Five months after the Summit for a New Global Financial Pact, the Paris Peace Forum provided an opportunity to take stock of the implementation of the Paris Pact for People and Planet (4P), and to raise collective ambition in the run-up to COP28 in Dubai (December 1-12).
Gathered around the President of the French Republic for the opening session of the Forum, the Presidents of Ghana and Senegal, the Prime Ministers of Belgium and Barbados, the President of the European Council, the Managing Director of the IMF, the president of the Asian Infrastructure Investment Bank, the Secretary General of the OECD and economist Nand Kishore SINGH, commissioned by the Indian presidency of the G20 - reiterated their commitment to the principles of the Paris Pact for People and the Planet. The Secretary General of the United Nations and Pope Francis also expressed their support for this dynamic.
Noting the progress already achieved since June, notably in unlocking more financing through the multilateral development banks and in forging a more inclusive and representative global governance, particularly of the African continent, participants to the discussion pledged to further increase their efforts for development, climate and nature as a joint ambition. COP28 will be an essential milestone to live up to this agenda, through new financial commitments and even closer cooperation with the private sector to decarbonize economies.
Amidst a tense international context, all participants reaffirmed their commitment to an efficient multilateral system as being key to address the joint challenges of combating poverty and climate change. The young activist Elsy MILAN reminded that these challenges epitomize the aspiration of a whole generation, together with the preservation of peace, which is more urgent than ever. She had these words of hope: “May Paris become today, though our common commitment, the capital city of peace, people and the planet”.
The OECD was able to announce that it would be hosting the 4P Implementation Committee, which will help strengthen the follow-up to the commitments made in June. The name of President Macky SALL was also unveiled as the 4P's special envoy from January. His personal commitment will play a decisive role in mobilizing all the players of goodwill and signatories to the 4P.
The OECD is fully engaged in the implementation of the New Global Financing Pact Summit agenda. We are supporting increased domestic resource mobilisation for developing countries, measures to increase private finance to help secure our sustainable development and climate objectives and increased investment to help developing countries boost economic development and growth. Through our hosting of the Paris Pact for People and the Planet Secretariat and Implementation Committee we will help ensure that the commitments made at the Summit in June will translate into effective action and outcomes” said OECD SG, Mathias CORMANN.
On this occasion, the ambition to launch a taskforce on international taxation in support of climate action at COP28, was also addressed. “This ambition on international taxation is at the nexus of the Paris Summit in June and of the Climate Africa Summit. Together with President RUTO, and looking forward to the support of other partners, we decided to tackle this critical issue to leverage additional and new resources for climate action and global public goods” said French President Emmanuel MACRON. This taskforce will be responsible for studying existing avenues for international taxation, with a view to mobilizing more financing for the most vulnerable and for the planet. This proposed new agenda is complementary to the finalization of a two-pillar solution to reform international tax rules negotiated within the OECD framework, which remains a priority.
Following on from the opening session, the Minister for Europe and Foreign Affairs, Catherine COLONNA, and the Minister for the Economy, Finance, and Industrial and Digital Sovereignty, Bruno LE MAIRE, co-chaired along with 30 partners (States, international financial institutions and civil society) a ministerial meeting of the 4P Committee in the presence of the Secretary of State for Development, Francophonie and International Partnerships, Chrysoula ZACHAROPOULOU. This committee, set up at the end of the summer, aims to ensure the effective implementation of the Paris agenda at all major international events.
Already endorsed by 39 countries prior to the Forum, the 4P keeps gaining additional support: Germany announced its endorsement and engagement to actively implement the objectives of the Pact during the meeting.
The 4P prevails as the efficient platform for convergence among all partners – whether they be industrialized, emerging or developing countries, large countries or small island states threatened by climate change - around a common agenda that favours convergence and the imperative of delivering results over fragmentation.