A number of state and high-ranking government officials from developing countries are set to hold talks in Paris for two days this week in order to discuss financing for climate protection.
French President Emmanuel Macron announced the “Summit for a New Global Financing Pact” at last year’s COP27 climate summit in Egypt.
The initiative aims to find a “new consensus” on decarbonizing the economy as well as counter the climate crisis worldwide.
European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz, and Mia Mottley, Prime Minister of Barbados, will attend the conference.
“Climate change is accelerating and is accelerating the needs of finance for a lot of developing countries,” said Lola Vallejo, director of the Institute for Sustainable Development and International Relations (IDDRI).
The International Monetary Fund (IMF) highlighted that some 43 out of 59 developing countries hit hardest by climate change are at high risk of sliding into a financial crisis.
Vallejo stated that many low-income countries now need more money to pay back loans than they would for sustainable development and climate change adaptation programs.
“If they could stop servicing their debt, they would have enough actually to invest in those plans that they established,” added Vajello.