Reflecting on the Summit for a New Global Financial Pact from the standpoint of African nations | by Ziggy Brand

How can we effectively finance both poverty alleviation and climate change mitigation? This was the fundamental question that leaders, including numerous African ones (Benin, Burundi, Cameroon, Central African Republic, Chad, Comoros, Congo, Egypt, Ethiopia, Gabon, Ghana, Guinea-Bissau, Kenya, Madagascar, Mauritania, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Togo, Tunisia, Zambia) sought to address during the Summit for a New Global Financial Pact on the 22nd and 23rd of June. Despite African countries being the least responsible for climate change, they bear the brunt of its consequences. The summit discussed several key issues pertinent to African nations, such as building resilience against global crises, financing the ecological transition, and exploring strategies to curtail unsustainable debt for the most impoverished countries.

The most significant outcome of the summit was the political mobilization around the urgent need to reform international climate and poverty financing. Northern countries emphasized that they remained committed to the Sustainable Development Goals (SDGs). In concrete terms, the summit witnessed the announcement of the following measures:

$100 billion to support the green transition in developing countries by 2023, as planned since 2009, and reallocating $100 billion in Special Drawing Rights (SDR) to these same countries.
Various items concerning the World Bank and other multilateral development banks, including an additional $200 billion in loans over the next five years, the introduction of a standard debt suspension clause for borrowing countries in the event of natural disasters, and the encouragement of private sector investments in the Southern regions' green transition.
The commitment of a coalition of philanthropic organizations to mobilize investments and support SDG-related priorities by unlocking funding for climate action in low- and middle-income nations, while concurrently reducing poverty and inequality.
A debt restructuring agreement for Zambia and a partnership for a just energy transition between Senegal and the G7 nations.
The development of a comprehensive roadmap based on key milestones of the global agenda to effectively monitor the progress of the Summit for a New Global Financial Pact.

Should this summit be seen as capable of bringing about a genuine paradigm shift, or is it just another in a long line of high-level international meetings where fine promises are made only to be forgotten once the event is over? It is premature to draw definitive conclusions, but it is vital to translate these words into tangible actions and measurable results. Time will tell whether this summit marks a transformative turning point or becomes just another event relegated to the annals of international meetings. The world is watching closely, and African countries will play a key role in holding all stakeholders to account for their commitments.

$100 billion to support the green transition in developing countries by 2023, as planned since 2009, and reallocating $100 billion in Special Drawing Rights (SDR) to these same countries.
Various items concerning the World Bank and other multilateral development banks, including an additional $200 billion in loans over the next five years, the introduction of a standard debt suspension clause for borrowing countries in the event of natural disasters, and the encouragement of private sector investments in the Southern regions' green transition.
The commitment of a coalition of philanthropic organizations to mobilize investments and support SDG-related priorities by unlocking funding for climate action in low- and middle-income nations, while concurrently reducing poverty and inequality.
A debt restructuring agreement for Zambia and a partnership for a just energy transition between Senegal and the G7 nations.
The development of a comprehensive roadmap based on key milestones of the global agenda to effectively monitor the progress of the Summit for a New Global Financial Pact.