President Ruto rallies global community to invest in Africa's renewable energy
National
By
David Njaaga
| Sep 25, 2024
President William Ruto has urged the global community to invest in Africa's renewable energy.
He spoke on Wednesday, September 25, during the Committee of African Heads of State and Government on Climate Change (CAHOSCC) at the UN General Assembly in New York.
Ruto noted that Africa attracts less than 3 per cent of global spending on renewable energy, despite the continent having vast resources.
He called for action to address this disparity.
"We must take steps to redress this imbalance," noted Ruto.
"A population of 1.4 billion people has access to only three gigawatts of energy while the rest of the globe boasts around 500 gigawatts."
He proposed hosting an investment forum in partnership with the International Renewable Energy Agency (IRENA) to accelerate partnerships for renewable energy in Africa.
The Partnership for Renewables in Africa initiative, launched at COP28, aims to mobilise finance and technical assistance while engaging the private sector.
The upcoming investment forum will showcase Africa's renewable energy potential and mineral wealth as drivers of resilience and economic growth.
Ruto also reported progress on two initiatives launched at COP28: the Global Solidarity Levies Task Force and the expert review on debt, nature, and climate.
The Head of State said these initiatives are gaining support from various countries for sustainable development and climate action.
As climate-related shocks become more frequent and severe, Ruto explained that high interest rates and credit downgrades hinder refinancing efforts.
He called for continued advocacy for sustainable development and reform of the international financial system to ensure climate justice.
Ruto plans to meet with leaders from 14 selected countries next Monday in Congo-Brazzaville to prepare for the upcoming COP29 meeting.
He tasked the African Union Commission with streamlining government mechanisms for climate change in Africa.
This includes aligning the work of CAHOSCC with the African Ministerial Conference on Environment and the African Group of Negotiators on Climate Change.
"It is not correct for a wealthy continent like Africa to be classified as poor. Our wealth has not been taken into account," he added.