Heads of state, finance leaders and activists from around the world will converge in Paris this week to seek ways to overhaul the world's development banks
Paris Summit Aims to Shake Up the Financial System, Testing Leaders’ Resolve on Climate
While those are the primary problems to solve, some doubt the splashy summit led by French President Emmanuel Macron will be able to take major strides to correct those challenges.will draw roughly 50 heads of state and governments — from Germany, Brazil, Senegal, Zambia and more — with more than 100 countries represented., a plan to reform development lending by freeing up money after climate disasters and targeting the higher borrowing costs and debt that developing nations face.
French organizers want to show they can keep fighting poverty and meet the challenges of climate change at the same time, said a top French official said, who was not authorized to be publicly named according to the country’s presidential policy. A U.S. Treasury official told The Associated Press that big new monetary pledges should not be expected from the summit — rather it’s viewed as a chance to push the case for an evolution of the development banks. The official spoke on the condition of anonymity to preview planning for the gathering.
“We must also help developing countries transition their economies away from carbon-intensive energy sources and expand access to clean energy,” she said last October.Justin Mankin, a Dartmouth climate scientist, hopes those at the summit take into account the inequities that climate-vulnerable nations face and avoid reinforcing them.
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