Our aim is clear : a world where poverty has been eradicated and the planet preserved. Where vulnerable countries are better equipped to tackle crises stemming from climate change and conflict.
Our strategy is clear : we must mobilize all sources of financing, including official development assistance, national resources and private investment.
To achieve our goals, we must stay united.
1 No country should have to choose between fighting poverty and saving the planet.
2Every country adopts its own transition strategy, taking into account its needs and its constraints when it comes to achieving the Paris Agreement targets. We shall be strengthening our partnerships to support these national trajectories.
3 We need a financial boost and more resources to assist vulnerable economies in helping their populations out of poverty, while protecting the planet.
4 The international financial system must be more efficient, and the role of private capital is key. Our ability to overcome global challenges will fundamentally depend on increasing private capital flows to transform emerging and developing economies, reach a net zero world which respects the environment, and reduce inequalities more effectively.
The Summit for a New Global Financing Pact was held on 22 and 23 June in Paris. It brought together hundreds of participants, some 40 Heads of State and Government, as well as leaders of international and regional organizations, presidents of development banks, company CEO’s and civil society representatives – a variety of stakeholders committed to build a fairer and more sustainable world.
The summit led to an assessment of additional efforts necessary to face a dual challenge -- the eradication of poverty and the preservation of the planet. These were included in a declaration of ambition and call to action - the Paris Pact for People and the Planet. The Summit also led to the formation and launching of coalitions and initiatives, all of which are committed to produce tangible measures that contribute to achieving the Pact’s objectives.
A committee has been set up to follow these projects. It will adhere to the 4P agenda and monitor challenges linked to financing sustainable development that are high on the priority list of global leaders. It will report on advances made and ensure that the high level of ambition expressed during the Summit is maintained, in order to accomplish the measures agreed upon in Paris.
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Papua New Guinea
A follow-up committee has been set up to keep the 4P principles alive in the coming months and stay on course for ambitious progress. Bringing together the main partners, it is in charge of progress reporting on the new financing Pact. It also continues to call upon leaders for ambitious measures that are in line with the urgency and the needs in question.
Coalitions and initiatives enabling initial progress to be made on the Paris Pact were launched at the Summit on 22 and 23 June. Countries and organizations have taken on a pioneering role in establishing new measures that can respond to some of the challenges faced by developing countries. These coalitions and initiatives may be deepened and expanded in the coming months.
States, international organisations and civil society representatives
partners – both private sector stakeholders
invited Heads of State
and NGO coalitions
The six high-level round tables and more than forty side events, which all focused on the means to boost financing for the issues of development and preservation of the planet, took stock of priority measures capable of generating as much of an impact as possible to reach this objective. They are referenced in a summary report presented by the Presidency of the Summit (France) and based on the following aims: fighting poverty and vulnerabilities; staying united to strengthen international solidarity; protecting the planet and our common goods, including clean air, the forests and the oceans; mobilizing new financial resources, including from the private sector.
What was the reason for a Summit for a New Global Financing Pact?
It is high time to reform the international financial system, 80 years after the Bretton Woods conference. On 22 and 23 June 2023, the French President invited Heads of State and Government, leaders of international financial institutions and representatives of civil society and the private sector in order to lay the foundations of a new system to address our common challenges: fighting inequalities and climate change and protecting biodiversity.
Where was the Summit held?
The Summit was held at the Palais Brongniart, UNESCO and the OECD, in Paris.
France has always acted as an impartial international broker and has helped resolve some of the most complex issues of our time, from addressing the shortfall in AIDS research funding to increasing the access of middle-income African countries to financing. Today, seven years after the historic signing of the Paris Agreement, leaders all around the world once again came together to reflect on a fairer and more sustainable future for our planet.
Who took part in the Summit?
It was an inclusive, multi-stakeholder Summit. Heads of State of countries in the global North and South, and leaders of international organizations and development banks, business leaders and heads of major philanthropic organizations, figures from the academic world and civil society answered the call of the June Summit and came to participate in discussions on these crucial issues and the global repercussions. More than 100 countries were represented at the Summit.
What were the results?
Based on the discussions held during the Summit (six high-level round tables and more than 40 side events), guidelines and key avenues for reform were included in a document of ambition and a call to action: the Paris Pact for People and the Planet. Today supported by more than 35 countries, this Pact may be used as a barometer to measure the progress obtained in the coming months.
What will the follow-up be to the Summit and the Paris Pact for People and the Planet?
Looking ahead to the many international events taking place in late 2023 and the following years, a monitoring committee for the Paris Pact for People and the Planet was set up. It will allow those who took part in the Summit to consult with each other and assess the progress made ahead of the major international events: the Annual Meetings of the IMF and the World Bank Group (13-15 October 2023), the sixth Paris Peace Forum (10-11 November 2023), COP28 (30 November-12 December 2023), the United Nations Summit of the Future (22-23 September 2024), and the G20 Summit in Brazil (18-19 November 2024). This consultation work will help identify the fields in which not enough progress has been made, and jointly, at their international events, leaders can be called on to accelerate their efforts.