Summit for a New Global Financing Pact: Reformed Agenda Must Place Climate Change in the Developmental Context of Africa

French President, Emmanuel Macron will this week host the Summit for a New Global Financing Pact in Paris from 22 June 2023. The two-day Summit seeks to build a new consensus with the Global South against the backdrop of a globally recognised need to urgently reform the global financial architecture. African leaders are calling for more equitable ties with bilateral partners and multilateral institutions, based on an international financial system that is relevant for all.

For the African Climate Foundation (ACF), Africa requires a financial system that harnesses the transformative potential of a continent full of unique investment opportunities. As such, African countries are seeking affordable finance at scale, funding that is appropriately structured, easily accessible and disbursed in a timely manner.

As world leaders head to Paris, we circle key priorities for Africa:

 Firstly, rebuilding trust and establishing an equal partnership is required for the continent and climate change. This means implementing and delivering on all past commitments and pledges made to Africa.

Following this, Africa’s position on the reforms of the global financial architecture must be understood within the context of the debt crisis. The international debt architecture needs to work for climate and development. Countries must be supported to tackle climate change without incurring further unsustainable debt.

With that, finance must be additional and accessible on highly concessional terms; sources of low-cost finance must be expanded to both low- and middle-income countries.

Africa needs a more collaborative development finance ecosystem focused on co-financing and leveraging funding by working with other financiers. For the ACF, a reformed agenda must place climate change in the developmental context of Africa.

On 22 June, the ACF will host two official side meetings in Paris – one a citizen’s dialogue with the President of Kenya William Ruto and Prime Minister of Barbados Mia Mottley. The second, moderated by Faten Aggad, will focus on Africa’s representation at the G20. The outcomes of each discussion will be summarised – keep an eye on our social media platforms.

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