial mobilisation for SDGs.

During the June Summit, the UN Secretary General rightly called for a “new Bretton Woods moment” – a moment for governments to come together, re-examine and re-configure the global financial architecture for the 21st century. Financing for development and climate adaptation will be at the core of the upcoming Summit of the Future in New York (September 2024), and support from all relevant UN organizations will be decisive in this regard. This dynamic should be maintained, with intensified efforts towards upcoming international meetings, starting with COP 28, with a view to maximize the economic opportunities that underlie our climate, nature and development goals, and to secure these with the right financial decisions and innovations.

Four months after Paris, president Emmanuel Macron will convene a high-level discussion with engaged partners to achieve three objectives:

1. A stocktake on the implementation of the Paris Pact for People and Planet targets and principles, building on recent international meetings (Africa Climate Summit, G20 Summit, SDG Summit, WB/IMF annual meetings);

2. A state of play on key coalitions and initiatives (including operationalizing new working tracks announced at the NGFP Summit) contributing to the Pact and their potential in unlocking additional financing, better addressing vulnerabilities and supporting economic opportunities in developing and emerging markets;

3. A discussion to identify key areas of progress for upcoming international milestones starting with COP28, with a view to raise simultaneously the ambition on climate and on financing. This discussion will be followed during the Paris Peace Forum by a ministerial level meeting of the “4P implementation committee” focusing on operational progress on the main initiatives to push forward for the upcoming COP28.