Paris Climate Summit Seeks Revamp Of WB, IMF

Dozens of global leaders gathered in Paris Thursday for a summit to tease out a new consensus on international economic reforms to help debt-burdened developing countries face a growing onslaught of challenges, particularly climate change, Agence France-Presse (AFP) reported.

Photo Insert: The Summit for a New Global Financial Pact is aimed at finding the financial solutions to the interlinked global goals of tackling poverty, curbing planet-heating emissions and protecting nature.

French President Emmanuel Macron has said the Summit for a New Global Financial Pact is aimed at finding the financial solutions to the interlinked global goals of tackling poverty, curbing planet-heating emissions and protecting nature.

He is hosting the meeting with Barbados Prime Minister Mia Mottley, who has advocated reforming the role of the World Bank (WB) and International Monetary Fund (IMF) in an era of climate crisis.

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.

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A second pledge to rechannel $100 billion in unused "special drawing rights" (SDRs) -- the IMF's tool to boost liquidity -- will also be in the spotlight. Last year, a UN expert group said developing and emerging economies excluding China would need to spend around $2.4 trillion a year on climate and development by 2030.

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