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Summit for a New Global Financial Pact: towards more commitments to meet the 2030 Agenda?

Published 2 February 2023 in News

On June 22-23, 2023, France is set to host an international conference on a new global financial pact. Called for by French President Emmanuel Macron, how does this summit fit into an international context marked by the cascading consequences of concurring climate, energy, health and economic crises, particularly in the most vulnerable countries? What can the international community and international solidarity actors expect from it? Latest intel and analyses.



Context and stakes behind the Summit for a New Global Financial Pact

In November 2022, on the occasion of the G20 Summit and at the end of a COP27 with mixed results, Emmanuel Macron announced the organization of an international conference in Paris in June 2023, aimed at taking stock “on all the means and ways of increasing financial solidarity with the South”.

This announcement took place in a particular international context: while the climate crisis threatens in particular the countries of the Global South (and including island states), the Prime Minister of Barbados, Mia Mottley, has been leading since COP26 an initiative for financing climate action. This "Bridgetown Initiative" aims to facilitate access to international financing for the countries most vulnerable to climate change to enable them to better respond to climate challenges.

While President Emmanuel Macron’s announcement is in line with the Bridgetown initiative, the June 2023 summit aims to propose solutions to finance issues that go beyond the climate question, including access to health and the fight against poverty. The Covid-19 pandemic, the war in Ukraine and their successive consequences have indeed reduced the fiscal and budgetary space of many countries, affecting their ability to finance their populations’ access to basic social services. As a result, the UNDP noted a decline in human development in nine out of ten countries around the world in 2022, mainly due to a drop in life expectancy and an increase in poverty.

In a statement on January 6, 2023, Catherine Colonna, the French minister of Europe and Foreign Affairs, declared the summit would aim to “build a new contract with the North and the South”, in order to facilitate the access of vulnerable countries to the financing they need to address the consequences of ongoing and future crises.

The same day, the Secretary of State for Development, Francophonie and International Partnerships, Chrysoula Zacharopoulou, and the Permanent Representative of France to the OECD, Amélie de Montchalin, took part in a webinar organized by the Finance for Development Lab on the issues at stake at the upcoming Summit. On this occasion, four main objectives were announced, which will be followed up on by four working groups:

  • Restore fiscal space to countries facing short-term difficulties, especially the most indebted countries
  • Fostering private sector development in low-income countries
  • Encourage investment in "green" infrastructure for the energy transition in emerging and developing countries
  • Mobilize innovative financing for countries vulnerable to climate change.

In addition, a group of high-level experts, the One Planet Lab, will be responsible for formulating proposals to mobilize innovative sources of financing.

The Summit’s ambition is to bring together several agendas (climate, development, debt) and to propose innovative solutions to address these issues. In order to ensure its success, the organizers have expressed their interest in benefiting from the contributions of civil society and private sector actors.

The Summit is scheduled to take place on 22-23 June 2023 in Paris, as announced in a joint statement by the Franco-German Council of Ministers on January 22. Several leaders have already been invited to attend, including Mia Amor Mottley, Prime Minister of Barbados, and Luiz Inácio Lula Da Silva, President of Brazil. China was also officially invited to contribute to the preparation of the Summit.

The preparation of the summit is carried out by a high-level international steering committee composed of states and international organizations. It includes France, Barbados, South Africa, Germany, Brazil, China, the United Arab Emirates, the United States, India, Japan, the United Kingdom, Senegal, the European Commission, the United Nations Secretariat, the International Monetary Fund, the World Bank and the OECD.

To go further

To find out more about the issues that will be debated on the occasion of the Summit, the following documents can be consulted (list updated regularly):

  • On the reform of the multilateral development banks:
  • On Special Drawing Rights (SDRs):
    • Article from ONE published in September 2022 and updated in March 2023 dedicated to the presentation of SDRs and their stakes in responding to current and future crises.
  • On global debt:
  • On Financing global public goods:
  • On the Bridgetown Agenda :
  • Cross-sectional documents :

Further reading