Paris agenda for People and Planet

Paris agenda for People and Planet

News: Recently, the G20 Summit held in India pushed this agenda forward.

What is Paris agenda for People and Planet?
• The Paris Agenda for People and the Planet is a global initiative that was held in June 2023. The agenda was concluded at an historic summit on international solidarity.
• The main goal of this agenda is to create a world where poverty is eliminated, the planet is preserved, and vulnerable countries are better equipped to face crises from climate change and conflicts.
• The strategy to achieve these goals involves leveraging all sources of finance.

Four guiding principles have been identified to achieve this objective:
• No country should have to choose between fighting poverty and fighting for the planet.
• Country ownership of transition strategies: facing different needs, countries may need to pursue diverse transition paths while coming together to meet the goals of the Paris Agreement.
• A financial stimulus with more resources is needed to support vulnerable economies lifting their population out of poverty while protecting the planet.
• The role of private capital: Meeting global challenges will crucially depend on the scaling up of private capital flows to transform emerging and developing economies, for a net-zero and nature-positive world and to reduce inequalities more efficiently.

Some concrete measures and targets agreed or advanced at the Summit include:
• Achieving the target of 100 billion dollars SDR (or equivalent contributions) to be channeled to the most vulnerable countries, especially in Africa.
• Monitoring and ensuring access to 100 billion dollars of climate finance.
• Leveraging private finance, aiming for 100 billion dollars annually in developing and emerging economies.
• Increasing MDBs’ lending capacity by 200 billion dollars over the next decade.
• Accelerating debt suspension and treatments when needed, including to increase the fiscal space of countries in debt distress.