Visit our website:
http://www.france24.com
Like us on Facebook:
https://www.facebook.com/FRANCE24.English
Follow us on Twitter:
https://twitter.com/France24_en
Category
🗞
NewsTranscript
00:00 Welcome back to the France 24 newsroom, the press conference just beginning on the closing
00:13 day of the Paris Finance and Climate Summit.
00:16 Let's listen in.
00:17 For what has been dubbed as the "How dare you" summit, and for sure, I think we have
00:24 confronted financial orthodoxy.
00:27 We have confronted shareholder power, global capitalism, and corporate power.
00:34 And we have also had a conversation about big oil.
00:39 Madame Laurence, to be honest, spoke about breaking taboos.
00:44 Prime Minister Mia Mottley reminded us that this is not a formal decision-making forum,
00:50 but a pivotal moment to set aside our national interest and end the perpetual blame game.
00:57 I want to repeat here again, as I did before, this is not about north versus south.
01:04 It is not about emitters or non-emitters.
01:08 It's not about the rich versus poor, climate guilty or innocent, and the powerful or the
01:14 powerless.
01:15 It's about all of us, big and small.
01:19 It's about us in our diversity.
01:23 And it's about crafting a win-win outcome.
01:29 These are the benchmarks we have established for ourselves.
01:33 They will serve us as a criteria against which we must assess our agreement.
01:39 We have agreed that no country should be forced to choose between eradicating poverty and
01:45 preserving the climate.
01:47 We have agreed on some additional resources to support the vulnerable and the poorer countries.
01:54 We have advanced discussion on reforming the governance of the multilateral development
02:00 banks.
02:02 We have progressed the conversation on a new global source for financing for climate and
02:09 the mechanisms that can be put together to insulate us from national interest and global
02:17 power structure whose decision-making processes include all of us and not just a few shareholders.
02:24 We are agreeing that for the first time, as we leave Paris, President Macron, and you
02:31 have been incredible, you have run this like Kenyans should do.
02:35 You have run it like a marathon.
02:37 And just to mention that we have agreed that we have to rethink.
02:51 We are in a new normal, the new normal that came through the pandemic, into the Ukraine-Russia
02:59 war, into the vagaries and what climate change is doing to us, floods, cyclones, droughts,
03:12 and the threat to humanity that we see.
03:16 This new normal requires a new approach.
03:20 We're all clear that up to 52 countries are facing death distress.
03:29 I listen to my sister Kristalina, and you know, Kristalina, we have a wonderful relationship.
03:33 You have been immensely supportive of Kenya.
03:36 But looking at this context and listening to the discussion about the SDR, the allocation,
03:46 the reallocation, the application, the verification, the assessment, the next, I get a headache,
03:58 honestly.
03:59 I mean, I sincerely think that there is a much more creative way of dealing with this.
04:09 The same way we did it during COVID.
04:13 There is a way we can do this so that those in distress, the 52 countries to start with,
04:19 how do we make it possible for them, since they are already assessed for the debts they
04:25 owe, how do we make them enjoy the benefit of a pause or a schedule or whatever you want
04:37 to call it, so that they can have immediate liquidity and create space for themselves?
04:44 That is a conversation that I think we should have.
04:48 And let me say, this will move us closer to addressing the crisis that we have today on
04:54 matters of liquidity.
04:56 We have also had a conversation and progressed one on a new global sources of financing for
05:02 climate action and mechanisms that can be better insulated from national interest.
05:08 This will move us closer to addressing the climate crisis as a global common good as
05:12 opposed to something that we have to play a balancing act with the national interest
05:18 on one end and do this at scale.
05:22 So they can do this at scale, urgency, and which our, as if our existence depend on it.
05:30 Let me clarify.
05:33 Emmanuel, you've been immensely, I mean, speaking to you as a member of the G7, you have been
05:41 immensely accommodative of all the divergent views that have come on the floor and in all
05:48 the fora that we have enjoyed ourselves here.
05:52 We are saying we want this time around a mechanism that involves everybody, where nobody, where
06:01 we are all paying, where we are all involved, and where we all decide.
06:07 Because climate change is not about the north or the south.
06:10 It's about all of us.
06:13 And the discussion about carbon tax is a discussion that is a must have.
