Beyond borders: Leaders unite at Paris Summit to tackle climate crisis, poverty

Trillions of dollars are needed by humanity to confront the climate crisis, reduce poverty, protect biodiversity, and strengthen the resilience of the most vulnerable countries in the face of economic shocks.

So, can more than forty heads of state and government succeed in reshaping a global economic system that is fairer and more solidary to address shared global challenges?

This question is at the heart of the Paris Summit, titled "New Global Financial Pact."

In his opening remarks at the summit, French President Emmanuel Macron stated that the solution begins with a public financial shock and the need for increased private financing.

However, here are the ideas discussed at the summit:

Imposing international taxes on polluters, including carbon emissions from maritime transport

Restructuring the debts of poor countries and enhancing the role of the private sector

Calling on donor institutions to provide more loans, which is one of the proposed ideas

Reforming multi-lateral development banks that provide financial assistance to developing countries

Most importantly, wealthy nations are urged to provide $100 billion annually to assist poorer countries. This promise, which was supposed to be fulfilled this year after three years of delay, has caused a deep decline in trust between the global North and South.

These ideas and proposals aim to create a more just and equitable global financial system that addresses the pressing issues of climate change, poverty, and economic disparities.

Therefore, the Paris Summit serves as a platform for leaders to discuss and negotiate these crucial matters, hoping to reach meaningful agreements and commitments to drive positive change on a global scale.