Emmanuel Macron took advantage of the G7 summit to promote the global "new financial pact" that he calls for to avoid "choosing between the fight against poverty and the fight for the climate". "I was able to present what will be the summit for a new financial pact in Paris on June 22 and 23," said Sunday, May 21, the French president to the press in Hiroshima, Japan, on the last day of this meeting of the seven main industrialized democracies to which were also invited emerging countries such as Brazil. India or Indonesia.
Paris launched the idea of this summit last autumn at COP27 in Egypt with the Prime Minister of Barbados Mia Mottley, whose small Caribbean island is on the front line in the face of the threats of climate change. The goal is ambitious: to reform the architecture of global finance to better meet the challenges of global warming.
'Financing shock' project
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We will carry an agenda of reform of the International Monetary Fundand the World Bank to offer more financing to the countries that need it most, "said Emmanuel Macron. It also intends to "develop more private financing through guarantee mechanisms". The French head of state presented this project of "financing shock" to all his interlocutors in Hiroshima, whether they are major donor countries such as Brazilian President Lula or Indian Prime Minister Narendra Modi.
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We do not have to choose between the fight against poverty and the fight for climate and biodiversity," he pleaded. "Just transition is the only answer" and "it therefore presupposes a concessional shock and a stronger mobilisation of our instruments". "This is the only way to avoid a division of the world," he insisted, noting that "more and more countries in the South feel" that "they are being asked to make climate efforts when they have not been helped enough to fight poverty."
