President Ruto Calls for Global Financial Model Supporting Climate-Positive Growth

President William Ruto has urged for the adoption of a new global financial model that promotes environmentally friendly economic growth. Speaking at the Champs de Mars in Paris, France, Ruto emphasized the need for a financial system that is capable of addressing the challenges posed by climate change.

Ruto expressed concern over the worsening climate crisis, which has resulted in the loss of lives and livelihoods due to extreme weather events such as droughts, floods, heatwaves, cyclones, and wildfires. He acknowledged that Kenya, Africa, and many parts of the world are already experiencing the effects of this “new normal.”

However, Ruto remained optimistic, stating that the necessary solutions are within our reach. He highlighted the availability of technology and financial resources to initiate the required changes. Ruto emphasized the importance of global solidarity, fairness, and equity in designing the financial architecture, discouraging resource control and divisive approaches.

Africa, according to Ruto, possesses significant potential for renewable energy, particularly solar, hydro, and geothermal sources. He commended Kenya’s progress in this regard, with 92% of its energy being derived from green sources. Ruto argued that the new global financial model should enable Africa and the Global South to access affordable finance, facilitating their transition to a low-carbon and resilient world in line with the goals of the Paris Agreement, including achieving net-zero emissions by 2050.

Ruto underscored the human dimension of climate change, describing it as a threat to people’s health. He emphasized the need to develop climate-resilient health systems and promote sustainable economic development. Ruto’s remarks were made during his attendance at the New Global Financial Pact Summit in Paris, where he was joined by President Emmanuel Macron of France, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), and Ajay Banga, President of the World Bank Group.

President Macron echoed Ruto’s call for a comprehensive review, advocating for bold and targeted approaches to transform the world. He specifically mentioned the need to reevaluate the operations of the World Bank and the IMF to align them with grassroots realities and priorities.


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