Paris: Wealthy nations completed a $100 billion pledge of climate finance to developing nations on Friday and established a fund for biodiversity and the preservation of forests, according to France's president, according to Reuters.
In order to advance a new global finance agenda, about 40 leaders, including two dozen from Africa, the prime minister of China, and the president of Brazil, gathered in Paris for a summit. Emmanuel Macron was speaking at the summit's final panel.
Its goal is to increase crisis financing for low-income states, reduce their debt loads, reform post-war financial systems, and free up funds to combat climate change by reaching high-level consensus on how to advance several initiatives that are having trouble gaining traction in organisations like the G20, the International Monetary Fund, the World Bank, and UN.
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The $100 billion, while far short of the actual needs of developing countries, has come to represent the wealthy nations' failure to fulfil their commitment to provide climate funds. This has increased mistrust in international climate negotiations between nations trying to advance CO2-cutting policies.
On Thursday, the World Bank announced that it would make financing for disaster-affected nations easier, and the IMF said it had reached its goal of allocating $100 billion in special drawing rights to weaker countries.
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Washington has not yet passed legislation to release its share, worth more than one-fifth of the $100 billion in SDRs to be rechanneled.
Congress approval was a top priority for the Biden administration, according to US Treasury Secretary Janet Yellen.
