Global Leaders Convene in Paris for Summit on New Global Financing Pact

President Emmanuel Macron of the French Republic has invited world leaders, including President Ranil Wickremesinghe, to participate in the highly anticipated Global Leaders’ Summit for a New Global Financing Pact. The event, scheduled to take place in Paris on 22 and 23 June, aims to address the pressing challenges faced by the world today.

The Summit highlights the urgency of finding solutions to the multiple crises plaguing the global community.

These crises range from climate change and biodiversity loss to the ongoing impacts of the COVID-19 pandemic, escalating conflicts, and growing inequalities. Such issues have significantly restricted the financial manoeuvrability of nations and pushed public debt levels to record highs, jeopardizing the achievement of Sustainable Development Goals (SDGs) and the targets outlined in the Paris Agreement on climate change and the Kunming-Montreal agreement on biodiversity.

Recognizing the need for a new financial pact to confront these challenges, President Macron extended a formal invitation to President Wickremesinghe, emphasizing the importance of collective action. The Summit aims to establish a shared vision for reforming the multilateral financial sector and charting a path towards a decarbonized global economy that aligns with the SDGs.

France, as the host country, seeks to bridge various transformation agendas, including the Bridgetown Initiative, with key events on the international calendar in the coming year. These events include the 18th Summit of G20 Leaders in New Delhi, the United Nations Summit on the SDGs in New York, and COP28 in Dubai. By bringing together a diverse coalition of stakeholders, including government representatives, international organizations, civil society, and private sector actors, the Summit aims to generate a collective vision and implement the necessary changes for a sustainable future.

President Macron expressed his appreciation for President Wickremesinghe's presence at the summit, emphasizing the importance of collective success in shaping a better future for generations to come. The event holds the promise of fostering economic, social, and environmental capital, surpassing the achievements of previous generations.

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