Macron: We have finalized a $100 billion climate aid formula

French president Emmanuel Macron said on Friday that Wealthy nations have finalized an overdue $100 billion climate finance pledge to developing countries and created a fund for biodiversity and the protection of forests. 

Macron was speaking at a final panel of a summit in Paris where some 40 leaders, including two dozen from Africa, China's prime minister and Brazil's president had gathered to give impetus to a new global finance agenda, Reuters reported. 

The summit's objective is to boost crisis financing for low-income states and ease their debt burdens, reform post-war financial systems and free up funds to tackle climate change by getting top-level consensus on how to promote a number of initiatives struggling in bodies like the G20, COP, IMF-World Bank and United Nations.

The $100 billion pledge falls far short of poor nations' actual needs, but has become symbolic of wealthy countries' failure to deliver promised climate funds. This has fueled mistrust in wider climate negotiations between countries attempting to boost CO2-cutting measures.