This photograph taken on June 21, 2023, shows a replica of a wind turbine on a net reading “End fossil finance, make polluters pay” as activists demonstrate against fossil finance on the trocadero plaza in Paris, on the eve of the Summit for a New Global Financial Pact.
“We can make a huge difference for the planet and against poverty,“ Macron said on Twitter on Wednesday. “President Ruto will underscore the urgent need to move beyond incremental measures that fall short of effectively combating the climate crisis and fail to generate investment benefits for Africa,“ Ruto’s office said ahead of the summit.
One likely announcement is that a 2009 pledge to deliver $100 billion a year in climate finance to poorer nations by 2020 will finally be fulfilled, albeit three years late. The IEA said investment must remain at those levels until mid-century to keep alive the Paris Agreement targets of limiting global warming to “well below” two degrees Celsius since pre-industrial times, and below 1.5C if possible.
Other ideas on the table include taxation on fossil fuel profits and financial transactions to raise climate funds.