'I do not think we can completely change our system but we can make it much better,” Mr Macron said.
As the summit for a New Global Financing Pact opens in Paris, world leaders make a case for urgent reforms in the world’s financial architecture.
He noted that despite the success recorded in the previous year with various agreements, “we can see that inequalities are growing, we have seen that climate change vulnerability adds to the risk and our world is faced with multiple shocks.” However, each country has to follow a sovereign path and must be respected within the new pact: “the sovereignty of each country must be respected.”He urged world leaders and organisations to better mobilise funds in a way that they reach the countries that need them, adding that the summit should be where solutions that will change the lives of people and countries around the world are found.
She noted that the world is witnessing progress as many months ago no one was talking about natural disaster clauses or reforming multilateral development banks.“I ask all of us today not to leave Paris without understanding that the bold stream of the political ambition that is required must secure transformation and not reforms.
After asking attendees of the summit to pay a minute of silence to lives that have been lost to the impact of climate change, Vannessa Nakate, a Ugandan climate activist, said a finance summit cannot happen without talking about fossil fuel, and talking about people who are affected by these fuels.
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