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- French President Macron will convene more than 40 world leaders and finance ministers in Paris on 22 and 23 June to discuss A New Global Financing Pact
- Civil society and international organisations will hold side events from 20 to 25 June to shape the agenda and next steps coming out of the summit
- The Summit picks up from Barbadian Prime Minister Mia Mottley’s agenda for transforming the global financial system – the Bridgetown Initiative.
Story – Summit for a New Global Financing Pact
With growing political attention on failures in our international finance system, leaders must use the Paris Summit to plan reforms to mobilize more and better finance and address the debt crisis to support climate and development goals.
Developing country leaders have offered new ideas to improve the international finance system. The Summit in Paris is an opportunity to pull these agendas together and start taking decisions to tackle the scale of the challenge.
E3G will be in Paris, advocating for four goals that Leaders can agree to advance climate and development:
- A substantial increase in concessional finance (below market rate finance provided by major financial institutions).
- Mobilising private sector finance at scale.
- A fairer global safety net to support debt sustainability and fiscal space in times of crisis
- Raising new and innovative sources of finance for addressing loss and damage.
Just agreeing on goals is not enough. Developed country leaders should use the opportunity to make literal down payments giving economic breathing room for countries to reach their development and climate goals.
Available for background and comment in Paris
Frank Schroeder (EN, DE), (long history in development finance and the Bretton Woods Institutions and UN system. Leads E3G’s work on building a new north-south compact on climate and development financing.)
+1 (917) 349-9086, frank.schroeder@e3g.org
Dileimy Orozco (EN, SP), (history in government, development banks and private finance and co-author of the seminal UNECA Green Recovery Report in 2020. Leads E3G’s policy strategy on IFA reforms.)
+44 7876 301 615, dileimy.orozco@e3g.org
Franklin Steves (EN, RU, ES, FR), (strong background in development finance working directly in and with MDBs and consulted on countries’ economic governance policy. Leads E3G’s work building coalitions and networks to deliver the necessary shift in climate and development financing.)
+44 7484 815 434, franklin.steves@e3g.org
Sonia Dunlop (EN, FR, IT), (deep experience of government processes and development financing having worked across UK government, parliament and EU institutions as well as in the solar industry. Leads E3G’s Public Banks programme aiming to Paris align all IFIs.)
+44 7970 795 278, sonia.dunlop@e3g.org
Alex Scott (EN), (background in national and local government and climate governance campaigning, and facilitator of the climate and development ministerials. Leads E3G’s campaigns on IFA reform and multilateral diplomacy.)
+44 7482 750760, alex.scott@e3g.org
Notes to Editors
- E3G is an independent climate change think tank with a global outlook. We work on the frontier of the climate landscape, tackling the barriers and advancing the solutions to a safe climate. Our goal is to translate climate politics, economics and policies into action. About – E3G
- E3G has been working on enhancing climate and development financing for 15 years and aims to shape international financial institutions and the broader architecture to deliver more and better climate and development financing by building coalitions of northern and southern governments and non-state actors to drive change.
- We led the discourse on developing green banks in the 2010s and on green recovery over the COVID pandemic. We facilitated the Climate and Development Ministerials and work deeply in MDB and IMF processes as well as climate spaces in the UN system.
- We work closely with civil society networks shaping the Paris Summit and other political processes and closely track and shape G7 and EU positions, opportunities and risks.
- You can now receive the very latest news, developments and exclusive analysis via E3G’s WhatsApp broadcast for journalists E3G WhatsApp registration for journalists – E3G
