International Community Should Come up With Better Ways to Finance Climate Action, President Ruto says

The international community should come up with more and better ways to finance climate action, President William Ruto has said.

As stated by the head of state, additional and better finance options were essential for nations to successfully address the global crises of the climate emergency, biodiversity loss, pollution, and debt distress.

“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 spoke on Saturday during the 36th Ordinary Session of the Assembly of Heads of State and Government when he delivered his maiden speech in Addis Ababa, Ethiopia.

”It is just and appropriate that Africa takes an active role in driving the momentum towards a new global financial order,” Ruto said.

“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 added.

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.

“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 Ruto.

The president  appealed that in “this technological era” of clean energy technology and green manufacturing, it was necessary to raise money from cutting-edge sources including green bonds, instruments for climate insurance, and the market for carbon credits, which was expanding quickly.

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