Lagos, June 23, 2023 -Wealthy nations of the world have pledged $100 billion to developing countries to tackle climate change as the Global Financial Pact summit ended in Paris on Friday.
Emmanuel Macron, the President of France, while speaking at the final panel of the summit, said wealthy nations had finalised $100 billion climate finance pledge to developing countries and to create a fund for biodiversity and the protection of forests.
The two-day event, which started on June 22, and spearheaded by President Macron, hosted over 40 world leaders including Nigeria’s President, Bola Ahmed Tinubu.
The summit’s objective was to boost crisis financing for low-income countries and ease their debt burdens, reform post-war financial systems and free up funds to tackle climate change by getting top-level consensus on how to promote a number of initiatives struggling in bodies like the G20, COP, IMF-World Bank and United Nations.
Most of the topics discussed at the summit leverage suggestions from a group of developing countries led by Barbados Prime Minister, Mia Mottley.
Speaking at the summit’s closing panel on Friday, Mottley said: “We leave Paris not with speeches simply, but a commitment to get down into the granular details to make sure that what we agree here can be executed.
“The $100 billion pledge falls far short of poor nations’ actual needs, but has become symbolic of wealthy countries’ failure to deliver promised climate funds.
“This has fuelled mistrust in wider climate negotiations between countries attempting to boost CO2-cutting measures.
“If we can’t shape the rules in this time like others before, then we will be accountable for what potentially can be the worst reality of mankind.” (GBN)
