"Paris Summit Seeks to Revamp Global Finance for Climate Solidarity and Economic Growth"

French President Emmanuel Macron is hosting a summit in Paris with around 50 heads of state and representatives from international institutions and civil society to develop a new global financial system to better equip the most vulnerable countries to combat poverty and climate change. The financial needs of the Global South are colossal, with estimates ranging from $1 trillion to $27 trillion needed to fight poverty, inequality, and climate change. The summit aims to lay the foundations for an overhaul of the entire global financial system by adapting the post-war Bretton Woods institutions to today's challenges. Discussions will focus on financing measures, including taxes on major polluters and financial transactions, debt relief, and introducing clauses in loan contracts that would allow repayments to be suspended in the event of a climate disaster.