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Global financial restructuring for climate targets on agenda at Paris summit


World leaders are convening at the Summit for a New Global Financial Pact in Paris to rethink global financing in light of climate change. Hosted by French President Emmanuel Macron, the two-day summit aims to develop a new consensus to address poverty, greenhouse gas emissions, and environmental protection. Among the proposals are new taxes on shipping, fossil fuels, and financial transactions, changes in lending methods, and restructuring the International Monetary Fund and World Bank. The French Presidency hopes to push for an international carbon emission tax on shipping. Meanwhile, the Vulnerable Twenty (V20) group urges for a global financial system realignment with climate targets by 2030. High-profile attendees include Chinese Premier Li Qiang, US Treasury Secretary Janet Yellen, and new World Bank leader Ajay Banga.

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