International solidarity
First anniversary of the Summit for a New Global Financing Pact (June 24, 2024)

A year ago, on June 22 and 23, the Summit for a New Global Financing Pact was held to reestablish international solidarity.

More than 100 representatives attended the summit, including some 40 heads of State and government; the UN Secretary-General and the leaders of international financial institutions; the heads of numerous international and regional organizations, development banks and companies; and civil society leaders. They discussed the challenges involved in instituting a substantial reform of the multilateral financial system and the financing of sustainable development as well as possible solutions. The summit had an immediate impact on the debt of developing countries and their energy transition.

France presented its partners with a proposal known as the Paris Pact for People and the Planet (4P), based on a consensus rooted in the strong conviction that no country should have to choose between fighting poverty and fighting for the planet.

The 4P acknowledges that countries may need to pursue different paths to bring about the energy transition, with the ultimate goal of achieving the Paris Agreement goals and combating climate change.

This pact asserts that a strong financial stimulus is needed, both publicly and privately, to combat poverty and climate change, and that it is vital to reform international financial institutions and multilateral development banks in order to create new funding capacity.

The 4P is now endorsed by 58 nations and its ambitious goals have received broad support from its partners at various international conferences. The Summit for the Future, to be convened by the UN Secretary-General this September, and of which France was one of the initiating nations, will be an important occasion at which to implement the 4P.