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The President of the African Development Bank Akinwumi Adesina who was in Paris for the Summit for a New Global Financial Pact said that rich countries whose financial commitments to Africa dating back to 2009, had not yet been honoured.
The President of the African Development Bank Akinwumi Adesina who was in Paris for the Summit for a New Global Financial Pact said that rich countries whose financial commitments to Africa dating back to 2009, had not yet been honoured. He stressed that Africa alone loses US $7 to US$15 billion a year because of climate change. It would rise to almost US $50 billion a year by 2040. So, the world has to meet its commitment of US$100 billion.
French President Macron hosted 50 heads of state. World finance officials and activists are also in attendance. The summit aimed to seek better responses to tackle poverty and climate crisis issues by reshaping the global financial system.
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Developing nations have pointed to a system where the USA, Europe and other big economies that have caused the most climate damage are their main creditors and leave the poorest countries to deal with the consequences of the climate crisis.
