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Kerry and Xie paved the way for progress at international summits that could have otherwise stagnated. The annual U.N. climate summit was being held in Copenhagen later that year, and Kerry was eager to talk about it with Chinese officials. Stern said the deal “ricocheted around the climate world" and convinced countries that “we can actually get this done.”The importance of the deal became evident one month later. It was the relationship with China, Kerry said afterward, that helped “change the paradigm.”——-The warm feelings were short-lived. Donald Trump was elected president in 2016, and he promptly withdrew the U.S. from the Paris agreement after taking office.

Persons: John Kerry, Xie Zhenhua, Kerry, Xie, Mao Zedong's, Christiana Figueres, ”, Li Shuo, ” —, George W, Bush, Barack Obama's, Obama, Todd Stern, ” Stern, “, Xi Jinping, Stern, Figueres, ” Xie, —, Donald Trump, Joe Biden, Xi, hadn’t, Trump, Biden, Jonathan Pershing, Nancy Pelosi, John, John Podesta, Podesta, ___ Read, Chris Megerian, Seth Borenstein Organizations: WASHINGTON, United, Communist Party, U.S, Asia Society, Greenpeace, Senate Foreign Relations, International, Trump, William, Flora Hewlett Foundation, Associated Press Locations: United Nations, Dubai, Paris, England, Vietnam, China, Copenhagen, Lima, Glasgow, Sunnylands, Beijing, Christiana, U.S, “, Lima , Peru, South, Taiwan, COVID, Egypt, California, Arab Emirates, AP.org

☆ UN chief says global finance system fragmenting; Myanmar crisis worsens
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

[1/4] UN Secretary General Antonio Guterres speaks during his bilateral meeting with Indonesian President Joko Widodo on the sidelines of the Association of Southeast Asian Nations (ASEAN) Summit in Jakarta, Indonesia, Thursday, Sept. 7, 2023. In a wide-ranging speech that touched on geopolitical tension, multilateral development finance and climate change, Guterres called on world leaders to find peaceful and inclusive solutions to the challenges facing the world. He also voiced support for re-channelling an additional $100 billion of International Monetary Fund's Special Drawing Rights through multilateral development banks to increase liquidity and support developing economies' needs. At a Paris summit in June this year, world leaders backed a push for multilateral development banks like the World Bank to put more capital at risk to boost lending. ASEAN leaders are set to hold talks with the United Nations later on Thursday.

Persons: General Antonio Guterres, Joko Widodo, Tatan, António Guterres, Rich, Ajay Banga, Guterres, Stanley Widianto, Kanupriya Kapoor, Robert Birsel Organizations: UN, Association of Southeast Asian Nations, ASEAN, REUTERS Acquire, Rights, Monetary, Bank, World Bank, United Nations, Thomson Locations: Jakarta, Indonesia, Rights JAKARTA, China, United States, Paris, Myanmar, ASEAN

☆ Fact Check-Macron and Tinubu photos altered to show Obi
▼ + stars: | 2023-07-12 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

The original photos depicted Nigerian President Bola Tinubu with Macron. However, photos spreading on social media purporting to show Macron beside Obi appear to have been altered, despite users sharing them as if authentic here and here . “Peter Obi with French President, Emmanuel Macron, at the Paris summit in France,” one post reads here . An online search for the images reveals they originally depicted the French President with Nigerian President Bola Tinubu at a State Banquet on June 22. Photos edited to show Peter Obi with Emmanuel Macron originally featured Nigerian President Bola Tinubu with the French president.

Persons: Emmanuel Macron, Peter Obi, Bola Tinubu, Macron, Obi, “ Peter Obi, ”, Tinubu, Tinubu’s, Nigeria’s, Read Organizations: Anambra State Governor, Macron, Twitter, Nigerian Tribune, Reuters Locations: Anambra, Nigeria, Paris, France

The World Bank and others also said they would start adding clauses to lending terms that allow vulnerable states to suspend debt repayments when natural disaster strikes. Specifically, for the first time, the document acknowledged the potential need for richer countries to provide fresh money to multilateral development institutions like the World Bank. Another first was in the explicit target for multilateral development banks to leverage "at least" $100 billion a year in private sector capital when they lend. All eyes now turn to more traditional events later in the year, including the International Monetary Fund and World Bank annual meetings, a G20 meeting in September and the COP28 climate talks in Dubai. Persaud said his focus would be on making sure the plan to scale up multilateral development bank lending was in place by the time of annual meetings in October, and that pilot work began on reducing the cost of capital for developing countries.

