Unlocking sustainable futures: Why debt solutions, climate action should be priority at Macron summitGlobal climate leaders will converge in Paris, France from June 22 to 23 for the Macron summit, a crucial event that aims to pave the way for, among others, a new global climate financing plan.
Since the historic Paris Agreement was signed in 2015, the Global South has consistently complained about lack of access to climate financing. This is despite developed nations promising to contribute $100 billion annually to managing and mitigating climate change in Africa. Wealthy nations’ promises have fallen short of expectations, which has had negative repercussions for underdeveloped nations, notably those in Africa.
billion by 2050. The National Bureau of Statistics in its 2022 annual report indicated that the value of agricultural imports in Nigeria has increased to N512. 91 billion . Therefore, the Macron Summit presents a unique opportunity for the global south, particularly Nigeria, to find tangible debt solutions. The debt to climate action is one of such innovative ways. In a January statement announcing the summit, Catherine Colonna, the French Minister of Europe and Foreign Affairs, described it as an avenue to “build a new contract between the North and the South.”