The New Delhi Declaration and Paris Agenda show a way forth
G20 summit in New Delhi, which accepted the African Union as a full-fledged group member in a historic decision, pushed this agenda forward. In Paris, we asked for a world where poverty is eliminated, the health of our planet is preserved and vulnerable countries are better equipped to face the crises that arise from climate change and conflicts. To meet these goals, we must leverage all sources of finance and remain united.
To prevent fragmentation, governance of the international financial architecture must be transformed to make it more efficient, inclusive, equitable and fit for today’s world. The transformative changes we have proposed should benefit all vulnerable developing countries in all regions. To this end, we have identified four principles that will help guide the way forward: One, no country should have to choose between fighting poverty and fighting to protect and preserve the planet.
Two, facing different needs, countries may need to pursue diverse transition paths while coming together to meet the goals of the 2015 Paris climate agreement. This is why we are accelerating Just Energy Transition Partnerships and Country Packages for Forest, Climate and Nature. Three, more financial resources are needed to support vulnerable economies, lifting their populations out of poverty while protecting the planet.
Four, meeting today’s global challenges, from achieving net-zero greenhouse-gas emissions to reducing inequality, will depend on scaling up the use of private capital flows to emerging and developing economies. To back the concrete measures that were agreed upon or advanced in global forums, the world will need a strong financial stimulus. Fortunately, we have already achieved the target of $100 billion
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