The global summit on finance and climate held in Paris concluded without reaching a consensus on ambitious measures to combat greenhouse gas emissions and provide support to poorer nations, Euronews reports.
Delegates from around the world convened to address pressing climate issues, but the summit fell short of expectations, leaving many disappointed.
While participants did agree on certain matters, they failed to reach a consensus on crucial initiatives. One such setback was the inability to establish a tax on greenhouse gas emissions related to international maritime transport. This measure was seen as a significant opportunity to curb emissions from a sector that contributes substantially to global warming.
Additionally, the promise to transfer €92bl to poorer countries through the International Monetary Fund (IMF) did not materialize as expected. The failure to fulfill this commitment disappointed many, as financial assistance to developing nations is vital for their ability to adapt to climate change and transition to cleaner energy sources.
Several leaders voiced their dissatisfaction with the current global financial institutions. Brazilian president Luiz Inácio Lula da Silva called for a complete overhaul, criticizing institutions such as the World Bank and the IMF for failing to meet the needs and expectations of society. Lula's comments resonated with those who believe that the current frameworks and mechanisms are inadequate to address the pressing challenges posed by climate change.
“What was created after the Second World War, Bretton Wood institutions, no longer works and no longer meets the aspirations or interests of society. Let's be clear that the World Bank leaves much to be desired in what the world needs from the World Bank. Let's make it clear that the IMF leaves much to be desired in terms of what people expect from the IMF," he told delegates.
French President Emmanuel Macron, who hosted the summit, acknowledged the sentiments expressed by President Lula and emphasized the necessity of reforming global financial organizations. Macron stressed the need to make these institutions “more efficient, fairer, and better suited to the realities of the modern world”. Despite the lack of concrete outcomes, Macron expressed optimism about the prospects of such reforms.
Meanwhile, outside the summit venue, protesters and environmentalists made their voices heard. Demonstrators carried banners, shouted slogans, and wore face masks depicting presidents Macron and Biden, as well as German Chancellor Olaf Scholz. The presence of these activists highlighted the urgent demand for stronger action on climate change and the growing frustration with the slow pace of global cooperation.
Notably, Swedish climate activist Greta Thunberg, speaking at a separate event in Paris, expressed skepticism regarding the summit's effectiveness. Thunberg underscored the severity of the environmental crisis and criticized those responsible for perpetuating it.
“The planet is not dying, it's being killed. And we know who are the people killing it," she declared.
Earlier in the week, the International Energy Agency (IEA) stressed the urgent need for increased investment in clean energy in poor and emerging economies. The IEA emphasized that annual investments, excluding China, must rise to nearly €1.8tn within a decade to achieve the goals set by the Paris Agreement. This includes limiting global warming to "well below" two degrees Celsius since pre-industrial times, with an aspiration to stay below 1.5 degrees Celsius if feasible.
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