Persons: Macron, Mia Mottley, Avinash Persaud, What's, Persaud, Teresa Anderson, They've, Sonia Dunlop, Simon Jessop, Leigh Thomas, Tommy Reggiori Wilkes, Mark Heinrich Our Organizations: Global, Pact, Reuters, World Bank, International Maritime Organisation, Paris Summit, Climate Justice, ActionAid, International Monetary Fund, Bank, Thomson Locations: Barbados, PARIS, Bridgetown, Zambia, Paris, Dubai

☆ Premier Li urges China and Europe to 'rise above differences' at Paris summit
▼ + stars: | 2023-06-23 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +1 min

[1/2] Chinese Premier Li Qiang arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. "China will unequivocally reject trade protectionism and all forms of decoupling and severing of supply chains," Li said on the final day of the two-day summit, adding that China would continue to take practical steps to support its fellow developing countries. "China is ready to be engaged in debt relief efforts in an effective, realistic and comprehensive manner in keeping with the principle of fair burden sharing," Li said. During the summit, Zambia struck a deal to restructure $6.3 billion in debt owed to other governments, including China, its largest official creditor. Reporting by Casey Hall Editing by Christina Fincher & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Read, Li, Casey Hall, Christina Fincher, Simon Cameron, Moore Organizations: New Global Financial, Thomson Locations: Paris, France, SHANGHAI, China, Europe, Zambia

☆ Rich nations pledge to unlock hundreds of billions of dollars for climate fight
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: +2 min

World leaders and finance leaders attend the closing session of the New Global Financial Pact Summit, in Paris on June 23, 2023. The leaders, gathered at a summit in Paris to thrash out funding for the climate transition and post-COVID debt burdens of poor countries, said their plans would secure billions of dollars of matching investment from the private sector. An overdue pledge of $100 billion in climate finance for developing nations was also now in sight, they said. The announcements mark a scaling up of action from the development banks in the fight against climate change and set a direction for further change ahead of their annual meetings later in the year. However, some climate activists were critical of the results.

Persons: Lewis Joly, LEWIS JOLY, Janet Yellen, Harjeet Singh Organizations: New Global Financial, Getty Images, Bank, World Bank, International Monetary Fund, Reuters, U.S, IMF, Paris Summit, Climate Action Locations: Paris

☆ Widening Wealth Gap Drives Talks for Green Finance Pact at Paris Summit
▼ + stars: | 2023-06-22 | by ( Matthew Dalton | Andrew Duehren | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/widening-wealth-gap-drives-talks-for-green-finance-pact-at-paris-summit-ac69b468

Persons: Dow Jones Locations: paris

☆ Billie Eilish, Lenny Kravitz perform at concert tied to Paris summit
▼ + stars: | 2023-06-22 | by ( Yiming Woo | ) www.reuters.com time to read: +2 min

[1/4] Billie Eilish and Finneas O'Connell perform during the "Power Our Planet: Live in Paris" concert at the Champ de Mars on the sidelines of the Summit for a "New Global Financial Pact" in Paris, France, June 22, 2023. REUTERS/Stephanie LecocqPARIS, June 22 (Reuters) - Singers including Billie Eilish and Lenny Kravitz, politicians and activists took to the stage in Paris on Thursday at a concert calling for action on climate change and inequality as world leaders met at the Summit for a New Global Financing Pact. During his set, Kravitz told the crowd: "I want us all to be part of the solution, not the problem". The concert took place amid the gathering of some 40 leaders seeking to give impetus to a new global finance agenda. Reporting by Yiming Woo; Additional reporting by Marie-Louise Gumuchian; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Billie Eilish, Finneas O'Connell, de Mars, Stephanie Lecocq PARIS, Lenny Kravitz, Michelle Yeoh, Eilish, de, Kravitz, Jon Batiste, H.E.R, Diane Kruger, Connie Britton, Yiming Woo, Marie, Louise Gumuchian, Cynthia Osterman Organizations: Summit, Global, REUTERS, Pact, Global Citizen, World Bank, Paris, International Monetary Fund, Thomson Locations: Paris, France, Brazil, Kenya, Barbados

Leaders are set to back a push for multilateral development banks like the World Bank to put more capital at risk to boost lending, according to a draft summit statement seen by Reuters. Citing the war in Ukraine, climate crisis, a fledgling pandemic recovery, widening disparity and declining progress, Banga said it was time the World Bank adopted a new vision. The summit aims to create multifaceted roadmaps that can be used over the next 18-24 months, ranging from debt relief to climate finance. Wealthy nations have yet to come good on climate finance that they promised as part of a past pledge to mobilize $100 billion a year, a key stumbling block at global climate talks. Though binding decisions are not expected, officials involved in the summit's planning said some strong commitments should be made about financing poor countries.

