{"id":121932,"date":"2025-09-23T14:10:37","date_gmt":"2025-09-23T14:10:37","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2025\/09\/23\/ruto-faults-global-climate-financing-for-overtaxing-african-nations\/"},"modified":"2025-09-23T14:10:37","modified_gmt":"2025-09-23T14:10:37","slug":"ruto-faults-global-climate-financing-for-overtaxing-african-nations","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/ruto-faults-global-climate-financing-for-overtaxing-african-nations\/","title":{"rendered":"Ruto faults global climate financing for overtaxing African nations"},"content":{"rendered":"

NEW YORK, United States, Sep 23 \u2014 President William Ruto has called out the global climate financing system for unfairly burdening African economies.<\/strong><\/p>\n

The President said it was unacceptable for African nations to be expected to raise 60 per cent of climate finance domestically while contributing the least to the climate crisis.<\/p>\n

He explained that this is a heavy strain on many countries, especially those already battling high living costs and repeated climate shocks.\u00a0\u00a0<\/p>\n

\u201cWe must not ignore the risks of overtaxing small, vulnerable economies already battling high costs of living and climate shocks. For many of our citizens, the social contract does not allow this to be the ultimate solution,\u201d he said.<\/p>\n

Speaking at the High-Level Solutions Dialogue on Climate Finance on the sidelines of the 80th UN General Assembly, President Ruto asked the global community to adopt innovative solutions to address the climate financing challenge.<\/p>\n

Fair global tax system <\/h2>\n

He pointed out that the solution lies in stopping illicit financial flows, securing a fair global tax system, reducing sovereign debt pressures, and unlocking major investment.<\/p>\n

\u201cAfrica loses nearly $90 billion every year through leakages that rob us of the very resources we need for climate action. This is why our continent is strongly advocating a fairer global tax system through the proposed UN Tax Convention,\u201d he said.<\/p>\n

The President explained that what should drive the financing agenda forward is easing debt, mobilising domestic resources, unlocking private finance, scaling international public finance, and anchoring these in country-led strategies.\u00a0<\/p>\n

Saying that Africa is determined to turn climate solutions into engines of growth, he explained that this is positioning the continent as a global hub for green industry that delivers both development and climate action.<\/p>\n

\u00a0\u201cOur greatest opportunity lies in growing and diversifying our economies through climate-positive growth, turning the very solutions to climate change into drivers of development,\u201d he said.<\/p>\n

The President said Kenya was among four countries that sponsored the Independent Expert Review on Debt, Nature and Climate, adding that the ideas and knowledge already exist; what is missing is action.<\/p>\n

\u2018Outdated stereotypes\u2019<\/h2>\n

He appealed to investors to look beyond outdated stereotypes, saying Africa has vast potential in mineral processing, value addition in agriculture, and alternative fuels.<\/p>\n

\u201cToo often, perceptions of risk overshadow reality, yet Africa offers some of the most exciting opportunities for green growth in the world,\u201d President Ruto explained.\u00a0<\/p>\n

He cited initiatives such as the Africa Green Industrialisation Initiative (AGII) and the Accelerated Partnership for Renewables in Africa (APRA) as evidence of the continent\u2019s readiness.\u00a0<\/p>\n

\u201cWe are reforming our policies, mobilising domestic capital, and building strong project pipelines to attract global investors,\u201d he said.<\/p>\n

Pointing out that Africa is showing the way, the President said eight leading African financial institutions had signed a cooperation framework to unlock $100 billion in investment.<\/p>\n

He, however, warned that success depends on global partnership.\u00a0<\/p>\n

\u201cWe are doing our part but, to succeed, we need global offtake agreements, market access, and foreign investment at scale,\u201d he said.<\/p>\n

President Ruto urged the global community to act swiftly to reverse the effects of climate change, warning that time is running out.<\/p>\n

\u201cClimate change is a global existential threat. What we do, or fail to do, will shape the destiny of humanity. Let us act boldly and together, and match words with deeds if we are to turn the challenge of climate change into the greatest opportunity of our time,\u201d he said.<\/p>","protected":false},"excerpt":{"rendered":"

NEW YORK, United States, Sep 23 \u2014 President William Ruto has called out the global climate financing system for unfairly burdening African economies. The President said it was unacceptable for African nations to be expected to raise 60 per cent of climate finance domestically while contributing the least to the climate crisis. He explained that […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-121932","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/121932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=121932"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/121932\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=121932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=121932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=121932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}