NAIROBI: Kenya’s President William Ruto urged African leaders on Monday to view climate challenges as opportunities to attract significant monetary investment and revolutionize food systems.
President Ruto said in his opening remarks at the 3-day Africa Summit on Climate in Nairobi, Kenya, that green growth should be viewed not only as a climate requirement but also as a source of multibillion-dollar economic opportunities, according to Anadolu Agency.
For a very long time, it has been looked at as a problem. It is time that this issue should be looked at from the other side, Ruto said in the event in Nairobi attended by world leaders, policymakers, and stakeholders from Africa and around the globe to address pressing climate concerns.
He said that while the carbon footprint of Africa is small, the impact of climate change disproportionately hits the continent. Kenyan leaders emphasized the urgency of addressing loss and damage and bringing appropriate financial mechanisms for resilience.
The main focus of the summit is on market-driven financing mechanisms, including carbon credits, with the aim of mobilizing funding that has been slow to arrive from wealthier countries.
However, this approach faced resistance from some campaigners in Africa who argued that it prioritized Western interests over the continent’s needs.
Kenya’s President Highlights Global Partnerships
Ruto said that the world has entered the future, a future driven by global partnerships committed to prosperity in Africa, inclusive growth, and a livable planet for all human beings.
Despite the concerns, the gathering maintains an ambitious agenda, with talks on strategies to revolutionize food systems and boost climate finance.
More than twenty presidents and heads of government are likely to attend, with the objective of articulating Africa’s position ahead of the upcoming United Nations (UN) climate conference and COP28 in the United Arab Emirates (UAE).
During the first day of the event, private entities announced investments such as Rawbank and Vitol’s 20 million dollars investment in clean cooking, renewable energy, and forest conservation in the Congo and Britain’s pledge of £49 million (62 million dollars) in support of UK-backed projects.
African countries are actively seeking debt relief in order to reserve more resources for renewable energy, climate adaptation, and conservation.
According to the Debt Relief for Green and Inclusive Recovery Project’s working paper, Sub-Saharan African nations face annual debt servicing costs that are about equal to their climate finance needs.