06:21 And on this one, we do not want the north to pay for the south.
06:26 We want all of us to pay.
06:29 Whether it is aviation tax, whether it is fuel tax, whether it is shipping tax, we want
06:37 to pay because we want to be on the table.
06:43 The conversation about who has not paid what is very energy-sapping.
06:49 It is very tiring.
06:50 We want to have a different conversation.
06:53 And I am very happy that that conversation has begun in Paris.
06:58 And thank you, President Macron, for making it possible for this conversation to happen.
07:04 Finally, have we been successful?
07:08 The ultimate judgment of our success does not rest in our hands.
07:13 In the coming days, the world will pass the verdict on us.
07:17 But I must say, being part of this conference, we have made tremendous progress.
07:24 I would have preferred to see a firm commitment built or building on the G20 debt suspension
07:31 initiative to deploy a portion of the new development finance sought to provide greater
07:36 fiscal space for heavily indebted countries by refinancing their maturing debts on more
07:43 favorable and extended terms.
07:47 Many of our countries lack the necessary fiscal room to make or to take on additional debt.
07:53 And we are saying this.
07:54 As we discuss this new financing system, we value the incredible support by the multilateral
08:06 development institutions, World Bank and IMF.
08:10 We also have a wonderful relationship with China.
08:15 They finance our infrastructure development.
08:18 The tension between the West and China is unhelpful, is unnecessary, and is as useless
08:27 as the tension between the North and South when we discuss climate change.
08:33 That is not necessary.
08:34 We must find the formula that will bring all our financing to respond to three issues.
08:43 Urgency, skill, and to make it much more affordable.
08:50 That is the conversation that we want to have.
08:53 And hopefully we have laid the seeds of that conversation to happen.
08:58 Again, thank you President Macron for making it possible for China to sit here and for
09:03 the West to sit here and those of us from the African continent to be in the equation.
09:08 We don't take it for granted.
09:11 Let me conclude this by saying we have some time between now and the Africa Climate Summit
09:24 in Nairobi between the 4th and the 6th of September.
09:28 That is co-hosted by the Africa Union and I was told by the chairman of the Africa Union
09:34 who was here with us, the Africa Union Commission, to invite none other than President Macron.
09:44 You will be a keynote speaker.
09:45 We want you to carry the gains we have made here to Nairobi, onward to UN General Assembly,
09:53 and finally to COP28.
09:57 The progress that has been made here is immense.
10:00 Let me tell you, President Macron, I know you said yourself that there is some work
10:06 to be done.
10:07 Yes, there is some work to be done.
10:09 But we have plenty of time between now and Nairobi.
10:11 We have like three months.
10:13 As I told you yesterday, the UN Charter was negotiated in two months.
10:19 I also said that the Bretton Woods Institution where Kristalina and Ajay are working, they
10:27 were negotiated in a little village, a little town called Bretton Woods in 1945.
10:34 In three weeks, we have a lot of time between here and Nairobi and between Nairobi and COP28.
10:42 We can fix this and it can happen for all of us.
10:45 Thank you very much.
10:46 Thank you, President Macron.
10:47 I will now give the floor to Secretary Yellen.
10:54 Thank you, Mr. President.
10:58 And let me begin by thanking you and the French delegation for hosting this summit and for
11:04 your tremendous hospitality.
11:07 This summit is an important milestone in our effort to evolve the global financial architecture,
11:14 to be more responsive to the tremendous challenges and opportunities facing us.
11:20 And the last two days have made me optimistic about the progress we've made so far and the
11:28 momentum that I believe can carry us forward in the coming months.
11:34 I'd like to touch on our progress in three areas that I focused on during my time here
11:40 at this summit.
11:42 First, our initiative to evolve the multilateral development banks, or MDBs.
11:49 Global challenges like climate, pandemics, and fragility and conflict are putting development
11:56 gains at risk.
11:58 That's why I called for the evolution of the development banks last fall to tackle these
12:04 global challenges with sufficient speed and scale.
12:10 Our goal is to strengthen the MDBs' work on eradicating poverty and supporting sustainable
12:17 growth, their traditional goals, not distract from them.
12:23 We've made significant progress on the MDB evolution initiative with a broad coalition
12:29 of shareholders.
