France's Global Financial Summit Set to Deliver on $100 Billion Climate Financing Pledge by Year End

In an effort to reconfigure global financial systems and address pressing environmental challenges, France is gearing up to host a global financial summit. According to sources within the French government, developed countries are on track to fulfill their $100 billion climate financing pledge of 2020 by the end of this year.






The primary objective of the financial summit, hosted by France, is to establish a more responsive, just, and inclusive system. This system aims to combat inequalities, facilitate the financing of climate transition and biodiversity protection, and bring the world closer to achieving the United Nations Sustainable Development Goals (SDGs).


The commitment to mobilize $100 billion annually by 2020 was made by developed countries at the COP 15 in Copenhagen back in 2009. It was decided that this funding would be derived from a diverse range of sources, including public and private, bilateral and multilateral, and alternative sources of finance. 


Furthermore, the delivery of new multilateral funding for adaptation would be facilitated through effective and efficient fund arrangements, ensuring equal representation of both developed and developing countries. This commitment was formalized at COP16 in Cancun and reiterated and extended until 2025 at COP21 in Paris.

French officials involved in organizing the upcoming summit have expressed confidence that developed countries are making significant progress towards fulfilling this pledge, with the OECD's latest analysis in 2022 indicating that $83.3 billion was mobilized by developed countries in 2020 for climate finance. 


These funds have been sourced from various channels, including bilateral and multilateral public financing, export credit, and contributions from the private sector.

The summit, commencing on Thursday, June 22, is expected to feature remarks from notable figures such as President Emmanuel Macron of France, Prime Minister Mia Mottley of Barbados, and UN Chief Antonio Guterres, who will likely comment on the progress made in fulfilling the climate financing pledge.

Meanwhile, Nigeria's President Bola Tinubu is currently in France to attend the financial summit. He will receive briefings from Nigeria's Ambassador to France, Kayode Laro, Permanent Secretary Adamu Lamuwa, and other officials regarding Nigeria's stance on the summit. 

President Tinubu is also scheduled to participate in sideline meetings with world leaders and representatives from multilateral institutions.

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