YouthNet for Climate Justice, a major grassroot youth-led organization pushing for climate justice and just transition, has issued an impassioned call to action in advance of the upcoming high-level Summit for a New Global Financing Pact. This summit, hosted by French President Emmanuel Macron, is set to take place in Paris next week and will address multilateral development bank (MDB) reform, the debt crisis, green technology financing, the creation of new international taxes and financing instruments, and special drawing rights. They encourage world leaders to meet stated financial obligations and address the pressing needs of vulnerable nations such as Bangladesh, while demanding quick and real action on climate change and financial justice.
The Summit for a New Global Financing Pact will take place on June 22nd and 23rd, 2023. This conference is an important chance to address the combined problem of financing development and climate goals while changing the international financial infrastructure. It provides a venue for global leaders to collaborate on finding new solutions to the pressing and interconnected concerns of climate change and financial resilience.
YouthNet’s demands center on the urgent need for a New Global Financing Pact, which they feel is critical for achieving climate justice and resilience. A more egalitarian and sustainable future can be paved by achieving promised financial commitments, restructuring the global financial system, and investing in sustainable energy and infrastructure.
Dr Saleemul Huq, director of the International Centre for Climate Change and Development and adviser to COP28 presidency, echoes the call of YouthNet, stating, “The New Global Financing Pact represents a turning point in our collective response to the climate crisis. By increasing financial commitments and resources from both the public and private sectors, we can channel well-targeted development aid towards financing effective public policies, invest in sustainable projects through innovative financing mechanisms, and provide much-needed debt relief for developing countries. “
“This summit holds paramount importance for vulnerable nations like Bangladesh, as we strive for a new fund dedicated to addressing loss and damage. Let us seize the opportunity presented by COP28 in Dubai to operationalize these initiatives. Starting from the path set by Paris, we can pave the way for a brighter, more sustainable future, benefiting us all”, added Dr Huq who is joining this summit.
YouthNet for Climate Justice calls on world leaders to seize this opportunity and take bold and transformative action. They emphasize that meeting promised financial commitments, reforming the global financial system, and investing in sustainable energy and infrastructure are crucial steps toward building a more equitable and sustainable future.
Sohanur Rahman, Executive Coordinator of YouthNet for Climate Justice, stressed the need for immediate action, stating, “We cannot afford to wait any longer. The time for rhetoric and empty promises is over. We need concrete and immediate action to protect the most vulnerable communities from the devastating impacts of climate change. The upcoming summit presents a critical opportunity for world leaders to demonstrate their commitment to climate justice and resilience.”
As a representative of Bangladeshi youth at the summit, Sohanur highlighted the importance of addressing financial inequalities, stating, “It is essential that developed nations fulfill their commitments and provide the necessary financial resources to support developing countries in their efforts to adapt and mitigate climate change. We cannot achieve climate justice without addressing the financial inequalities that persist.”
YouthNet for Climate Justice urges world leaders of wealthy nations to prioritize real international financial system transformation during the summit. They emphasize the redirection of funds from three key drivers of climate change and inequality: fossil fuels, unfair Global South debts, and the super-rich. The organization calls on leaders to fully support and implement these necessary measures.
Highlighting the urgency of the situation, Sohanur added, “More people than ever are struggling to afford basic needs, and climate disasters intensify. People power has pushed climate reparations firmly onto the international political agenda. But the Paris Summit being held is not enough — we need rich nations to put real public money and financial system transformation on the table.”
Shakila Islam, National Coordinator of YouthNet, emphasized the significance of international cooperation in building resilience in vulnerable communities. She stated, “We must strengthen collaboration among nations and provide financial assistance to support the development of climate-resilient infrastructure, technology, adaptation, and sustainable livelihoods. This requires a collective effort and a commitment to putting the needs of the most vulnerable at the forefront, with a gender-responsive approach. The time for action is now, and the future of our planet and its inhabitants depend on the implementation of these necessary measures.”
The Summit for a New Global Financing Pact represents a critical moment for world leaders to demonstrate their commitment to climate justice and just transition. This summit follows in the footsteps of the Prime Minister of Barbados, Mia Mottley, who emphasized the importance of increasing international funding for countries most vulnerable to climate change at COP26 in Glasgow in 2021. The goals set forth by the summit aim to provide financial aid to the poorest countries, enabling them to cope with various crises, including the impacts of the Covid-19 pandemic and geopolitical instability.
