French officials said debt-burdened Zambia reached a deal with several creditors including China to restructure $6.3 billion in loans. The summit’s first day included announcements of a pair of deals. The French presidency then said France would share 40% of its own assets from the COVID-19 pandemic. The International Monetary Fund has made $100 billion worth of assets - called Special Drawing Rights - available to certain vulnerable countries. To bring in more money, activists are pushing for a tax on the fossil fuel industry and another one on financial transactions - but those two proposals appear to have little support from wealthier nations. Some experts believe that a tax on shipping alone could raise $100 billion a year, and a strong declaration on this in Paris might provide Macron with a symbolic win, especially if it gets backing from the IMO next month. In addition, the idea of implementing a tax on the greenhouse gas emissions produced from international shipping has been gaining traction, with possible adoption at a July meeting of the International Maritime Organization.

A debt suspension clause for countries hit by extreme climatic events was also discussed. Several activists and non-governmental organizations have urged the summit participants to ensure that rich countries commit to debt relief for poor nations, including the cancellation of loans. climate envoy John Kerry was on the same wavelength, telling The Associated Press the conference would aim to “come out with some results that are specific to how you can mobilize finance” in a bid to reduce emissions faster.

“We have to come up with mobilizations, commitments, new instruments and very concrete solutions that will change life on the ground in countries facing these challenges,” Macron said. The gathering wrapping up in Paris has no mandate to make formal decisions, but French President Emmanuel Macron has pledged to deliver a to-do list that should be accompanied by a progress-tracking tool. Organizers said the gathering will end with a summary of commitments, including a roadmap for what to expect from the upcoming meeting of the Group of 20 major economies and the U.N.

World leaders and finance bosses were set to release a “to-do list” to help developing countries better tackle climate change and poverty, a long-sought goal of the two-day summit in Paris that wraps up on Friday. PARIS (AP) - After all the talking, time for tangible solutions?

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