French President Emmanuel Macron stated on Friday that wealthy nations finalized an overdue $100 billion climate finance pledge to developing countries.
During his speech at a final panel of a summit in Paris before some 40 leaders, Macron also highlighted that they created a fund for biodiversity and the protection of forests.
The Paris Summit aims to reinforce crisis financing for low-income states and ease their debt burdens, reform post-war financial systems, and free up funds to tackle climate change.
“Leaders are fed up with the status quo, they want change,” World Trade Organization chief Ngozi Okonjo-Iweala told the summit.
“Leaders agree that the multiple challenges that we are facing are all linked: poverty, climate change, and food security go hand in hand. Developing economies need financing that is additional and accessible and they also want a just (climate) transition,” she said.
Earlier on Thursday, the World Bank indicated that it would ease financing for countries hit by natural disasters, while the International Monetary Fund (IMF) announced it had hit its target of making $100 billion in special drawing rights (SDRs) available for vulnerable nations.