"Paris Summit: Progress and Challenges in Global Finance and Climate Action"

The "summit for a new global financial pact" held in Paris could be a turning point in the fight against poverty and climate change. The summit resulted in developed countries achieving their target of transferring $100 billion of their special drawing rights to developing countries. The participants also agreed on the restructuring of $6.3 billion of debt held by Zambia, which defaulted in 2020, and set up a new biodiversity fund. The summit also saw the creation of a climate resilient debt clause and the Just Energy Transition Partnerships, which financially support fossil fuel-dependent developing countries on their path towards clean energy while addressing the transition's social consequences.