Ruto calls for equitable climate financing ahead of COP29

President William Ruto has called on African leaders to attend the United Nations climate change conference later in the year in a united voice.

Transcript

00:00On the International Financial Reform Agenda, a central theme of the Nairobi Declaration,

00:07I am pleased to report progress on two initiatives launched at COP28.

00:13The Global Solidarity Levy Task Force, as one initiative, and the Expert Review on Debt,

00:21Nature and Climate.

00:24These initiatives are gaining traction, with many countries joining to support sustainable

00:29development, climate action and nature conservation.

00:34As climate-related shocks become more frequent and severe, coupled with high debt surfacing,

00:39government spending on green resilience is constrained.

00:45High interest rates and credit downgrades also make refinancing costly, and therefore

00:51we must continue to advocate for debt sustainability and the reform of the international financial

00:56system to ensure climate justice.

01:01On the subject of reform, I have written to the incoming COP29 Presidency, and I spoke

01:08to them yesterday, to request a high-level political event during the World Leaders Summit

01:16focusing on measuring the green wealth of nations, specifically natural capital and

01:24economic productivity in Africa.

01:27This event will be led by the Congo-basin countries, and I have spoken to our elder

01:34President Sasson Gweso to lead the way, and the African Development Bank President Adesina

01:40has agreed to take charge of this initiative, aiming to re-index GDP to accurately reflect

01:51the true wealth of our nations.

01:57It is not correct for a wealthy continent like Africa to be classified as poor merely

02:06because our wealth has not been taken into account.

02:12We will be having a meeting next Monday in Congo-Brazzaville, led by the African Development

02:19Bank, with selected 14 countries, to prepare our position for the meeting in COP29.