Can the June financing summit deliver on its promises?
Friday 6th January 2023
2:00 - 3:30 pm
(Paris Time, Zoom)
Opening statement by Ms. Chrysoula Zacharopoulou
Minister of State for Development, Francophonie and International Partnerships, attached to the Minister for Europe and Foreign Affairs
Introductory remarks by Ms. Amélie de Montchalin
Ambassador, Permanent Representative to the OECD
Center for Global Development
Liquidity & Sustainability Facility
High Level Panel on Climate Finance
Indian Council for Research on International Economic Relations
Director and Chief Executive
Marilou Jane Uy
The G20 Leaders’ Summit in Bali and the COP 27 in Sharm-El-Sheikh delivered mixed results. Among its apparent achievements, an ambitious Just Energy Transition Partnership with Indonesia, a Loss and Damage financing facility, and a lot of hope hanging on a large increase of the balance sheets of Multilateral Development Banks. The Bridgetown Agenda has reignited political appetites to be ambitious on climate and development finance. Yet, risks are already materializing in the short run and these new tools might be too little too late.
President Macron invited international partners to a Financing Summit due to take place in June in Paris to mobilize rapid action on the short-and medium-term challenges.
What could the objectives of such a summit be? What are the immediate short-term actions that should be taken by international institutions?
The Finance for Development Lab is hosting a series of meetings to shape the global consensus on immediate actions necessary to progress development finance. Tensions are still high on frontier economies, whilst immediate financing needs for 2023-2024 are still at risk for many developing countries. Recent debt restructuring processes are stalling and existing frameworks have not yet managed to handle complex creditor structures. Finally, there is a clear need to increase financing for adaptation and clean energy in developing countries.
This webinar marks the first session of a series of events that will be organized by the Lab in the run-up to the Paris Summit in June.
Speakers will discuss the key challenges of the short and medium term: managing debt vulnerabilities, meaningfully increasing the role of Multilateral Development Banks, mobilizing private finance for the climate transition in emerging markets and developing countries.