President William Ruto has made a strong call on the international community to come up with more and better ways of financing the Climate Action.
He said for countries to successfully surmount the global crises of
climate emergency, biodiversity loss, pollution and debt distress, more and better ways of financing were critical.
"And for economies to drive green industrial revolution, more and
better financing is indispensable, from both the public and private
sectors," said President Ruto.
President Ruto made the remarks on Saturday when he delivered his maiden speech in Addis Ababa, Ethiopia, during the 36th Ordinary Session of the Assembly of Heads of State and Government of the Af
He said it's the same design,that the post-war global financial architecture has always been ill-equipped to address the global challenges.
" It is just and appropriate that Africa takes an active role in driving the momentum towards a new global financial order,"
He added:" Such order transcends the constraints of our geopolitical frontiers and aligns with possibilities beyond the parochial hegemonic imperatives that
framed the current financial model.:
He said part of the objectives of the reforms must be to embed accountability into the financial system in terms that compel actors to reckon with the actual cost of their environmentally harmful practices while recognizing loss and damage occasioned on
others.
President Ruto later chaired a session of committee of African Heads of State and Government on climate change.
He urged Africa states to make use of clean energy technology and green manufacturing to unlock financing from innovative sources.
He said the robust performance of African carbon credit markets, was a clear demonstration that the continent could become the next global power if its potentially was exploited to the maximum.
"The performance of the African carbon credit markets, tells us all we need to know about Africa as the continent of the future and the next global economic power, driven purely by clean, green industrialisation and innovation," said Dr Ruto.
He said during 'this technological era' of clean energy technology and green manufacturing, there was need to unlock financing from innovative sources like green bonds, climate insurance instruments and the rapidly growing carbon credits markets.
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