President William Ruto has said it is time world leaders engage in a candid conversation about carbon tax.
Speaking on Thursday at the United General Assembly, Ruto said others often talk of carbon pricing when the conversation is actually on carbon tax.
President Ruto referred to the diversion to carbon pricing as an escaping ideology.
A carbon tax is a fee imposed on businesses and individuals that works as a sort of "pollution tax."
"What we want and we had said is that we are ready for a carbon tax on fossil fuel trade that is administered at a place and at a level where settling banks can collect that money. It is the only way we are going to get adequate resources to unlock the potential we have in renewable energy," he said.
Ruto said currently, only 2 per cent of the investment in renewable energy gets to Africa.
He further said of the 300 trillion dollars that was invested in renewable energy, only 54 billion dollars came to Africa.
"It is time we got that much leverage on investment capital because what is standing between Africa and our opportunities is investment capital and that is what we are looking for.
"Unless we reform the financial architecture, we will continue to be in a circus and we will never get to the opportunities that we have," Ruto said.
President Ruto on September 5 suggested that African countries should introduce a carbon tax.
He was speaking during the Africa Climate Summit where he said that carbon tax is the only way the countries can raise adequate resources.
"To unlock the resources that we need to drive this new investment and financial opportunities, especially for green energy, we believe it is time to have a conversation about carbon tax," he said.
Through carbon tax, the President highlighted that African countries can use it to finance development.
