France calls for the adoption of a New Global Financing Pact (22 – 23 June 2023)
At the initiative of its President, France is hosting more than 300 high-level participants, Heads of State and Government, international organizations and representatives of civil society and the private sector on 22 and 23 June 2023. The aim of the Summit is to lay the groundwork for a renewed financial system suited to the common challenges of the 21st century, such as fighting inequalities and climate change and protecting biodiversity.
A Summit to adopt a New Global Financing Pact
On 22 and 23 June 2023, France is organizing a Summit to meet the common challenges relating to our planet and development. The goal is to enhance cooperation among the international community in the face of the threefold challenge of poverty, climate change and the erosion of biodiversity by uniting as many partners as possible around a common roadmap, against a backdrop of international tensions. This is a crucial time for supporting and strengthening the effective multilateralism to which France and its partners are committed.
The Summit for a New Global Financing Pact is an opportunity to collectively rethink the global financial architecture of international solidarity and climate action by proposing concrete solutions to create a fairer, more effective and more responsive global financial system.
The Summit for a New Global Financing Pact begins in just a few hours here in Paris.
I can feel it as I receive confirmation of participation and messages from our partners: we can make a huge difference for the planet and against poverty.
— Emmanuel Macron (@EmmanuelMacron) June 21, 2023
The President of the French Republic, Emmanuel Macron, will host the Summit, which will be a platform for debate at the highest level in inclusive formats between Heads of State and Government, leaders of international organizations, and representatives of civil society, foundations, funds and the private sector.
For more information about France’s development policy
- Over 300 participants, including
- Over 40 Heads of State and Government
- About 30 international organizations
- Hundreds of NGOs and private sector partners
- 6 round tables
- 50 thematic events dealing with Summit issues to take place at Palais Brongniart, the OECD and UNESCO.
The need to rethink the global financial architecture
The public debt of all countries has reached unprecedented levels since the COVID-19 crisis. A third of developing countries and two thirds of low-income countries face high risks of excessive debt. The trend of poverty reduction over recent decades has stalled.
Read the report on French official development assistance figures for 2021
International solidarity now appears more critical than ever amid a growing number of crises that are weakening the poorest and most vulnerable countries to an even greater extent. To help the most exposed countries exit the COVID crisis, deal with the liquidity crisis and the consequences of Russian aggression in Ukraine on their food and energy security, and cover the very high cost of climate change, scaling up finance and a “financial shock” are necessary.
That is why this meeting aims to establish a sufficiently robust and effective international financial architecture to provide greater resources, protect the most vulnerable countries from shocks, help achieve the Sustainable Development Goals (SDGs) and restore the long-term trend of poverty reduction, while financing the energy transition, the adaptation to climate change and the preservation of biodiversity. In particular, issues relating to debt sustainability, greater recognition of vulnerabilities and the mobilization of private financing will be at the core of Summit discussions.