Financial Accountability in Focus: AfDB President Appeals to Wealthy Nations at Paris Summit
The President of the African Development Bank, Akinwumi Adesina, attended the Summit for a New Global Financial Pact in Paris, where he called on rich countries to fulfill their financial commitments to Africa.
Adesina highlighted the significant losses Africa faces due to climate change, amounting to $7 to $15 billion annually, projected to rise to nearly $50 billion per year by 2040. He emphasized the importance of meeting the $100 billion commitment made by developed countries and stated that the failure to do so undermines trust in developing nations.
French President Macron hosted the summit, which brought together over 50 heads of state, world finance officials, and activists. The summit aimed to address poverty and the climate crisis by reshaping the global financial system. Developing nations raised concerns about being left to deal with the consequences of climate change caused primarily by major economies that are also their main creditors.
While the summit did not have the authority to make formal decisions, it aimed to provide political momentum for upcoming international discussions, including climate conferences. Adesina stressed the need for concrete commitments and private sector engagement, considering the massive amounts of assets managed by institutional investors.
Calls were made by activists and NGOs for rich countries to commit to debt relief for poor nations, including loan cancellations and a debt suspension clause for countries affected by extreme climate events. The first day of the summit witnessed deals being announced, including debt restructuring for Zambia and support for Senegal’s renewable energy goals.