Paris Agenda for People and the Planet

Context- At the end of June, a historic summit on international solidarity concluded the Paris
Agenda for People and the Planet. African leaders amplified this dynamic by adopting the
Nairobi Declaration during the first Africa Climate Summit in Kenya.
What are some facts about the Paris agenda?

  • It envisioned a world without poverty, where the health of our planet is protected, and
    vulnerable nations are empowered to confront the challenges posed by climate change
    and conflicts.
  • Achieving these objectives necessitates the mobilization of diverse financial resources
    and unity among nations.
    What are the four principles that should guide the Paris agenda?
  • It is imperative that no nation is compelled to make a decision between eradicating
    poverty and safeguarding and conserving the environment.
  • There is a need to recognize the varying needs of different countries. They should pursue
    diverse pathways to achieve the objectives outlined in the 2015 Paris climate
  • There is a pressing need for additional financial resources to aid vulnerable economies. It
    will enable them to elevate their populations out of poverty while simultaneously
    preserving the environment.
  • Tackling contemporary global challenges and mitigating inequality, will depend on the
    expansion of private capital flows to emerging and developing economies.
    What is the way forward for the Paris agenda?
  • There is a strong need for a substantial financial stimulus. The world has already
    achieved the target of $100 billion worth of special drawing rights to be channelled to
    the world’s most vulnerable countries, especially in Africa.
  • Governments capable of providing additional SDR rechanneling mechanisms should
    contribute more.
  • There is a need to enhance the efficiency of utilising these resources. It is crucial that
    each dollar lent by multilateral development banks (MDBs) is matched by at least one
    dollar of private financing.
  • There is a need to enhance the timeliness and predictability of the debt restructuring
    coordination mechanism for low-income countries, commonly referred to as the G20’s
    Common Framework for Debt Treatments.
  • Furthermore, discussions regarding its extension to lower-middle-income countries are
  • Accelerating debt suspension in countries experiencing debt distress is also crucial.
  • The G20 Common Framework has already yielded positive results in the cases of Chad
    and Zambia. It should be utilized more extensively.
  • Countries should stand by each other in times of disaster. It necessitated the
    development of specific tools to bolster resilience, including the inclusion of a climatecrisis clause in debt contracts. All financial institutions and stakeholders must collaborate
    to fulfill it.
  • Part of this collaborative effort should involve coordinating multilateral development
    banks (MDBs) and public development banks within the global network of development
    banks known as ‘Finance in Common.’
  • Cooperation regarding the energy transition can be achieved through the Climate Club,
    established by the G7 to fulfill the objectives of the Paris climate agreement.
  • To meet our climate obligations, there is a need to explore new avenues for international
    taxation. Governments will need to crack down on financial flows that evade legitimate
    tax systems.
  • Developing nations require equitable partnerships that empower them to add value by
    processing raw materials and critical minerals within their borders.
  • There is a need for substantial replenishment of the International Development
    Association expansion of the IMF’s Poverty Reduction and Growth Facility, and increased
    funding for the World Bank and other concessional facilities offered by the IMF.
  • There is a need for a new international finance mechanism for forests to finance
    ecosystem services. It will be essential to mitigate or reduce various risks, particularly
    foreign-exchange risks, associated with such investments.
  • To ensure that international commitments translate into tangible achievements, there is
    need for a joint working committee comprising international and regional organizations,
    countries, and civil societies to monitor this roadmap.