PARIS: According to Reuters, France’s president said on Friday that wealthy nations had completed a delayed climate financing promise to developing countries in the amount of $100 billion and formed a fund for biodiversity and the conservation of forests.
A total of forty world leaders, including two dozen from Africa, the prime minister of China, and the president of Brazil had assembled in Paris for a summit with the purpose of giving momentum to a new global finance agenda. Emmanuel Macron was one of the speakers at the conference’s last panel.
Its purpose is to achieve top-level consensus on how to promote a number of initiatives that are having difficulty gaining traction in organizations such as the G20, the International Monetary Fund, the World Bank, and the United Nations. This will allow for more crisis financing for low-income states and an easing of their debt burdens, as well as reforming post-war financial systems and freeing up funds to combat climate change.
The one hundred billion dollars does not come close to covering the actual requirements of the less developed countries, but it has become a symbol of the inability of wealthier countries to fulfill their commitments to provide cash for climate change. This has contributed to an atmosphere of mistrust in the climate discussions that are taking place between nations who are striving to increase CO2-cutting efforts.
The International Monetary Fund (IMF) stated on Thursday that it had reached its goal of making $100 billion in special drawing rights available for fragile states, while the World Bank declared that it would ease lending for countries that had been struck by natural catastrophes.
Washington has not yet passed legislation to release its portion of the SDRs that are to be rechanneled, which is worth more than one fifth of the total. This share is worth a total of $100 billion.
Janet Yellen, the Secretary of the United States Treasury, stated that obtaining permission from Congress was a top priority for the Biden administration.