On June 22nd and 23rd, the Summit for a New Global Financial Pact was held in Paris.
Initiated by President Emmanuel Macron, around forty leaders and representatives from global financial institutions discussed the issues of over-indebtedness and the financing the ecological transition. This summit had ambitious goals, including advancing reforms of the international financial system as defined by Bretton Woods, while promoting environmental protection.
Several countries are currently burdened with significant levels of debt, posing threats to their economies and limiting their actions in combating climate change.
One of the key topics of discussion was the introduction of new global taxes, such as those on maritime traffic.
An agreement was also reached on the debt restructuring of Zambia with its Western and Chinese creditors. This case could serve as a model for other indebted States.
While no major decisions were made during the summit, the participants agreed to meet regularly to make progress on the issues discussed. A roadmap was proposed to continue the dialogue initiated at the summit. Over the coming months and until 2024, various initiatives will be undertaken by global financial organizations to provide solutions to the most indebted states and accelerate the adoption of the Paris Agreement and the Montréal-Kunming Agreements on biodiversity and climate.
In September 2024, the Future Summit will be held in Paris to review all the decisions made.
What are the implications for cooperation projects?
With this summit, we can anticipate the launch of new cooperation projects that aim to better integrate environmental considerations, particularly the protection of common goods such as air, forests, and oceans. These projects will be financed through innovative mechanisms where the private sector will play a more prominent role.