French President Emmanuel Macron on Thursday called for a "public financial shock" and an increase in "private financing" to help weaker countries face the twin challenges of poverty and a warming climate.
Macron said during the opening of the “New Global Financial Compact” summit in Paris that countries “should not be put before the choice of fighting poverty or combating climate change.”
He added the world has to create a public financial shock, and we need more private financing.”
About 40 heads of state or government are meeting in Paris to try to reshape the global economic order, with trillions of dollars needed especially so that the majority of humanity can face the climate crisis and get out of poverty.
The idea of the summit arose last November during the Climate Conference of the Parties (COP27) in Egypt, following the plan presented by Barbados Prime Minister Mia Motley. It has revived hope to see progress in this regard, which was an obstacle in the climate negotiations between poor and rich countries, the main cause of greenhouse gas emissions.
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