12:31 And our coalition has made preliminary updates to the World Bank's mission and its operating
12:37 model.
12:39 We are unlocking as much as $50 billion in additional lending capacity over the next
12:45 decade.
12:47 And our estimate is that the MDBs as a whole system could unlock $200 billion in new lending
12:55 capacity over the same time frame.
12:59 And that's through balance sheet measures that are either already under implementation
13:05 or being deliberated.
13:07 Now, that by itself would be a very significant achievement.
13:12 We could have $200 billion in lending capacity that we didn't have before to invest in some
13:20 of the most pressing problems facing the world, combating climate change, lifting people out
13:26 of poverty, preparing for future epidemics, and much more.
13:32 But the evolution is not just about the balance sheet.
13:36 It's about making sure we use these resources in a more impactful manner.
13:43 So we're pushing for additional reforms on a rolling basis.
13:48 And this includes work to optimize our climate finance architecture.
13:54 Second, let me turn to debt and macroeconomic stability.
14:01 The IMF plays an important role in providing policy advice and technical assistance along
14:08 with critical financing.
14:11 We've had constructive discussions about ensuring that the IMF can continue to provide concessional
14:19 lending now and in the longer term.
14:23 And we call on the IMF to present all available options to put its poverty reduction and growth
14:31 facility on a sustainable footing in the near term by the annual meetings.
14:38 And we also call for a broad range of donors to meet the IMF's financing targets for the
14:45 Trust.
14:47 Now, we also need to complete outstanding debt cases.
14:52 Debt is a global challenge, and it requires urgent cooperation from all creditors.
14:59 To that end, I'm pleased that all official bilateral creditors have reached consensus
15:05 to move forward with the debt treatment for Zambia under the leadership of the Chinese
15:12 and French co-chairs.
15:14 And I just saw Premier Li at the high-level panel.
15:20 And I'm encouraged that China is moving to help address the debt challenges facing developing
15:26 countries.
15:28 Beyond resolving outstanding cases, a productive first step to provide greater certainty and
15:35 timeliness to the debt process would be the publication of a guide to the common framework
15:42 for borrowers.
15:44 Third concerns private capital mobilization.
15:50 As we announced earlier this morning, the investor leadership network, which includes
15:56 companies with a total of over $10 trillion in assets under management, has launched a
16:03 new commitment to accelerate pension fund and institutional investments in emerging
16:09 and developing economies over the next three years.
16:14 And the United States will work closely with them to facilitate investments in the critical
16:20 areas of energy transition and sustainable infrastructure.
16:25 I also continue to believe that MDBs should launch a set of more innovative tools to boost
16:34 private capital mobilization.
16:38 And that is a priority shared by many leaders of these institutions, like President Banga.
16:45 We've already taken significant complementary action.
16:50 Through the G7, we seek to mobilize $600 billion for high-quality infrastructure investment
16:57 through the public and private funds over five years.
17:01 And the United States has already achieved $30 billion of its $200 billion commitment.
17:08 And through initiatives like the JETPs, or Just Energy Transition Partnerships, we're
17:15 bringing public and private sources of funding together to provide tens of billions of dollars
17:22 to fight climate change and spur economic development in emerging economies.
17:28 Well, the challenge to the world that has brought us here to Paris is to make sure the
17:35 global financial architecture can orient the necessary finance toward the essential tasks
17:42 of eradicating poverty, combating climate change, and building a global economy that
17:49 allows people and the planet to thrive.
17:53 There's a great deal of work to do, and I look forward to working with the leaders on
17:58 this stage and many more to advance our shared efforts.
18:03 Thank you again, Mr. President, for your leadership.
18:06 Thank you very much.
18:11 Thank you, Secretary Yellen.
18:12 And now I will give the floor to Kristalina Georgieva for the IMF.
18:16 Merci beaucoup, Kristalina, une fois encore d'être à Paris.
18:19 Thank you very much, Kristalina, for being here in Paris for the IMF.
18:22 Merci, Monsieur le Président.
18:23 Thank you very much.
18:24 We had a very engaged and frank discussion, and it is so very important that we did.
18:34 Our world is changing rapidly.
18:39 It is affected by more frequent and severe shocks, and it is a world with more tensions
18:51 than we need at this time.
