The Global South faces dual existential crises: speeding up development to match growing population rates while trying not to become climate roadkill. Both are worsened by a broken international development financing system increasingly hijacked by geopolitics.

This week’s Summit for a New Global Financing Pact, taking place in Paris on 22 and 23 June, attempts to address both these problems. Convened by French President Emmanuel Macron, and Mia Mottley, the Prime Minister of Barbados and a pioneer of global financial reform, it attempts to address both funding shortfalls and a creeping debt crisis hampering green transitions across the developing world.