The Summit was co-organised by France, Barbados and India with the objective of setting the foundations for a new global financing architecture beyond the Bretton Woods system to address climate change, biodiversity crisis and development challenges. As an official partner of the Summit, UNESCO co-organised two official events on the financing of Education and Global public goods, an affiliated event on youth innovation, and hosted 10 official panel discussions at UNESCO headquarters.
About the Summit
H.E. Mr. Emmanuel Macron, President of France, hosted the Summit for a New Global Financing Pact at the Palais Brongniart in Paris on 22-23 June 2023. The objective of the Summit was to set the foundations for a new global financing architecture beyond the Bretton Woods system to simultaneously address climate change, biodiversity and development challenges and help all countries achieve the Sustainable Development Goals.
The Summit was a key moment in this year’s international calendar and aligns with a number of processes and initiatives, such as the Bridgetown Initiative, the SDG Summit (September 2023), COP28 and the ongoing discussions on the reform of the International Financial Institutions.
Several Heads of State and Government, dozens of Heads of International Organizations and hundreds of civil society and private sector representatives attended the Summit. The programme envisaged a first day of thematic discussions on 22 June leading to a plenary session on 23 June, where a declaration was expected to be adopted as the outcome of the Summit.
Financing education and global public goods
UNESCO was strongly committed to the Summit, focusing primarily on ensuring that the Summit discussions took full account of the financing for global public goods, such as education, biodiversity and culture.
UNESCO co-organized two official events of the Summit, which took place on 22 June at Palais Brongniart:
A high-level thematic event entitled ‘Increasing Global Investment in Education to Catalyze Sustainable Development’ was organized under the auspices of the SDG4 High-Level Steering Committee, and in collaboration with the Global Partnership for Education.
The roundtable highlighted education within the broader dialogue on improving the multilateral financing system. It built on the education finance discussions held at the IMF/WB Spring Meetings earlier this year, including the newly launched Multilateral Financing of Education Initiative, and leveraged the momentum for education following the 2022 UN Transforming Education Summit.
The time has come for a new Global Financial Pact. One that sees education not as a drain on resources, but as a catalyst for sustainable development. Yes, investing in education is expensive. But while education does have a cost, the cost of neglecting education is far more expensive for society as a whole.
Speakers underlined the critical role of investments in education to achieve SGD4, catalyzing progress in other areas such as climate, health and employment, ultimately reducing inequalities and bringing us closer to achieving the SDGs.
Education can no longer be thought of like a 20th-century assembly line where students are input for industrial growth and teachers are disposable labour. It has to be a lifelong endeavour and it has to be brought to the heart of our economy. If we want to rethink education finance, then we should redesign it to deliver on our shared mission of ‘Education for All’.
The President of Niger, H. E. Mohamed Bazoum said: “Niger could invest 50% of our resources in education but it still wouldn’t be enough – we need an international financing system to help the state of Niger to break this stalemate, only education can create the conditions for prosperity in Niger, this holds true for Africa.”
A joint event with the OECD and AFD on establishing a "Paris dialogue on financing for sustainable development" featured the unique perspectives of Paris-based international actors, including UNESCO, on financing global public goods.
Financing youth innovation for green solutions
UNESCO also hosted an affiliated event entitled “Financing Youth innovation for green solutions".
The event aimed to highlight the importance of youth innovation in supporting the green economy at local level, by showcasing concrete examples of social enterprises and youth-led initiatives responding to climate challenges. A UNESCO Global Youth Grant Scheme for green solutions for Small Island Developing States (SIDS) and Least Developed Countries (LDCs) was launched, as part of the overall UNESCO Global Youth Grant Scheme, calling for contributions from private capital partners and multilateral development banks.
The UNESCO Global Youth Grant Scheme responds perfectly to the objective of the Summit for a New Global Financing Pact, to mobilize innovative financing for countries vulnerable to climate change. It offers a clear and accessible framework for young people from SIDS and LDCs not only to think of impactful solutions, but also to concretely deliver them.
Several inspiring young changemakers from the Bahamas, Barbados, Burundi, France, Sierra Leone and Singapore took the floor to showcase the innovative projects they lead on the ground related to green energy, circular economy, access to climate science, multidisciplinary youth-led research and sustainable entrepreneurship.
“Embrace youth involvement and support in climate finance as a catalyst for change. Together, let us build a world where governments, private sector companies, and the youth unite in a common purpose: to create a future where our planet thrives, and where economies flourish” — Ashley Lashley, young climate activist, founder of the Ashley Lashley Foundation and of the HEY movement (Healthy and Environment-friendly Youth)
Embrace youth involvement and support in climate finance as a catalyst for change. Together, let us build a world where governments, private sector companies, and the youth unite in a common purpose: to create a future where our planet thrives, and where economies flourish.