18:53 We need each other the most today.
18:58 Our economy has proven resilient despite of the shocks we experienced, COVID, the war.
19:07 But it hasn't been without a cost.
19:11 Interest rates are up.
19:13 Debt burdens are rising.
19:15 The cost of living is high.
19:18 Poverty and inequality are increasing.
19:22 And the consequences of the climate crisis are upon us, and they hit the hardest poor
19:34 people and poor vulnerable countries that have done the least to cause this problem.
19:42 So it is time to step up.
19:47 It is time for leadership.
19:48 And President Macron, President Routo, Secretary Gellin, my dear brother, Adjaye, we have to
19:58 live up to the expectations that are put on us.
20:03 I want to talk about three topics that are directly relevant to our work in the IMF that
20:10 have been high on the agenda in these two days.
20:15 First, debt.
20:19 I completely agree with President Routo that it is a top priority to ease the debt burden
20:31 on countries, especially those who have been hit by exogenous shocks, countries with good
20:37 governance, but suffering from these shocks terribly.
20:44 We have made progress.
20:47 We do have now the common framework delivering for Chad, for Zambia, and also countries outside
20:59 of the common framework, Sri Lanka, Suriname, benefiting from bringing creditors, public
21:07 and private, together.
21:10 We recognize we have to accelerate debt restructuring, make it predictable, timely, and providing
21:20 breathing space to debtor countries through debt suspension during negotiations.
21:29 This is what we have been advocating for.
21:32 We now have the global sovereign debt roundtable that brings, for a first time in the last
21:39 decades, traditional Paris Club creditors, non-Paris Club creditors, China, India, Saudi
21:48 Arabia, Brazil, and the private sector, together with the debtor countries.
21:55 And I heard this call yesterday, so, President Routo, you're here representing countries.
22:03 I can turn to you and say, yes, sir, this is being done.
22:09 We have to go beyond that.
22:11 We have to recognize debt and climate are correlated and will be even more so.
22:16 And therefore, we need to work on debt for climate swaps.
22:21 The World Bank takes leadership on debt suspension clauses in their programs.
22:28 At the IMF, we have an instrument called Catastrophe Containment and Relief Trust that allows us
22:36 to provide directly debt relief to poor countries when they're hit by shocks.
22:43 We used it in the past.
22:44 We used it mostly for COVID.
22:46 We are determined to use it for climate shocks as well.
22:51 And talking about climate, let me turn to the second area directly relevant for our
22:56 work.
22:58 The IMF has, over the last years, integrated climate considerations in everything we do,
23:07 because climate is macro critical.
23:10 We integrate it in fiscal policy, in monetary policy, in data, and of course, we also have
23:16 a financial instrument.
23:18 Let me stress one area where the IMF has been tirelessly promoting action, and it is on
23:24 carbon price.
23:27 Our analysis shows that without carbon price, there is no chance, no flying chance that
23:34 we will meet the 1.5 degree Celsius target by 2030.
23:41 We will miss it.
23:42 So, we need to have this incentive in place.
23:44 We advocate for inclusive approach that is including tax, but also trade, and also regulatory
23:52 actions, as long as they deliver trajectory in the right direction, up on carbon price.
24:01 We propose a carbon price floor that is fair.
24:06 Poor countries pay less.
24:09 Middle income countries more.
24:11 Rich countries, of course, they have the highest price.
24:14 And then, I agree with you, there is space to think of international deployment of some
24:18 of these resources.
24:20 We are not there yet, but there is movement.
24:24 We were, just five years ago, covering 17% of emissions.
24:29 Now we cover 25%.
24:31 There is only 75% more to go.
24:35 But with will, when there is will, there is way.
24:38 And talking about financing, this is the third area very relevant for the IMF.
24:45 We have created a new instrument, the Resilience and Sustainability Trust.
24:54 First time in the history of the IMF, we provide long-term affordable financing.
25:00 Twenty years repayment, 10.5 year grace.
25:06 How did we fund it?
25:08 We funded it with the goodwill on countries like France, and we look forward to the US
25:17 contributing, that have taken part of their new SDR allocations, and per the promise made,
25:28 they have made this available to the IMF to provide us affordable lending.
