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Mia Amor Mottley Demands Total Transformation of the Global Financial System.

Photo credit: PAHO-WHO Caribbean and UN Barbados and the Eastern Caribbean.

By Editor-June 22nd, 2023.

At the Summit for a New Global Financial Pact today in Paris the Prime Minister of Barbados, Mia Mottley, demanded this Thursday an absolute transformation of the global financial system and not a reform of existing institutions, such as the World Bank (WB) and the International Monetary Fund (IMF).

Speaking at the forum that began during this day in the French capital, Mottley emphasized: “What is required of us now is an absolute transformation and not a reform of our institutions.”

Her key point was that private corporations as well as governments should shoulder the burden of climate change funding.

She expressed a desire that this summit, promoted by French President Emmanuel Macron, marks a turning point if the development of lower-income nations is to be advanced and the fight against poverty and, in parallel, investment in clean energy and create more resilience to climate change.

Biggest applause for my sister Prime Minister @miaamormottley for raising a key question to the world leaders at the Summit on a New Global Financing Pact: is there enough capacity and will to act at the pace and scope of the #ClimateCrisis?

— Tedros Adhanom Ghebreyesus (@DrTedros) June 22, 2023

He assured that “if the capital of the balance sheets of private companies is left out of the equation, you do not want to solve the problem.”

Before the leaders of rich countries, the activist Vanessa Nakate (Uganda) stated that “unfulfilled promises cost lives” and demanded “a fair exit from fossil fuels”, assessing that the current energy scheme leaves notable profits for Western oil consortiums and very little to the countries that own those resources.

French President Emmanuel Macron told those present: “We have to assume a shock of public financing”, which recalled the commitment of the most developed nations to provide 100,000 million dollars annually to help poor countries against global warming. .

He considered that there is a lot of money, but that it is not necessarily at the service of the planet’s progress. He added that the current financial system is the result of a past consensus and needs to be rethought

Among the world leaders attending the forum are the presidents of Brazil, Colombia and Cuba, Luiz Inácio Lula da Silva, Gustavo Petro and Miguel Díaz-Canel Bermúdez, respectively. António Guterres spoke at the inauguration of the summit in his capacity as Secretary General of the United Nations (UN).

Also in attendance were the new World Bank President, Ajay Banga, IMF Managing Director, Kristalina Georgieva, and US Treasury Secretary, Yanet Yellen.

The Summit for a Global Financial New Deal aims to find financial solutions for the interrelated global goals of tackling poverty, curbing emissions and protecting nature.

Among other initiatives, he has proposed adding a clause to the debt to allow poor countries to pause payments after a natural disaster or other unprecedented event, as well as creating an international tax on carbon emissions from maritime transport or establishing a levy to financial transfers.

Sources: Telesur, AFE.