President Ruto calls for equitable climate financing

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

The President said Africa’s agenda at COP29 in Baku, Azerbaijan, should be to push for a new and equitable climate financing mechanism, noting that the new financing must match the urgency and scale of the climate crisis and adequately address the needs of Africa and other developing nations.

President Ruto said Africa must push for an increase in global investment in energy transition from the current 3% to effectively support climate adaptation.

He made the remarks during an Extraordinary Meeting of the Committee of African Heads of State and Government on Climate Change (CAHOSCC) on the sidelines of the 79th Session of the United Nations General Assembly in New York. President Ruto is the chair of CAHOSCC.

“Today, we are aligning our position for the COP29 in Baku, Azerbaijan, in November. This meeting serves as a strategic step in our preparations,” he said.

Present were African Union Commission Chairperson Moussa Faki Mahamat and President Mohamed Ould Ghazouani of Mauritania, who is also the chairman of the African Union.

The President said meaningful investments in Africa’s resources, whether in renewable energy, sustainable agriculture, green transport or nature-based solutions, are key to ensuring effective climate adaptation.

“These investments will enable low carbon, climate-resilient development, not only for Africa but also for the global community,” he said.

The President also called on Africa to continue advocating debt sustainability and reform of the international financial system to ensure climate justice.

“As climate-related shocks become more frequent and severe, coupled with high debt servicing, government spending on green resilience is constrained,” he said.

He pointed out that high interest rates and credit downgrades also make refinancing costly.

Earlier, President Ruto hosted the inaugural Steering Committee Meeting of the African Green Industrialisation Initiative (AGII).

AGII is a platform that brings together African leaders and partners from the finance, industry and philanthropic sectors.

“This initiative is focused on unlocking investments for large-scale, high-impact green industrial and infrastructure projects, and aligns value chains across the continent,” he said.

The President explained that the initiative will foster collaboration in the implementation of green Industrialisation to drive continental economic transformation.

Mr Faki echoed the President’s remarks, saying African leaders must present a united front at COP29 on climate financing.

He emphasised that the CAHOSCC meeting underscores Africa’s dedication to climate action that poses an existential threat to the continent’s economic growth.

“As a result of climate change, some African States have experienced GDP losses of up to 5%, demonstrating the severity of the climate crisis,” he said.