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Paris Agenda for People and the Planet

GS Paper 3

Syllabus: Environment Conservation

 

Source: LM

 Context: The article discusses the Paris Agenda for People and the Planet and the need for international solidarity to address poverty, climate change, and other global challenges.

  • African leaders amplified this dynamic by adopting the Nairobi Declaration during the first Africa Climate Summit in Kenya.

 

What is the Paris Agenda for People and the Planet?

The Paris Agenda for People and the Planet (held in June this year) is a global initiative aimed at eliminating poverty, preserving the environment, and enhancing the resilience of vulnerable countries to climate change and conflicts.

The focus of the Summit:

It focuses on leveraging various sources of finance, including official development assistance, domestic resources, and private investment, to achieve these goals.

 

Key points of the Summit are:

AspectDescription
GoalTo eliminate poverty, preserve the planet, and empower vulnerable countries to address crises.
StrategyLeverage all sources of finance, including official development assistance, domestic resources, and private investment.
Unity and Governance TransformationTransform the international financial architecture to be more efficient, equitable, and relevant to today’s world. Emphasize unity among nations.
Guiding PrinciplesFour principles guiding the agenda:
1. No country should choose between poverty and the planet.
2. Recognize diverse transition paths for countries while working together to meet Paris Agreement goals.
3. Call for a financial stimulus to support vulnerable economies.
4. Scale up private capital flows to address global challenges and reduce inequalities.
Concrete Measures and TargetsAchieve $100 billion in Special Drawing Rights (SDRs) for vulnerable countries. (This target has already been achieved)
Monitor and ensure access to $100 billion of climate finance.
Leverage private finance, aiming for $100 billion annually in developing and emerging economies.
Increase MDBs’ lending capacity by $200 billion over the next decade.
 Accelerate debt suspension and support climate resilience.
Further Work and CommitmentsExplore international taxation for climate commitments and address financial flows escaping legitimate tax systems.
Promote fair partnerships for local value addition and strengthen healthcare and food infrastructure.
Replenish the International Development Association (IDA) expansion of the IMF’s Poverty Reduction and Growth Facility
Include climate vulnerability in debt sustainability assessments.
Mitigate foreign exchange and other risks.
Establish an international finance facility for forests.

For major provisions of the New Global Financing Pact: Click Here

What more is needed:

  • Governments capable of providing additional SDR rechannelling mechanisms should contribute more.
  • Enhance G20’s Common Framework for Debt Treatments
  • Accelerating debt suspensionin countries experiencing debt distress

 

Insta Links

Editorial: Behind the smokescreen around private climate finance

 

Mains Links:  

Discuss the significance of climate finance for developing countries and the key challenges they face in accessing climate finance. (15M)