25:38 We have reached the commitment, the pledge made in '21, the pledge of 100 billion.
25:47 60 billion of this pledge is already working at the IMF in the Poverty Reduction and Trust
25:55 Fund and in the Resilience and Sustainability Trust.
25:59 And I can tell you, it makes a difference.
26:02 We issued two press releases here for Barbados and for Rwanda.
26:09 How this money, in partnership with the World Bank Group, with the Inter-American Development
26:14 Bank, with National Development Banks, based on analysis provided by our sister institution,
26:23 how it makes a difference in accelerating the green transition, bringing more ability
26:30 for countries to face the challenge, to adapt to the challenge of climate change.
26:36 And so we have seven countries that have benefited.
26:40 You are on the queue.
26:41 Kenya is on the queue.
26:43 We have 40 countries expressing interest, and because of that, I want to announce today,
26:49 we are lifting up our ambition to increase by 50% the Resilience and Sustainability Trust,
26:57 so we don't have to rush in financing and we can respond to needs.
27:03 I want to finish with the following.
27:06 When I started in my job, the first thing I did was to go to the Bretton Woods in this
27:12 beautiful hotel and to sit in the room, a very small room, where it all happened.
27:19 Only 44 countries at that time.
27:22 By the way, all delegations led by men.
27:26 Most of them came by boat.
27:30 Since then, the number of countries more than doubled in the world.
27:36 The number of people more than tripled, and the global GDP increased more than 10 times.
27:43 It is a different world.
27:45 And obviously, we have to change.
27:48 We have been changing as the world changes, and I completely and totally commit to changing
27:58 for the future with you, with our members.
28:03 And today, yesterday, we got impetus for what it means to change, to be more inclusive,
28:12 more representative, well-resourced, and with serving with professionalism and empathy our
28:20 members.
28:21 Thank you.
28:22 Thank you, Christelina.
28:26 And now I will give the floor to Ajay Banga.
28:29 Thank you, Mr. President, and welcome.
28:31 I think it's a great chance for all of us to have you here now.
28:34 Thank you very much.
28:35 And it's – first of all, Mr. President, I want to thank you for your engagement and
28:40 your inclusivity, and I think most importantly, your willingness and courage to take on doing
28:45 something like this.
28:46 You and your team deserve a lot of credit for that, so thank you.
28:50 I've been three weeks in this job, and as President Ruto said, three weeks was how long
28:54 it took to create the Bretton Woods, so I have a feeling I've been in the job long
28:58 enough.
28:59 And three weeks means my honeymoon is over.
29:01 And I – it's an institution I've long admired.
29:05 I knew – and I came into this job with my eyes wide open of the challenges that will
29:09 be asked to work on.
29:11 I think the evolution roadmap is only the beginning of them.
29:13 There's so much more to be done, so I get that.
29:16 And I think that what changed and what changes for me is that when I'm with people who
29:23 believe that our challenges are appropriate and opportunities, and they come to the problem
29:28 with some kind of infectious optimism, then I kind of feel like if we all come together,
29:34 we will succeed.
29:36 And to me, the biggest challenge we have is that the global south, as we call it, has
29:44 more young people than any other part of the world as a percentage of their population.
29:49 And let's not forget that half those people are women and girls.
29:53 And therefore, in those two sets of people, women and young people, we have the possibility
29:59 of our future, the dynamism and the hope of our opportunities for our children and our
30:04 grandchildren.
30:05 The problem is that only works if they have quality of life, as I said in a panel with
30:10 you, Mr. President, when they're growing up, meaning health, education, clean air, clean
30:15 water, energy, things we take for granted in this very live.
30:20 But also when they grow up, jobs.
30:23 Jobs are the single best way to drive a nail into the coffin of poverty.
30:29 It is the single best way.
30:31 And so driving growth and driving jobs is what we have to focus on.
30:35 And I think it's part of redefining our mission and our vision to what Secretary Yelling was
30:40 referring to.
30:42 My view is that the World Bank's vision has to evolve to say, yes, we will create a world
30:47 free of poverty, but on a livable planet.
30:52 And a livable planet meaning we tackle climate, pandemics, fragility, unnecessary wars, things
30:58 that make food security, things that reduce our ability to have quality of life and to
31:04 have hope and optimism.
