Global leaders and activists converge in Paris to address climate crisis and poverty through financial reform

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Top world leaders, international organization representatives, and activists are convening in Paris for a two-day forum, the goal of which is to devise improved strategies for handling poverty and climate change issues by transforming the global financial landscape.

Developing countries are highlighting an antiquated system where major economies, like the US, Europe, and China, which are largely responsible for environmental degradation, leave the poorest nations to manage the aftermath.

The summit in Paris is taking place in the backdrop of the COVID-19 pandemic, the ongoing Ukraine conflict, and a worldwide debt crisis, factors that the United Nations Development Program has cited as causing reduced life expectancy and increased poverty across numerous nations.

French President Emmanuel Macron, the orchestrator of the summit, emphasized the close links between poverty eradication, climate change mitigation, and biodiversity protection. He stressed the necessity of a mutual agreement on effective measures to address these challenges in impoverished and developing nations.

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The Paris meeting follows a proposed strategy by Mia Mottley, Barbados’ Prime Minister, to simplify funding access for countries vulnerable to climate impacts. Mottley and supporters of the plan argue that developing nations are compelled to pay high interest rates that restrict their ability to finance adaptation projects, green energy initiatives, or repay loans when climate-related disasters occur.

There are concerns among activists that the talks may fall short of expectations.

Harjeet Singh, Climate Action Network International’s head of global political strategy, argued for a drastic overhaul rather than minor adjustments to the existing financial system.

He acknowledged some valuable ideas, but warned they may not be sufficient.

The organizers of the Paris summit have made it clear that while it doesn’t have the authority to make formal decisions, its goal is to provide momentum for essential discussions at future climate meetings and international forums.

Singh called for debt relief, public financing for climate action, and for polluters to be held accountable for their climate impacts.

Both climate activists and developing nations are pushing wealthy countries to honor their existing obligations.

Experts anticipate an announcement on Thursday that the commitment to provide underprivileged nations with $100 billion in aid annually to tackle climate change will be met for the first time this year. This pledge was first made in 2009 and reaffirmed at the 2015 Paris climate summit but has never been achieved before.

Key discussions are anticipated on necessary modifications to how the World Bank and International Monetary Fund lend and grant money to the most vulnerable nations. These institutions have faced criticism for not incorporating climate change into their lending policies and for being dominated by affluent countries like the US.

Summit attendees are expected to support a greenhouse gas emissions tax on international shipping, aiming for its approval at a July meeting of the International Maritime Organization.

To generate more funding, activists are advocating for taxes on the fossil fuel industry and financial transactions — proposals that seem to lack substantial support from wealthier nations.

Debt restructuring and cancellation are also on the agenda, as a growing number of countries grapple with unsustainable debt exacerbated by climate issues.

A clause for debt suspension in the case of extreme weather events is to be discussed, although activists highlight it won’t affect existing debts.

Cécile Duflot, Oxfam France’s general director, underscored the “historic, political responsibility” of wealthy nations and their “duty of solidarity” towards the poorest countries.

Climate activists staged a protest near the Eiffel Tower on Wednesday, displaying banners reading “End fossil finance” and “Make polluters pay.”

Mitzi Jonelle Tan, a Filipino climate justice activist, emphasized the daily impact of climate change on vulnerable countries like hers and protested against their expected indebtedness due to climate finance being predominantly loan-based.

The summit is set to host forty heads of state and government, largely representing poor and climate-vulnerable nations. Among them are only two members of the G7 — Macron and German Chancellor Olaf Scholz. US Treasury Secretary Janet Yellen and climate envoy John Kerry represent the U.S.

High-profile attendees include China’s Prime Minister Li Qiang, Brazil’s President Luiz Inácio Lula da Silva, European Commission President Ursula von der Leyen, United Nations Secretary General Antonio Guterres, World Bank leader Ajay Banga and IMF President Kristalina Georgieva.

Notably, climate activists Greta Thunberg and Vanessa Nakate are also expected to be present.

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Oleg Cetinic, an AP journalist in Paris, contributed to this report.

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Frequently Asked Questions (FAQs) about Paris Climate and Poverty Summit

More about Paris Climate and Poverty Summit

• United Nations Development Program
• The Paris Agreement
• Climate Action Network International
• World Bank Climate Change
• International Monetary Fund and Climate Change
• International Maritime Organization
• Oxfam France
• AP’s climate initiative