ONE Campaign urges leaders to seize the opportunity presented by critical New Global Financial Pact Summit

As world leaders gather in Paris to discuss how to accelerate efforts to tackle climate change and poverty, activists from The ONE Campaign are urging them not to waste this critical opportunity.

The Summit for a New Global Financial Pact, hosted by President Emmanuel Macron, aims to accelerate efforts to recover from the global COVID-19 pandemic and tackle some of the most pressing global issues, including climate change, loss of biodiversity, rising poverty and growing food insecurity.

The whole world is affected by these issues but the poorest and most vulnerable countries are paying the highest prices for crises they did the least to cause. Meeting climate commitments is expected to cost African countries USD$2.8 trillion by 2030. This is in addition to the burden of spiralling debts, rising costs of essential goods, and tepid economic growth. Without urgent action, 575 million people – 7% of the world’s population – will live in extreme poverty by 2030.

ONE is therefore calling on leaders to use the summit to take urgent steps to deliver the increased investment needed to tackle these issues:

  • Leaders must finally mobilize $100 billion a year in climate finance first promised in 2009
  • Accelerate proposals to reform the World Bank and agree on a roadmap to enable the bank to triple loans and grants by 2030
  • Deliver in full the $100 billion SDR channelling ambition – and channel $2.5 billion in SDRs through the African Development Bank’s hybrid capital instrument
  • Commit to leverage at least $50 billion annually through innovative taxes to support climate and development.

Najat Vallaud-Belkacem, Director for France at The ONE Campaign, said: “Business as usual simply isn’t working. For far too long, the world’s richest countries have chosen to ignore the consequences of their own actions, leaving people in the poorest countries to face crises they did the least to cause, while preserving global economic systems that reinforce inequalities rather than resolving them. 

“So a new deal for people and planet needs to be much more than just a soundbite. If we are going to build a better future we must see a gear change in how we respond to these challenges – unlocking much greater financing, upgrading outdated and unfair institutions and putting real money and power in the hands of those who need them most. 

“If leaders at this summit rise to the occasion, they won’t just enable people around the world to build a path out of today’s crises – they can lay the foundations for a new era of sustainable growth and prosperity and build a safer, fairer and greener world that works for us all.”

  1. Africa accounts for less than 4% of global carbon emissions yet African economies are losing 5% to 15% of their economic growth as a result of climate change.
  2. Between 2020 and 2030, the cost of African countries’ NDCs is estimated at $2.8 trillion
  3. Donors have pledged $77 billion SDRs so far of their commitment to channel $100 billion SDRs, not counting the US’ commitment which has not been authorised by US Congress.