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Petro proposes financing plan in Paris to face climate crisis

Paris, Jun 22 (Prensa Latina) Colombia's President Gustavo Petro proposed at the Summit for a New Global Financing Pact in France on Thursday to establish a global Marshall Plan to fight the climate crisis.

Petro stated that through the International Monetary Fund (IMF), a leading global issuance of Special Drawing Rights is made to earmark a climate fund, free up budgetary space in countries, and mitigate or adapt to the climate crisis.

“It would be practical to finance a Marshall Plan against the climate crisis; it would be a great step for humanity, the first to overcome what could be the great problem implying our extinction,” the Colombian president stressed.

The Colombian head of State noted that these Special Drawing Rights “would stop the holders of the debt, which are the pension funds of the wealthiest countries and would free up budgetary spaces in every country globally to be exclusively devoted to mitigating or repairing the effects of the climate crisis.

In front of more than 100 world leaders convened by French President Emmanuel Macron, Petro stated that the proposed initiative would lead to an increase in the monetary liquidity in the world, would not increase prices or trigger global inflation, “but to a productive investment.”

Fighting climate change and repairing its consequences, along with the Total Peace policy, are two of the main banners for change proposed by his Government, the first led by progressive and leftist forces in Colombia.