Paris summit gains billions in global finance for countries hurt by climate change – The National

Paris summit gains billions in global finance for countries hurt by climate change – The National

French President Emmanuel Macron called for a new global financial order that helps states avoid a choice between alleviating poverty and responding to climate change at a major summit designed to bridge north vs south divisions.

Flanked by world leaders including UN Secretary General Antonio Guterres, Saudi Arabia's Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El Sisi, Mr Macron said a shake-up of the World Bank, International Monetary Fund and multilateral lenders should be the outcome of the two-day meeting in Paris.

Kristalina Georgieva, the head of the IMF, announced that rich countries met a target of reallocating $100 billion of funds from the institution to battle climate change and poverty in developing countries. The move has closed a 40 per cent funding gap.