At the end of December, French President Emmanuel Macron proposed reforming the international financial system that emerged from the 1944 Bretton Woods Conference, particularly the International Monetary Fund (IMF) and the World Bank (WB), to adapt it to the climate challenge.
In a speech in Paris, Macron said the two international financial organizations must play a larger role in the fight against climate change.
The climate challenge is one of the priorities
“The IMF and the World Bank must be at the forefront of the fight against climate changesaid Macron. ““They must help countries finance their transition to a green and climate-resilient economy.”
“We must accelerate the pace of ecological change and the fight against poverty, because no country will accept economic and social paralysis to protect the planet“said the French President. Eliminating fossil fuels and helping developing countries deal with this problem should be a top priority for the French president, who wants to help them finance nuclear and renewable energy.
According to Macron, the most developed countries and China should lead by example in the face of the climate challenge by gradually phasing out coal by 2030, oil by 2045 and gas five years later.
Accelerate climate financing
The role of developing countries in phasing out coal is important to the French president as they are the main consumers, but richer countries must do their part.”Accelerating the financing of renewable energy and nuclear energy, which is controlled and does not emit CO2“.
In this sense, he stressed that the debt rules will be changed to suspend payments in the event of a climate crisis in the most vulnerable countries that need help in dealing with the effects of climate change, such as France in this case, with Bangladesh starting this year. Anus.
He also said that the richest countries have helped preserve the world's largest forest reserve, so the countries where they are preserved also protect the oceans.
Reform of the financial system
The IMF and the World Bank should contribute to environmental sponsorship, said the French president, who believes that developing and emerging countries should be placed under the leadership of these organizations in return for their commitment to environmental direction.
In summary, Macron proposed a number of concrete reforms to address the climate challenge for the IMF and the World Bank, including:
- An increase in climate finance: Macron called on the IMF and World Bank to increase their climate finance to $100 billion per year by 2025.
- A reorientation of financing: Macron called on the IMF and World Bank to reorient their financing to support projects that reduce greenhouse gas emissions and adapt the economy to climate change.
- More transparency: Macron called for the IMF and World Bank to make their climate policy more transparent.
With information from:
