Wealthy nations have finalised an overdue $100-billion climate finance pledge to developing countries and created a fund for biodiversity and the protection of forests, France's president said on Friday.
Many of the around 40 leaders gathered in Paris voiced concerns that the World Bank and the International Monetary Fund were increasingly outdated for tackling challenges like climate change and post-COVID debt burdens of poor countries.
At the summit, wealthy nations finalised an overdue $100-billion climate finance pledge to developing countries and created a fund for biodiversity and the protection of forests. "There is the political consensus that this issue is bigger than each of us and we have to work together and multilateral development banks will have to change how they do business and that is accepted," Mottley said at the summit's final panel.
Leaders were also hoping to reform post-war financial institutions and free up funds to tackle climate change by getting consensus on how to promote a number of initiatives struggling in bodies like the G20, COP, IMF-World Bank and United Nations.
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