More than 50 world leaders have gathered in Paris for a summit that French President Emmanuel Macron hopes will give new momentum to the fight against climate change despite U.S. President Donald Trump’s rejection of the Paris climate accord.
Officials opened the One Planet Summit by saying investors and the entire global financial system need to shift more quickly toward energy and businesses that don’t worsen climate change.
The summit, which is also being attended by CEOs, philanthropists and investment fund managers, is aimed at finding billions of dollars of financing to help poor countries and industries reduce their greenhouse gas emissions. It marks the second anniversary of the Paris climate accord, which was ratified by nearly 200 countries but not the U.S.
Trump a ‘rallying cry’
Ahead of the summit, Macron promised to increase France’s aid to help countries in the southern hemisphere adapt to climate change, to 1.5 billion euros (around $2.2 billion Cdn) every year from 2020 on. In the interview with French Newspaper Le Monde, he also confirmed he will shut down France’s oldest nuclear plant, at Fessenheim on the French-German border, by the end of his term in 2022.
Other announcements at the summit include: Norwegian pension fund Storebrand is launching a new $1.9-billion bond that will exclude investments in fossil fuel companies. And Dutch bank ING plans to have zero investments in coal power generation by 2025.
Arnold Schwarzenegger rides a new self-service public bicycle as he arrives at a news conference ahead of the summit. (Gonzalo Fuentes/Reuters)
Macron did not invite Trump, but that doesn’t mean there isn’t U.S. participation at the summit.
Former New York City mayor Michael Bloomberg told the summit that 237 companies — include construction firms, energy companies and financial institutions from 29 countries — have pledged greater transparency on reporting climate-related risks in their businesses. The number of companies in the voluntary program led by Bloomberg has more than doubled since June, he said.
Bloomberg said in a tongue-in-cheek statement that environmentalists owe Trump a debt of gratitude for acting as a “rallying cry” for action on climate change.
Bloomberg said Trump’s decision to withdraw from the agreement, which was decried by many world leaders, has actually spurred thousands to action.
Bill Gates, right, and Sir Richard Branson leave the Élysée Palace Tuesday after a meeting of philanthropists as part of the summit. (Christophe Archambault/Reuters)
Bill Gates, Sean Penn, Arnold Schwarzenegger and Elon Musk are among the prominent American figures in attendance.
Security for the summit is tight. Around 3,100 security personnel are fanned out around Paris for the event, including extra patrol boats along the Seine River.