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Ruto calls for equitable climate financing ahead of COP29
The Star Kenya
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9/25/2024
President William Ruto has called on African leaders to attend the United Nations climate change conference later in the year in a united voice.
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00:00
On the International Financial Reform Agenda, a central theme of the Nairobi Declaration,
00:07
I am pleased to report progress on two initiatives launched at COP28.
00:13
The Global Solidarity Levy Task Force, as one initiative, and the Expert Review on Debt,
00:21
Nature and Climate.
00:24
These initiatives are gaining traction, with many countries joining to support sustainable
00:29
development, climate action and nature conservation.
00:34
As climate-related shocks become more frequent and severe, coupled with high debt surfacing,
00:39
government spending on green resilience is constrained.
00:45
High interest rates and credit downgrades also make refinancing costly, and therefore
00:51
we must continue to advocate for debt sustainability and the reform of the international financial
00:56
system to ensure climate justice.
01:01
On the subject of reform, I have written to the incoming COP29 Presidency, and I spoke
01:08
to them yesterday, to request a high-level political event during the World Leaders Summit
01:16
focusing on measuring the green wealth of nations, specifically natural capital and
01:24
economic productivity in Africa.
01:27
This event will be led by the Congo-basin countries, and I have spoken to our elder
01:34
President Sasson Gweso to lead the way, and the African Development Bank President Adesina
01:40
has agreed to take charge of this initiative, aiming to re-index GDP to accurately reflect
01:51
the true wealth of our nations.
01:57
It is not correct for a wealthy continent like Africa to be classified as poor merely
02:06
because our wealth has not been taken into account.
02:12
We will be having a meeting next Monday in Congo-Brazzaville, led by the African Development
02:19
Bank, with selected 14 countries, to prepare our position for the meeting in COP29.
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