A summit with Substance, The Hindu Editorial Analysis
The Hindu Editorial Analysis: The Editorial Analysis of The Hindu Newspaper Editorial Articles aimed at simplifying various concepts relevant to the UPSC and other State PSC Exams. The Editorial Analysis helps in expanding the knowledge base as well as framing better quality mains answers. Today’s Hindu Editorial Analysis of ‘A Summit with Substance’ discusses about Summit for a New Global Financing Pact that is to be Co-chaired by India and France and aims to promote sound climate financing mechanism for the world.
As global leaders and financial leaders gather in Paris for the Summit for a New Global Financing Pact, it is crucial to take concrete actions towards sustainable finance and avoid another international summit lacking substance.
One Planet Lab’s white papers state that an additional $4 trillion per year is required to meet the Sustainable Development Goals, objectives of the Paris Agreement (COP21), and the Biodiversity COP15 at the global and national levels.
The three key components that should be included in the summit’s agenda for a successful transformation of international financial and development architecture: pact, platform, and pathway.
First, a pact should be established to govern global financial flows, encompassing domestic and international social contracts. At the domestic level, fiscal space in developing countries is limited by high debt.
Second, a global platform should be created to mitigate financial risks and attract significant private investment in sustainable infrastructure.
Finally, a political pathway should be outlined, establishing time-bound deliverables on climate finance from one summit to another. While complete achievements cannot be expected in a single summit, the France summit can prevent further delays. It is essential to define the financial calculations, delivery mechanisms, and investment momentum for the next two years.
By the approaching 80th anniversary of the UN in 2025, reformed finance for sustainable development should serve as the foundation for renewed and meaningful multilateralism. Given that the bulk of global growth will originate from the Global South, it is crucial to cater to their needs and ensure their equitable representation at the table.
The Next Finance Commission will have a Tough Task, The Hindu Editorial Analysis
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