President William Ruto has called for a new paradigm shift in the financing of climate action.
He noted that there was a need to review the current financing model of climate action to serve the intended purpose of fighting the effects of climate change.
“There is a need to review the current financial system to serve its purpose. I don’t think reform is the right word. We need a new architecture to respond to climate change,” said President Ruto.
Kenya will be hosting a climate summit in September this year, to underline the Government ’s commitment to protecting the country from the adverse effects of global warming
President Ruto made the remarks when he held bilateral talks with UN Secretary-General António Guterres in Addis Ababa, on the sidelines of the 36th Ordinary Session of the African Union, Heads of States, and Government Summit.
He said Kenya will be hosting a climate summit in September this year, to underline the Government’s commitment to protecting the country from the adverse effects of global warming.
Mr Guterres said the time was ripe to shake the international financial and economic order.
“We are trying to get reforms in the international financial systems. The international multilateral system today doesn’t represent the current situation,” said Mr. Guterres.
He also lauded Kenya for playing a leading role in conflict resolution in the region.
“Kenya is the only country that is pushing South Sudan to a solution. What you are doing is fantastic. We will support your peace efforts in DRC,” said Mr. Guterres.