French President, Emmanuel Macron, stated on Thursday that the world requires a “public financial shock and increased private funding” to assist weaker countries in confronting the twin challenges of poverty and climate change. He emphasized these points during the inauguration of the “New Global Financial Charter” summit in Paris, a two-day event.
Macron asserted that countries “should not be put in a position to choose between fighting poverty and combating climate change”. He added, “There must be the ability to face the challenges at the same time, within a new consensus,” according to France Press Agency.
“We need to create a public financial shock… and we need more private funding,” Macron continued. The French President pointed out that “without changing the entire system, we can make it work much better if this money and this liquidity are used in the service of planet advancement and this twin challenge I mentioned, poverty, and climate, and biodiversity.”
Addressing numerous heads of states and governments, particularly from Africa, Macron stated, “This summit is your summit, you are the ones standing on the front line” in the fight against climate change and increasing poverty and inequality. He pledged that “this new financial agreement would be more respectful of the sovereignty of all countries”, adding, “This meeting must be a meeting to find very concrete solutions, especially finding new financing tools.”
Macron committed to presenting a “list” supported by a “monitoring mechanism” at the conclusion of the summit on Friday.