Gustavo Petro Calls for a Marshall Plan Against Climate Change

On Thursday, Colombian President Gustavo Petro demanded the implementation of a "Marshall Plan" to finance the fight against the consequences of global climate change.

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"The climate crisis cannot be solved by the market because the market has created it," he said during the Summit for a New Global Financial Pact, currently taking place in Paris.

Directly addressing the European Commission President Ursula von der Leyen, Petro assured that Brussels' environmental measures, including the establishment of pollution tariffs, rely too much on the private sector.

"The investment to fight the climate crisis amounts to hundreds of billions... and 'the capital' is guided by profitability," Petro emphasized, casting doubt on the ability of market mechanisms to solve a global public problem such as climate change.

While the Colombian leader acknowledged that "there is no time to wage war on capital," he emphasized that decision-makers must acknowledge that businesses have limitations in providing the necessary resources to address the consequences of climate change.

That's why Petro asked world leaders to establish something similar to a new "Marshall Plan." which would enable financing actions against global warming through resources generated by a tax on financial transactions and special debt issues for climate investments.

"It would be about exchanging debt for climate action," Petro said, pointing out that these new financing options presuppose a profound change in multilateral institutions such as the World Bank (WB) and the International Monetary Fund (IMF).

"States must reclaim their authority not to decree the end of markets, but to recognize the limitations of markets in the fight against climate change," the Colombian President said, insisting on the need for genuine dialogue between developed and developing countries.