Fortune: I understand this was not a summit for any particular resolution or trying to create any new international organisation. Can I say it was designed as a warming up for something big?

Amb. Marechaux: Its unique structure brings together state and non-state actors alike in a collective endeavour to reimagine the world’s financial systems. The roster is a far-reaching mix of 32 state actors, 28 international organisations, and a constellation of philanthropies and NGOs, each with a role to play in the collective fight against these global challenges.

Neither does it aim to produce immediate resolutions, but rather to create a roadmap for future actions, providing guidelines for subsequent summits and specific gatherings. Proposals formulated last week will shape the agendas of the G20 Summit, World Bank and IMF meetings, and the International Maritime Organization gatherings. This approach represents a departure from traditional diplomacy, reflecting the changing dynamics of the 21st Century and the increasing role of non-state actors.

The scale of the proposals tabled for discussion matched the audacious ambition of the summit. The summit challenged existing norms and structures by creating a carbon emissions market that accurately represents 60pc of emissions – a 15-fold increase from the current four percent – to mobilising new guarantee tools to make development bank loans more affordable.

The initiative builds on France’s historical role as a leader in development finance, capitalising on its positions within the G7, G20, the Paris Club, the IMF, and the World Bank. France’s commitment to development - evident in its annual outlay of 15 billion dollars and its instrumental role in launching new SDGs and pioneering innovative financing solutions - sets the stage for this transformative meeting.

With a focus on improving global financial mechanisms, the summit also looked at catalysing the full funding of the Alliance for Green Infrastructure in Africa, another step towards a greener future. This initiative, coupled with the aim for better cooperation between the World Bank and regional development banks, sought to harmonise financial products offered to developing countries.

For instance, the taxation of maritime transport emissions is still a hot-button issue and its proposal remains highly contentious. Currently exempt from taxation, these emissions play a significant role in the unfolding climate crisis. The summit sought to grapple with the challenge of effectively integrating this large and influential sector into the global climate action plan.

Lucile Porte: Transparency in carbon emissions reporting was also a focal point of discussions. The proposal aimed to instil trust in a currently opaque system, bolstered by establishing a credible and neutral international body to verify emission declarations. Coupled with this is the ambitious goal to expand the carbon market to include 60pc of global emissions, a transformative move designed to incentivise corporations to reduce their emissions more aggressively.

The summit was set to address the thorny issue of credit ratings. Developing countries have often criticised the system, administered by predominantly Western-based agencies, as biased and unrepresentative of the realities of emerging economies. By advocating for more transparency in ratings and arguing for a more objective appraisal of risk, the summit tried to mitigate the lending costs for developing nations.

One summit objective is to bring the private sector to deal with and create incentives to put resources into clean climate-related investments. It also encouraged the big banks to buy back private debts to reduce the burden on the indebted countries.

Q: The geopolitical landscape is in flux, with the traditional creditors sharing the stage with emerging economies like the Middle East, India, and China. How do you expect the summit to chart the course with this changed playing field?

Amb. Marechaux: These ‘new kids on the block,’ as you call them, were part of the summit. For instance, the Prime Minister of China has participated, as was the UAE and Brazil’s President Lula. Their inclusion signified a crucial evolution. The G20’s Common Framework initiative is a prime example of this evolution, marking a shift in the traditional creditor-debtor dynamics by bringing China into the fold. The Committee of Creditors for Ethiopia, co-chaired by France and China, reflects this shift. There is a growing recognition among potential creditors about the necessity of working together towards debt sustainability. It is a departure from the past when developing countries could shop for favourable conditions. Despite minor disagreements, as in Zambia’s case, we observe a convergence of views, as illustrated by Ethiopia’s case.

Q: Leaders of developing countries like Ethiopia, Ghana, Zambia, and Chad participated in the summit. What do you think was their takeaway from the gathering?

Amb. Marechaux: The leaders attending the summit should gain clarity on the Common Framework. This includes understanding its methodologies and the timetable for its application. It is particularly important for countries like Ethiopia, which needs to secure the replenishment of very concessional resources to fund its next IMF program.