Wealthy nations pledge $100 billion in aid to protect the environment in developing countries

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The announcement was made by the President of France, Emmanuel Macron, alongside Brazilian President Lula, during a summit in Paris. According to Macron, a fund will also be created. ‘If we don’t change the institutions, the world will remain the same’, says Lula in Paris BRL 477 billion) for actions to combat climate change in developing countries. Also according to Macron, a group formed by rich countries also created a fund for biodiversity and forest protection. The French president announced the pledge of funding during the final panel of a summit in Paris to discuss a new global financial agenda with President Luiz Inácio Lula da Silva and around 40 other world leaders. The aim of the summit is to increase environmental finance for low-income countries and alleviate their debts, as well as trying to reform post-war financial systems. READ MORE: Alongside Macron, Lula calls European Union demands for an agreement with Mercosur a ‘threat’ Brazil and 5 other countries ask the US to support Argentina in the IMF Lula and French President Emmanuel Macron during a summit in Paris, in June 23, 2023. Reuters On Thursday (22), the World Bank said it will facilitate financing for countries hit by natural disasters, and the International Monetary Fund (IMF) announced that it reached its goal of making available US$ 100 billion ( BRL 477 billion) in special drawing rights (SDRs) for vulnerable nations. But the United States has yet to pass the necessary legislation to release its share of the IMF’s announced amount, amounting to more than a fifth of the total. US Treasury Secretary Janet Yellen said this is a priority for President Joe Biden’s administration. “Leaders are fed up with the status quo, they want change,” World Trade Organization chief Ngozi Okonjo-Iweala told the summit. Also at the summit, Zambia closed an agreement to restructure more than US$ 6 billion (about R$ 28.6 billion) in debts with other governments. Africa’s debt problems are linked to the dual challenge faced by some of the world’s poorest countries in dealing with the impacts of climate change while adapting to the green transition. Some Western officials have accused China – the main bilateral creditor of many African countries – of delaying debt restructuring, something Beijing denies. The summit also wanted more private sector involvement. Senegal struck a deal with richer countries on Thursday for initial funding of 2.5 billion euros (R$12.9 billion) to develop renewable energy and accelerate its transition to a low-carbon economy. At the summit, a group of forest heads of state and international organizations also said they had launched a biodiversity fund with the aim of closing partnerships until the OP28 in Dubai in December.

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