President William Ruto has called on a global financial system that supports climate-positive growth.
Speaking at the Champs de Mars, Paris, France, Ruto highlighted the crisis that is climate change.
“We want a financial system that supports climate-positive growth and green industrial growth powered by renewable resources to help us decarbonize,” Ruto said.
He also noted that the people of Kenya, Africa and many parts of the world live in the reality of the new normal.
“Luckily, the solutions to make a difference are in our hands. And when I see you, I see the future and I see the solution to the challenges that exist on our globe. We have the necessary technology,” Ruto said.
“We have the necessary finances today. And all of us can act together to correct what has gone wrong. We have it in our power to get it right.”
The Alliance for Green Infrastructure in the ongoing New Global Financing Pact Summit in Paris, France; pushed for the deployment of the proposed $500 billion a year in new lending to refinance maturing official debt into new long-term loans of 50-year -old maturity with a 10–20-year grace period.
“We are calling for a new multilateral climate change action mechanism financed from global carbon taxes on fossil fuel, aviation, marine transport, among other transactions, to fund decarbonization, adaptation and nature protection and regeneration. Such is a bold step that the globe requires to protect our environment and secure a sustainable future for all.” Read a tweet by the president.
Ruto further said Africa has the greatest potential for renewable energy, from solar to hydro to geothermal.
“This is ultimately about our people, about us all. And our health is the human face of climate change. Our next front tire is building climate and Pandemic resilient health systems, and resilient economic development. Together, we can build a better future for people and the planet,” Ruto said.