A “to-do list” to assist developing countries in combating poverty and climate change is expected to be released following the two-day meeting in Paris. A summary of promises will be presented at the end of the summit, along with a schedule for this year’s UN climate conference and the Group of 20 major economies meeting.
Emmanuel Macron, the president of France, has promised to present a to-do list and a mechanism for measuring progress. The meeting attempts to raise money to accelerate emissions reductions.
Paris Summit on Finance and Climate
The summit attendees have been asked by several campaigners and non-governmental organizations to ensure that wealthy countries agree to debt relief for developing countries, including the cancellation of loans. Additionally, a language for debt suspension for nations affected by harsh weather conditions was addressed.
The International Maritime Organisation may vote to approve the proposal of imposing a fee on greenhouse gas emissions caused by international shipping at its meeting in July. Macron might score a symbolic triumph if he makes a strong statement on this in Paris, especially if the IMO agrees with him next month. According to some economists, a tax on shipping alone might generate $100 billion a year.
- Paris Summit to release a “to-do list” for developing countries, climate conferences, and economies.
- Summit attendees seek debt relief for developing countries and weather-related debt suspension.
- Zambia to restructure $6.3 billion debt with creditors, including China.
A tax on the fossil fuel sector and another one on financial transactions are being pushed by activists, but wealthy countries don’t seem to be very interested in either idea.
Two deals were announced on the first day of the summit. According to French officials, Zambia, which is heavily in debt, has agreed to restructure $6.3 billion in debts with several creditors, including China.
The European Union and Senegal’s partners in the West agreed to support Senegal’s efforts to boost access to energy and reach a 40% share of renewable energy by 2030.
Only two of the senior leaders from the Group of Seven most developed countries — French President Emmanuel Macron and German Chancellor Olaf Scholz — were there, and most of the attendees were from developing and climate-vulnerable countries.
