President William Ruto has launched a blistering attack on the global climate financing system, accusing it of strangling Africa with debt. At the same time, richer nations escape responsibility for a crisis of their own making.
Speaking in New York on the sidelines of the 80th United Nations General Assembly, Ruto said the world’s poorest continent is being forced to carry a financial burden that is both unfair and unsustainable.
“Global climate financing is unfair, forcing Africa to raise most of its resources at home and placing an impossible burden on economies that have contributed the least to this crisis,” he said.
The Kenyan leader painted a picture of economies gasping for air under mounting debt and illicit financial flows, warning that the rules of global finance are designed to punish Africa instead of helping it adapt. He called for urgent reforms to level the playing field.
“The best way forward is to ease debt, mobilise domestic resources, unlock private and international public finance, stop illicit financial flows, secure a fair global tax system, and drive major investment such as the USD 100 billion framework led by Africa’s financial institutions,” the head of state said.
Ruto insisted that Africa is not begging but building. He pointed to continental programmes already in motion, arguing that the climate emergency is also a chance to spark industrial growth.
“With bold initiatives like the Africa Green Industrialisation Initiative and the Accelerated Partnership for Renewables, Africa is turning climate solutions into engines of growth,” President Ruto said.
Adding;
“Africa is positioning the continent as a global hub for green industry, advancing a win-win for development and the planet.”
His remarks come against the backdrop of a growing push for climate justice. Analysts estimate Africa needs about USD 190 billion every year by 2030 to deal with climate change, but currently gets less than a quarter of that, most of it in the form of costly loans. At the same time, the continent is expected to repay nearly USD 90 billion in debt this year alone.