31:06 I also believe that this vision is threatened by these intertwined crises, these exact same
31:11 issues that create the challenge for livability.
31:15 So I think time is of the essence.
31:16 Frankly, we are at a critical time in the arc of humanity and our planet.
31:22 And not having a sense of urgency about the need to scale and replicate things that work
31:27 would be a travesty of justice.
31:29 If even if we were to have enough money to do it well, if we don't urgently do so with
31:35 scale then we are letting down every single stakeholder in our institution.
31:42 So I want to be practical on three things that we've announced here.
31:45 I felt, President Macron, that you indicated you wanted tangible things.
31:50 So let me cover those three over the last 24 hours.
31:54 The first one is a comprehensive catastrophe toolkit, an approach that significantly expands
32:00 our toolkit for crisis preparedness, for response and for recovery.
32:05 So how are we doing this?
32:06 We're going to help governments build advanced emergency systems so they can be ready to
32:11 respond on day one, provide new types of insurance that will backstop development projects, allowing
32:18 work to get back on track quickly.
32:20 We've actually had these bonds out now in Peru and Jamaica and the idea is to scale
32:25 and replicate them to other parts of the world.
32:28 To give countries new flexibility to quickly redirect a portion of their funds for emergency
32:33 response so cash is immediately accessible.
32:37 And offer a pause in debt repayments so countries can focus on what matters and not worry about
32:43 the bill.
32:45 And we're looking to embed catastrophe insurance in our lending products with the intent that
32:50 those insurance premiums and interest will be covered through the generosity of others.
32:55 And that would ultimately give countries recovery resources without adding to their debt, something
33:00 that William has referred to now a few times over the last two days, appropriately so.
33:06 When catastrophes occur, leaders are concerned about their people and their communities,
33:11 giving them water, food, power, and they're really quite devastated by the loss of life.
33:17 What they don't need at that time is a hand in the face.
33:20 They need to feel the hand of people like the World Bank on their back.
33:24 That is what we are trying to do.
33:26 We recognize that one size does not fit all.
33:28 That's why it's a comprehensive toolkit and approach, but I think this can be a big step
33:32 forward.
33:33 The second, which you helped me actually launch, Mr. President, was the private sector investment
33:38 lab.
33:39 We all know that trillions are required annually to address these challenges and I know that
33:44 development banks or even the generosity of governments and philanthropies cannot provide
33:49 the resources we need.
33:50 And so therefore, we need the private sector.
33:53 We all say that, but the truth is our efforts over the years have come nowhere near what
33:59 we need to be showing as an output.
34:03 That's why we're trying a new approach.
34:04 We're trying to create this private sector investment lab, a concrete step which is designed
34:08 to identify and remove the barriers preventing private investment in the emerging markets.
34:14 I described it with you, Mr. President, as creating a railroad on which the private sector
34:18 can run its rail cars.
34:21 If we can create that railroad with standardized sort of methods, then we can do a good job
34:27 with this.
34:28 The lab will put an emphasis on scaling transition finance.
34:30 The initial focus is renewable energy and sustainable energy infrastructure.
34:35 Most importantly, and this is really important to me, the idea is to get ideas, not reports,
34:40 not videos.
34:41 Every month when we meet, we will receive one or two ideas from them.
34:44 We will work them.
34:45 If they work, that's good.
34:46 If they don't, we call them a failure and move on.
34:49 But over the course of a year, if we get six ideas that work, we win.
34:54 And that's what we're trying to get.
34:57 So as you know, sir, Mark Carney and Shruti Vardera are helping to be co-chairs of this
35:02 work.
35:03 They're going to announce the whole composition of the group in the coming couple of weeks.
35:07 I'm very grateful to both of them for taking this on.
35:10 And then the last part is our climate outcome measurement.
35:16 As many of you know, we've been telling part of the climate story.
35:19 We focus on how many dollars we put in, not what we are getting out.
35:24 So that's why what we are doing now is to kick off a new initiative with other multilateral
35:29 development institutions to reimagine a way to track climate outcomes, one that pivots
35:35 from mostly measuring the volume of dollars spent on climate to actually primarily measuring
35:41 the impact of our financing, greenhouse gases reduced, cleaner water provided and so on.
