Paris, Jun 23 (IANS): The Summit for a New Global Financing Pact kicked off here, with more than 300 participants from various sectors.

The international financing system "is the fruit of a past consensus, which was able to show its effectiveness," but it "is no longer entirely suitable, and must be realigned with our objectives," French President Emmanuel Macron said on Thursday in his opening speech.

Macron called for more funding to meet the challenges of poverty, biodiversity and climate, Xinhua news agency reported.

"Facing these challenges at the same time, poverty, climate and biodiversity, we must invest more, and we are not up to the task," he added at the beginning of the two-day summit.

The participants are expected to discuss climate change-related financing issues through six round tables, including overhauling the international financial architecture, restoring confidence, forging partnerships for strategies, and creating a conducive environment for the private sector.