World leaders gather in Paris to revamp global financial system and tackle climate change

Developing countries are calling for an overhaul of the post-World War II financial architecture to properly fund the fight against global warming and poverty
The summit aims to secure private investment in green transition, reform lending practices of multilateral development banks, and restructure debt for climate-vulnerable nations
Proposals include taxes on fossil fuels, financial transactions and international shipping to raise funds for climate adaptation in the poorest countries
The meeting could boost climate finance pledges to $100 billion a year and recycle $100 billion in unused IMF funds to support sustainable development and a just energy transition
<s>The gathering seeks to build momentum for ambitious reforms ahead of COP28, G20 and World Bank/IMF meetings