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Ahead of the many international events that will mark the end of 2023 and the years to follow, the Summit for New Global Financing Pact will establish the principles for future reforms and pave the way towards a more balanced financial partnership between the North and South. It will set the stage for new agreements to relieve debt distress. It will also enable more countries to access the financing they need to invest in sustainable development, to better protect nature and cut emissions, as well as help protect populations from climate change wherever most needed.
To rebuild credibility in the international system, we need a new pact that offers a level playing field, shares the burden of climate change, and builds prosperity and security for every country. The New Global Financing Pact will help define the principles and steps needed to reform the financial system and to combat the high levels of debt that tie governments’ hands when it comes to implement ambitious climate action to reduce the climate, economic and technological gaps that threaten to divide up our world.