35:47 The ultimate goal is to launch a new climate outcome platform later this year at COP28.
35:52 But that work started here in Paris yesterday at the Finance in Common meeting, again, chaired
35:58 by you.
36:00 We have a lot of work to do.
36:01 I would just -- these are just three road marks along the way.
36:04 I'm very conscious of immediate issues like the debt crisis.
36:08 Kristalina and Secretary Yellen spoke to it.
36:10 I think progress with Zambia is excellent.
36:13 The challenges, we've got a whole lot of others to work on.
36:16 And we need to get that sense of urgency into it.
36:19 I'm very grateful for the opportunity, sir, to be here for my first meeting of this type
36:23 and for you to give me a platform, but even more importantly, for the hand I feel on my
36:27 back from you as well.
36:28 So thank you very much.
36:30 Thank you, Ajit.
36:31 Thank you very much.
36:32 So, depending on the two days of work have allowed us to make serious advances on a very
36:45 full agenda and to come to a consensus for the peoples of our planet.
36:49 I spelled out that consensus earlier and tried to give a fairly full rendition of that at
36:56 the end of my speech.
36:57 I'm going to repeat this here.
36:58 We're going to ask all delegations to endorse it in terms that are intelligible to one and
37:05 all, not technical language.
37:08 It's not going to be a communique like the G7 or the G20, but a common approach.
37:16 A number of actions mentioned today that have finalized the new roadmap and coordination
37:23 mechanisms between the bank and the IMF, major milestones.
37:27 Also set of goals with meetings very tangibly requested that will mark the road towards
37:36 a more, a deeper, better governance of our international financial architecture.
37:45 The aim is to have the Paris consensus for the people of the planet that we endorsed
37:52 yesterday and today and to follow the work.
37:55 We'll have a permanent follow-up mechanism in two years' time to report on it through
38:02 a summit on the results and outcomes on the basis of what we've launched.
38:10 And that's why with the current and future G20 chairs to structure the work of G7 and
38:18 G20 going forward.
38:19 And that's also why several distinguished members were in attendance.
38:23 My thanks to Secretary Yellen once again for her involvement, the good discussions conducted
38:29 with what's underway in Washington.
38:31 You'll have understood these are not just mere words, they're tangible responses, a
38:37 follow-up mechanism and a meeting at least in two years' time with major milestones and
38:43 in-depth change.
38:45 This mechanism is set once again to broadly include, as President ErdoÄŸan recalled, it's
38:53 our goal with all governments but also with civilian populations.
39:00 Just two comments and thanks.
39:03 Firstly, the strength of this summit was to bring together over 40 heads of state and
39:09 government, G7 countries, major emerging countries, poorest countries, those newly affected by
39:17 climate change and who've experienced the vulnerability coming from all regions of the
39:22 world.
39:23 It's a very free and wide-ranging discussion, a plenary this morning, dinner last night
39:27 with criticism level.
39:30 But I think it's the condition that will forge a united response.
39:35 It's clear, and I say this very clear-sightedly and with gravity, I'd say that through its
39:42 very method, this summit is set to forge the unity of the international community behind
39:51 these challenges, fight against inequality and fight to preserve the planet.
39:57 If we fail, without a doubt, we'll see a fragmentation of our international institutions.
40:03 Those that exist will be gradually delegitimized by the poorest and emerging and by more or
40:10 less praiseworthy intentions of those who have the money can help them.
40:16 So our responsibility is to maintain this unity, serving our principles and the common
40:25 good that we've redefined.
40:26 And lastly, I'd like to thank all those who have made this summit possible.
40:31 Of course, the heads of state and government, Secretary General, my personal representative,
40:37 as well as their teams, the Élysée teams who were heavily mobilized, but also the ministers
40:46 present and their teams, as well as their departments, the Quai d'Orsay and the Bercy,
40:53 who contributed significantly to drafting all the text, as well as the French Development
41:00 Agency and several other entities.
41:03 I'd like to thank the Paris Peace Forum and its teams that contributed extensively, and
41:11 all NGOs, as well as representatives of civil society.
41:19 We've pledged and we delivered 50% of delegations and invited delegates should come from all
41:26 continents, but above all, civil society.
