Climate-positive growth: Ruto calls for global financial system

President William Ruto has called on a new global financial model that supports climate-positive growth.

Speaking at the Champs de Mars, Paris, France, he called for a global financial system that is fit for purpose.

“We want a financial system that supports climate-positive growth and green industrial growth powered by renewable resources to help us decarbonize,” Ruto said.

The Head of State said the climate crisis is getting worse every year, with millions losing their lives and livelihoods to drought, floods, floods, heat waves, cyclones, and wildfires

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 in our globe. We have the necessary technology,” Ruto said

“We have the necessary finances today. And all of us can act together to course correct what has gone wrong. We have it in our power to get it right.”

Ruto emphasized there was a need for the financial architecture to be equal, discouraging resource control.

The President said the global financial system requires solidarity, fairness and equity.

“One that does not beat the West against the East or the North against the South or meters against those who don't emit or the developing against than they develop,” Ruto said.

Going further, Ruto said Africa has the greatest potential for renewable energy, from solar to hydro to geothermal.

He said Kenya is already leading the way with 92 per cent of its green being green, therefore  the new global financial model should also provide Africa and the global south with affordable finance that can help us all attain a goal of low carbon and resilient world and attain the Paris Agreement of net zero by 2050

“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. 

He is attending the New Global Financial Pact Summit in Paris, with President Emmanuel Macron of France, IMF Managing Director Kristalina Georgieva and President of the World Bank Group Ajay Banga.

Echoing Ruto's call for the review, President Macron said a bold and targeted approach can transform the world.

He called for the reconditioning of the World Bank and the IMF on how they operate in relation to the realities at the grassroots.