2023-06-26 19:45:00
French President Emmanuel Macron announced on Friday (23) an agreement to deliver US$ 100 billion a year, something in terms of R$ 480 billion, for climate finance in developing countries. The promise was made during the Summit for a New Global Financial Pact, and points out that this amount would be valid from 2020, that is, the pact should contemplate these late years.
This funding was announced for the first time during COP15, the UN climate conference, in 2009. The richest countries would have committed to investing this amount between 2020 and 2025 to respond to the climate emergency.
The president spoke at the event regarding “rethinking the architecture of the global financial system” and advancing climate finance for developing countries, and also announced a fund for the protection of biodiversity and forests for COP28, in Dubai, and debt renegotiation with poorer countries.
The meeting had more than 40 heads of state and dozens of representatives of the main international organizations. While we don’t yet know if the promise will actually be fulfilled, Macron is trying to replicate what was achieved in the 2015 Paris Accords to build trust between the global North and South, despite the limited reach of this type of investment.
The UN estimates that developing countries need, together, to at least US$6 trillion, or nearly R$30 trillion, by 2030 to achieve 40%, less than half, of its climate pledges.
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