41:28 My thanks to all NGOs who made that possible, who rallied representatives of civil society,
41:37 of the youth.
41:40 And we had a representative speak yesterday who contributed to the platform through the
41:47 Secretary General.
41:48 And over time, they'll be involved in the follow-up mechanism.
41:53 I'll stop there.
41:54 Let's take the three questions that land.
41:58 Thank you.
42:01 Question from the French press, one from the US and Kenyan press for the French.
42:07 First question.
42:09 Hello.
42:10 France Television.
42:13 First question to the French and Kenyan presidents.
42:21 How can this summit convince countries of the South to commit more against Russia and
42:29 the war in Ukraine?
42:31 International tax on shipping discussed at great length ahead of the summit.
42:36 President Macron seems that little progress made on that front.
42:40 Why is there no consensus emerging and that does call into question that tax?
42:47 And lastly, Madam Secretary Yellen, why the US are not in favor of that tax?
42:57 Thank you.
42:58 To be frank, the purpose of this summit wasn't to convince countries who might have had doubts
43:07 rather to rally more differently on Ukraine.
43:10 And in fact, with our approach, it'd be the best way of nurturing mistrust and African
43:17 initiative led that we discussed.
43:20 Several heads of state in attendance expressed their conclusions both on Russia and Ukraine.
43:25 I think the purpose is specifically to continue to forge geopolitical unity that can be threatened
43:34 by direct and indirect consequences of the Russian aggression in Ukraine, preserve the
43:41 unity of all countries in the planet, emerging, developing the riches that we're still focusing
43:50 on war, very much up most in our agenda, but mustn't reduce our collective commitment to
43:59 serve the commons that are at the heart of our international agenda, climate, biodiversity,
44:07 fighting inequalities, promoting education, health.
44:11 So this summit was highly relevant in that respect.
44:16 And I think all these issues, they can only be resolved with the full international community,
44:23 China, US, major emerging powers, G7, G20, but also developing and poring, porous countries.
44:31 It's the purpose and usefulness of this summit.
44:34 As to tax, I'm in favor of an international tax funding the efforts we need to undertake
44:40 in fighting poverty and the climate.
44:44 I recall France applied on itself two previously proposed taxes on airline tickets and on financial
44:53 transactions.
44:54 You'll agree with me that an international tax is international when it's adopted by
44:59 all and there are international taxes like socialism formally.
45:04 It doesn't work in just one country.
45:07 And so we're already at a technological front.
45:10 We're not going to continue to beat ourselves alone.
45:14 We're going to try and rally and get others to follow.
45:17 So we're in favor of an international tax on shipping because it's a sector that's not
45:23 taxed.
45:24 There's no reason why it's not taxed and doesn't contribute to efforts throughout the world.
45:29 So I think it's a very good cause.
45:32 The goal here was to continue to rally people.
45:35 We have a club of those who are like-minded and it's to the IMO, International Maritime
45:41 Organization, to negotiate.
45:43 We'll have that.
45:44 We defend a tax that can be very modest to begin with.
45:48 It's a sector that is decarbonizing it.
45:51 We're encouraging that, but it's justified.
45:55 Revenues generated sometimes considerable should be taxed.
45:59 But for it to work, we have to do what we did on the minimum international tax to have
46:07 a set of countries that follow suit.
46:09 I'll be clear, if China, the US, several European countries that also have large shipping companies
46:17 involved don't follow suit, well, you're putting a tax in place, but it has no effects because
46:24 people are going to be taxed.
46:26 We'll head to countries that aren't taxed.
46:27 So key countries must rally.
46:30 We'll continue in that direction.
46:32 The July meeting at the IMO will be conclusive, hopefully.
46:36 Yeah, thank you very much.
46:42 Welcome back to the newsroom.
46:43 We've been watching the final press conference of this two-day climate and finance summit
46:48 organized by the French President Emmanuel Macron.
46:50 In attendance were high-ranking delegations from the West, Africa, and China, world leaders
46:56 releasing a to-do list to help developing countries better tackle climate change and
47:01 poverty.
47:02 The summit calls for the global financial system to evolve, developing countries bearing
47:07 the brunt of climate change, poverty, instability, pandemics, and conflict.