EXPERT COMMENT
Strengthening accountability, transparency and participation is essential to financing an effective transition to net zero.
The Summit for a New Global Financing Pact, to be hosted by President Macron on 22-23 June, will address many important issues surrounding an enormous global challenge: how to scale up climate finance to the levels needed to achieve net zero and protect vulnerable countries from the unavoidable impacts of climate change.
According to one estimate, $2.4 trillion per year will be needed in low income and developing economies (not including China) by 2030. The Macron summit will seek to build a consensus on how to increase both the volume of public international finance and the speed with which it is delivered, including through reform of the multilateral development banks.
Other important questions are on the agenda. How can available public finance be more effectively leveraged to crowd in more private finance? And how can policymakers account for the threat that debt distress in low-income and developing economies could block required flows of climate finance?
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