Macron's climate summit in Paris finds new money, tech help

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Macron's climate summit in Paris finds new money, tech help

"It's a deep wakeup call for the private sectors and some of us to say, 'Wow, so we have to react, ' " he said.

French insurance giant AXA stated that in order to support the fossil-fuel phaseout it will divest 2.4 billion euros ($2.8 billion) from companies that derive more than 30 percent of their revenues from coal, have a coal-based energy mix exceeding 30 percent, or produce more than 20 million tons of coal per year.

The EU is committed to fulfilling the $100 billion a year grant that developed countries have committed to by 2020, said Miguel Canete, EU Commissioner for Climate Action and Energy. Trump said in a Rose Garden ceremony that day that the agreement was "about other countries gaining a financial advantage over the US", and that he would "begin negotiations to reenter the Paris accord or an entirely new transaction on terms that are fair to the United States".

President Macron said he wanted One Planet Summit to be held annually as a follow-up on the commitments made by the governments and businesses, and to parallel annual Conference of the Parties (COP) gatherings on climate change.

Mr Macron was speaking at the One Planet summit in Paris, a meeting of 50 countries to which the US President was not invited.

In central Paris, environmental activists kept up the pressure with a demonstration calling for an end to all investment in oil, gas and non renewable resources.

"We're not moving quick enough".

"Rich countries continue to pretend that new schemes for businessmen to increase their profits will be the centre of the solution for the poor".

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Macron, who took power last May, told TIME in an interview last month it would be impossible for Trump to "renegotiate with 180 or 190 countries", and that he had organized the summit in order "to show that we can deliver even without the USA federal government".

During the panel, Mr Trump's worldwide energy issues adviser George D Banks said it was "controversial only if we chose to bury our heads in the sand".

Financial institutions are using the meeting to highlight the need to ensure that their investments don't suffer from, or contribute to, the effects of climate change, such as rising sea levels and more extreme weather.

Well-known philanthropists have also met with Macron at the Elysee presidential palace - from Microsoft founder Bill Gates to Virgin Group founder Richard Branson and former New York City Mayor Michael Bloomberg.

Kerry said that many Americans remain "absolutely committed" to the Paris accord.

American scientist Camille Parmesan and British scientist Benjamin Sanderson are among the 18 initial winners, including 13 based in the United States, of French President Emmanuel Macron's "Make Our Planet Great Again" climate grants.

Macron has said that he hopes the money will help to fill any funding gaps brought about by the Trump administration's rejection of climate science. "We all need to act", Macron said, seeking to breathe new life into a collective effort that was weakened this year when President Donald Trump said he was pulling the United States out of an worldwide accord brokered in the French capital two years ago.

German Chancellor Angela Merkel, who was once labeled the "climate chancellor" for her efforts to curb global warming, faced domestic criticism for failing to attend the summit. It called for the United Nations to create a special "climate security" envoy and urged better coordination on global migration issues.

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