The Summit for a New Global Financial Pact aims to build a new consensus for a more inclusive international financial system to fight inequalities, finance the climate transition and bring us closer to achieving Sustainable Development Goals.

Brief Description

The child-driven side event, “Children Define Global Financial Justice,” at the Summit for a New Global Financial Pact seeks to amplify children’s voices and actively involve them in shaping the future of global financial justice. Aligned with the Summit’s objective of forging a new agreement between North and South countries to tackle climate change and the global crisis, this event provides a platform for children to address the pressing need for a revamped global financial system that ensures justice in development and climate finance. Specifically, it aims to rectify the current imbalances created by practices such as tax avoidance/evasion, transfer pricing, profit externalization in tax havens, high-interest debt servicing, and capital flight, which disproportionately affect poorer nations.

The event will also speak to the need for all finance to be ethical, responsible, and sustainable. A critical component of all these calls for the prevention of future investments in fossil fuels as one of the most important ways to respond to the climate emergency disproportionately affecting the poor and children in the Global South. The World Council of Churches’ report Cooler Earth – Higher Benefits gives more detail on the impact of financial choices on climate change.

These young advocates will explore vital issues in global finance, including the reform of multilateral development banks, the reform of investment and banking, resolving the debt crisis, innovative and responsible financing, international tax justice, and the allocation of special drawing rights (SDRs).

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High-level Breakfast Meeting – Children’s Declaration Presentation to the Summit for a New Global Financial Pact

Objective:

The objective of this high-level breakfast meeting is to provide a platform for children who, following the child-led side event, will present their declaration to representatives of The Summit for a New Global Financial Pact. This will foster dialogue and inform the summit’s agenda, emphasizing the importance of considering children’s perspectives in the formation of global financial policies.

Background

The Child-led side event, held two days before the summit, is a platform for children from various backgrounds to articulate their thoughts, aspirations, and concerns about the global financial situation and its impact on their lives and futures. The culmination of this event is the Children’s Declaration, a concise, well-articulated representation of the collective voice of children involved in the process.

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