We are urgently working to deliver more for people and the planet. Multiple, overlapping shocks have strained countries’ ability to address hunger, poverty and inequality; build resilience; and invest in their futures. Debt vulnerabilities in low and middle-income countries present a major hurdle to their economic recovery and to their ability to make critical long-term investments.
We are urgently working to fight poverty and inequalities. An estimated 120 million people have been pushed into extreme poverty in the last three years and we are still far from achieving our United Nations Sustainable Development Goals by 2030. We should thus place people at the center of our strategy to increase human welfare everywhere on the globe.
We want a system that better addresses development needs and vulnerabilities, now heightened by climate risks, which could further weaken countries’ ability to eliminate poverty and achieve inclusive economic growth. Climate change will generate larger and more frequent disasters, and disproportionately affect the poorest, most vulnerable populations around the world. These challenges cross borders and pose existential risks to societies and economies.
Create new economic models
We want our system to deliver more for the planet. The transition to a “net-zero” world and the goals of the Paris Agreement present an opportunity for this generation to unlock a new era of sustainable global economic growth. We believe that just ecological transitions that leave no one behind can be a powerful force for alleviating poverty and supporting inclusive and sustainable development. This requires long-term investment everywhere to ensure that all countries are able to seize this opportunity. Inspired by the historic Kunming-Montreal Global Biodiversity Framework, we also need new economic models that recognize the immense value of nature for humanity.
We are convinced that poverty reduction and the protection of the planet are converging objectives. We must prioritize just and inclusive transitions to ensure that the poor and most vulnerable can fully reap the benefits of this opportunity, rather than disproportionally bearing the cost. We recognize that countries may need to pursue diverse transition paths in line with the 1.5° Celsius limit depending on their national circumstances. There will be no transition if there is no solidarity, economic opportunities or sustainable growth to finance it.
We, leaders of diverse economies from every corner of the world, are united in our determination to forge a new global consensus. We will use the Paris Summit for a New Global Financing Pact on June 22-23 as a decisive political moment to recover development gains lost in recent years and to accelerate progress toward the SDGs, including just transitions. We are clear on our strategy: Development and climate commitments should be fulfilled and, in line with the Addis Ababa Action Agenda, we recognize that we need to leverage all sources of finance, including official development assistance, domestic resources and private investment.
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