What Happened at the Summit for a New Global Financing Pact
Less developed countries rightly lament the lack of access to funding for sustainable development that donor countries routinely promise, but rarely deliver. To remedy, dozens of Presidents, Prime Ministers and high-level officials met in Paris for the Summit for a New Global Financing Pact to rethink the "global financial architecture" to support developing economies grow in a climate compliant way. This summit was intended to kickstart momentum toward new funding opportunities for sustainable development, including enacting reforms at the World Bank and International Monetary Fund. This was a big moment for the sustainable development community and joining me to explain what happened is Clemence Landers, a senior policy fellow at the Center for Global Development. We kick off discussing why such a meeting was necessary in the first place, including a trifecta of crises that is driving economic distress in less developed countries today. We then discuss the outcomes of the meeting, and what it means for global development and climate change debates going forward.