New Global Financing Pact
The Summit’s goal is to build the basis for a new financial system that is appropriate for dealing with common 21st-century concerns including battling inequality, combating climate change, and safeguarding biodiversity.
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Expectation from the Pact
- Initiate a deal for international financial flows that addresses both the domestic and international levels of social contracts.
- Domestic Level: The budgetary flexibility of developing nations is constrained domestically by high debt levels. It would be necessary to modernize and standardize current tax laws, stop the flow of illicit funds across international borders, strengthen tax administrations, and reduce ineffective fossil fuel subsidies in order to expand this region of nations.
- Finance is required for both adaptation and losses and damages brought on by climate change. By utilising global flows, such as by taxing the production of fossil fuels, shipment of goods, and transportation of fossil fuels, new resources can be mobilised.
- Second, establish a global platform to derisk financing and mobilize substantial amounts of private capital for environmentally friendly infrastructure. Finance is necessary for vulnerable nations’ scaling of renewable energy, use of clean technology for livelihoods, transition away from fossil fuels, and joint development of new clean technologies. They require innovative financing methods, like a Global Clean Investment Risk Mitigation Mechanism, to reduce costs and pool risks across geographies.
- From one summit to the next, map a political path that produces time-bound achievements on climate funding.
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