Emmanuel Macron proposed reforming the World Bank and the IMF in the face of the climate challenge

French President Emmanuel Macron proposed at the end of December to reform the international financial system that emerged from the Bretton Woods Conference of 1944, especially the International Monetary Fund (IMF) and the World Bank (WB), to adapt to the climate challenge.

In a speech in Paris, Macron said the two international financial organizations must play a greater role in the fight against climate change.

The climate challenge is one of the priorities

"The IMF and the World Bank must be on the front line of the battle against climate change"Macron said.""They must help countries finance their transition to a green and climate-resilient economy."

"We must accelerate the pace of the ecological transition 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 address 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, as well as China, should set an example in the face of the climate challenge by progressively eliminating coal by 2030, oil by 2045 and gas five years later.

Accelerate climate finance

The role of developing countries in phasing out coal is important to the French president because they are the main consumers, but richer countries must do their part."accelerating the financing of renewable energies and nuclear energy, which is controlled and does not emit CO2".

In this sense, he highlighted that the debt rules are being changed to suspend payments in the event of a climate crisis in the most vulnerable countries that need help to face the impact of climate change, as France will begin to do in this case with Bangladesh this year. anus.

He also said that the richest countries contributed to maintaining the world's main forest reserve, so that the countries where they were conserved, as well as protecting the oceans.

Reform of the financial system

The IMF and WB should contribute to environmental sponsorship, according to the French president, who believes that developing and emerging countries should be placed under the governance of these organizations in exchange for their commitment to an ecological trajectory.

In summary, Macron proposed a series of specific reforms to address the climate challenge for the IMF and the World Bank, including:

  • An increase in climate finance: Macron called for the IMF and World Bank to increase their climate finance to $100.000 billion a year by 2025.
  • A reorientation of financing: Macron called for the IMF and World Bank to reorient their financing to support projects that reduce greenhouse gas emissions and adapt economies to climate change.
  • Greater transparency: Macron called for the IMF and the World Bank to be more transparent about their climate policies.

Ecoportal.net

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