Following the closing of the Summit for a New Global Financing Pact in Paris, Christian Aid’s Director of Policy, Public Affairs and Campaigns, Osai Ojigho, said:
“An outcome that debt repayments paused for poorer countries hit by climate disaster is woefully inadequate and falls short of the transformative change low-income countries call for. Alongside the scale of climate finance agreed, these efforts won’t break the cycle of crisis.
“With poorer countries facing crisis locked out of the planning for this summit, it is no wonder Macron’s piece of paper lacks a radical edge. It is critical that those most responsible for creating the challenges we face today step aside and follow the leadership of the Global South.
“We need a complete overhaul from debt cancellations and structural solutions that prevent the build-up of unsustainable debt to enforcement of fair global tax rules. With COP28 around the corner, now is also the time to see concrete proposals to finance a loss and damage fund.
ENDS.
Notes to editors:
More information on the summit can be found here: Sommet pour un nouveau pacte financier mondial - 22 et 23 juin 2023 - Paris - Palais Brongniart
