{"id":48769,"date":"2023-06-23T17:02:18","date_gmt":"2023-06-23T16:02:18","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=48769"},"modified":"2023-06-26T11:42:38","modified_gmt":"2023-06-26T10:42:38","slug":"bridgetown-agenda-initiative-paris-summit-global-financing-pact-new","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2023\/06\/23\/bridgetown-agenda-initiative-paris-summit-global-financing-pact-new\/","title":{"rendered":"Bridgetown goes global – Climate Weekly"},"content":{"rendered":"

Thirty-nine world leaders, most of them from Africa, have spent the last two days talking about climate, debt and finance at the old Paris stock exchange.<\/strong><\/p>\n

With few developed country leaders bothering to make the trip, we were warned not to expect too many big announcements – and so it proved.<\/span><\/p>\n

We got some progress on <\/span>temporary debt relief<\/span><\/a> for countries hit by climate disasters, rich countries <\/span>promising<\/span><\/a> to find $2.7 billion for renewables in Senegal and some promises to re-channel special drawing rights (a kind of quasi-money) to developing countries. But that was about it.<\/span><\/p>\n

The roadmap released alongside the summary calls on the committee negotiating the loss and damage fund to look at taxing high-emitting sectors. Taxes on ships, planes, fossil fuels and financial transactions have been talked about<\/a>.<\/span><\/p>\n

Mia Mottley\u2019s adviser Avinash Persaud, one of the brains behind the conference, told journalists that whether it was a success or not depends on what you compare it to.<\/span><\/p>\n

If you compare it to reformers’ ambition, then it fell short. But if, a year ago, you\u2019d told people that these conversations would be happening, they would have asked what you were smoking, he said.<\/span><\/p>\n

Aside from the announcements, the gathering got lots of powerful people in a room together to talk about issues that are often ignored, particularly in wealthier countries.<\/span><\/p>\n

And it put those issues on the global media agenda. A concert took place<\/a> in the shadow of the Eiffel Tower, bringing talk of farming adaptation and Amazon protection to fans of Billie Eilish and Elton John, watching online and around the world.<\/span><\/p>\n

Powerful people were challenged to their face and on camera. Ugandan activist Vanessa Nakate called for<\/a> an \u201cequitable fossil fuel phase out\u201d while Saudi Arabia\u2019s Mohammed bin Salman, whose negotiators blocked agreement<\/a> on this at Cop27, sat in the front row.<\/span><\/p>\n

Mottley told philanthropists that what they do \u201ccan’t only be what they like, it has to be what the world needs” while Melinda Gates looked on.\u00a0<\/span><\/p>\n

Ghana\u2019s Nana Akufo-Addo asked IMF boss Kirstalina Georgieva why her fund had given most of the SDRs to rich countries during the pandemic, only to call for them to be re-allocated now.<\/span><\/p>\n

Those were just some of the confrontations captured on camera. More will have happened in the corridors and in leaders private dinner last night.<\/span><\/p>\n

The summit\u2019s impact will depend on what leaders do next though – back home, at next week\u2019s shipping talks in London, at the World Bank meeting in Marrakech in October and at Cop28 in Dubai in November. So stay tuned!<\/span><\/p>\n

This week\u2019s news:<\/strong><\/p>\n