Persons: Ajay Banga, Banga, Mia Mottley, John Irish, Philippa Fletcher Organizations: Glasgow, Summit, New Global Financial, World Bank, United Nations, Bank, Reuters, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, International Maritime Organization, Thomson Locations: Paris, France, PARIS, Africa, Ukraine, Banga, Bridgetown, French

☆ Explainer: What is the 'Bridgetown Initiative' asking for at Paris summit?
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

[1/2] An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS/Stephanie LecocqPARIS, June 22 (Reuters) - President Macron hosts a summit in Paris starting Thursday to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges. A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'. They should simplify and harmonise the way countries can apply to access loans across the world. The international financial institutions should also finance development plans that help protect shared resources.

Persons: Stephanie Lecocq PARIS, Macron, Simon Jessop, Leigh Thomas, Christina Fincher Organizations: La Defense, REUTERS, Bridgetown Initiative, Monetary Fund, Rapid, IMF, World Bank, African Development Bank, Development Association, Growth Trust, Resilience, Sustainability Trust, World Trade Organisation, International Financial, Thomson Locations: Paris, France, Barbados, Bridgetown

☆ Paris summit: More needs to be done for low-income countries, says Pakistan's ex-central bank chief
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailParis summit: More needs to be done for low-income countries, says Pakistan's ex-central bank chiefReza Baqir, managing director at Alvarez & Marsal and former governor of the State Bank of Pakistan, says "there will be pledges, but if history is any guide … the world will not have an adequate mechanism to monitor how those pledges convert to actual inflows for developing countries."

Persons: Reza Baqir, Alvarez Organizations: Marsal, State Bank of Locations: Paris, State Bank of Pakistan

☆ Zambia poised for debt restructuring deal
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 22 (Reuters) - A deal on Zambia's debt restructuring is expected to be announced later on Thursday at a Paris summit on easing poor countries' debt burdens, four sources familiar with the matter said. “There has been agreement by creditors on the debt restructuring," one of the sources said. The head of the Paris Club of creditor nations Emmanuel Moulin said on Wednesday that Zambia's creditors were close to being able to propose the terms of a debt restructuring deal at the summit. "On debt restructuring, today we will talk about Zambia which I think is a great case of celebration," IMF Managing Director Kristalina Georgieva told a panel at the summit. Zambia is seen as a test case for a 2020 G20 common framework for restructuring poor countries' debt, which has faced much criticism for being two slow.

Persons: Emmanuel Moulin, Kristalina Georgieva, Akinwumi Adesina, Chad, Leigh Thomas, Elizabeth Pineau, Chris Mfula, Susan Fenton Organizations: Paris Club, China, IMF, Development Bank, Thomson Locations: Paris, Zambia, Ethiopia, Ghana, Lusaka

Ranging from debt relief to climate finance, many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the 'Bridgetown Initiative'. Though binding decisions are not expected, officials involved in the summit's planning said that some strong commitments should be made about financing poor countries. In particular, there should be an announcement that a $100 billion target has been met that will be made available through the International Monetary Fund for vulnerable countries, officials said. The plan, first agreed two years ago at an African finance summit in Paris, calls on wealthy governments to lend unused special drawing rights to the IMF to, in turn, lend to poor countries. Reporting by Leigh Thomas in Paris and Simon Jessop in London; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Emmanuel Macron, Mia Mottley, Avinash Persaud, Persaud, Leigh Thomas, Simon Jessop, Christina Fincher Organizations: World Bank, United Nations, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, IMF, AAA, Paris Club, International Maritime Organization, Thomson Locations: Bridgetown, Mottley, Paris, Ethiopia, Ghana, Sri Lanka, Zambia, China, London

It would see the IMF and other MDBs "cut the excessive macro-risk premia on developing countries with $100 billion per year of foreign exchange guarantees", for financing in more volatile domestic currencies rather than the dollar or euro. A report by the World Bank and other big multilateral lenders said they gave $51 billion in 2021 alongside $13 billion from private finance. Outlines of the proposals have been sent to the key groups preparing the discussions over the last couple of weeks. "This is a call to arms" the source said, referring to the document and its intention to galvanise more concrete action from the IMF and multilateral lenders. The proposals put forward in the April document, which also include redistributing other IMF money, are likely to form a key part of the negotiating position of developing countries at the next round of annual climate talks in Dubai later this year.

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