French President Emmanuel Macron launched the 2021 edition of the Summit for a New Global Financial Pact in Paris. He stressed the importance of private investment for emerging countries. According to him, a lot of money and liquidity is available in the world. And that money and cash could be leveraged to promote the twin challenges of poverty and biodiversity. It is therefore necessary to mobilize more private investment to help developing countries, middle-income countries and major emerging countries.
Discussions at this summit aim to find solutions on several issues, including debt relief and climate finance. Developing countries brought certain subjects under the Bridgetown initiative. Leaders should also consider how to incentivize multilateral development banks, such as the World Bank, to take more risk with their capital to boost lending.
The summit attracted several world leaders, including African heads of state such as the Prime Minister of the Democratic Republic of Congo, as well as several other prominent political figures. This meeting between major decision-makers is intended to be more supportive and adapted to the fight against climate change as well as other major challenges such as poverty and inequality.
France, by organizing this summit, is undertaking a major planetary initiative to promote a transformation of global financial policies in favor of a green and sustainable economy in order to finally achieve the objectives of the Paris Agreement.