Many believe a new international monetary system, one that offers developing countries facing climate crises not more crippling debt but financial support, might be in the making. Countries on front lines of climate change seek new lifeline in Paris:
Workers laying out pipes for installation at an oil site run by TotalEnergies in Tilenga, Uganda on Jan. 16, 2023.
On Wednesday, on the eve of the conference, 13 world leaders, among them President Joe Biden, published a public letter in some 40 newspapers, including Le Monde, saying they were determined “to forge a new global consensus” and that the summit would stand out as a “decisive political moment.” In November, Mottley sketched out a proposal for financial reform from the stage of the United Nations climate change summit, known as COP27, in Sharm el-Sheikh, Egypt. She and her team called it the Bridgetown Initiative.
German Chancellor Olaf Scholz and the Chinese Premier Li Qiang, will be among the attendees. So will U.S. Treasury Secretary Janet Yellen. The summit is drawing the heads of state or top ministers from about 80 countries, including leading world economies, and smaller, indebted countries already suffering from climate change-related effects, such as Guinea-Bissau, Haiti and Saint-Vincent and the Grenadines.
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