The New Global Financing Pact, hosted at Paris, ended its two day summit on Friday, 23rd June 2023; short of making a crucial announcement, on the taxation on greenhouse gas emissions as a result of International Shipping. The summit saw representatives from about 80 countries, with the purpose of rebuilding the IMF and the World Bank to help support the dangers of poverty and climate change for developing nations. As per the International Maritime Organisation, shipping accounts for nearly 3% of total greenhouse gas emissions.
A little to-do list was put into place which included clauses like suspension of debt on countries pressured under the problems of climate change. The IMF agreed to make $100bn worth of assets called special drawing rights available to certain vulnerable countries. Taxing fossil fuels and financial transactions were among the other clauses added. Unfortunately, the decision to tax international shipment is still in the works and yet again activists were proven right.
The convention also saw climate activists protest outside the venue, with some of them wearing face masks with Joe Biden, Marcon and other world leader’s faces on them. They were not the only ones who were dubious about whether the convention would actually lead to systematic changes. “The planet is not dying, it's being killed," she said. "And we know who are the people killing it.”, stated Swedish Activist, Greta Thunberg, speaking at another event in Paris. Filipino Climate activist, Mitsi Joenelle Tan stated “Climate finance is great, but if we don’t stop the fossil fuel industry, then it’s just a Band-Aid solution,” “ I grew up being afraid of drowning in my own bedroom.”
A situation like this makes a lot of people reflect over the fact that instead of spending immense time on deliberations nations should not only begin taxing these companies but also find renewable alternatives.