African leaders urge global finance revolution to boost clean energy investment

2023-09-25 20:59:24
African leaders urge global finance revolution to boost clean energy investment

The global financial system must be overhauled for African countries to address climate challenges, the continent’s leaders have said, according to Semafor news agency.

African political and business leaders attending the United Nations General Assembly (UNGA) have stressed the need to drive investment to help the continent’s countries address the green energy transition, and therefore boost their economies, while also adapting to the extreme weather conditions.

Kenya’s President, William Ruto, speaking at an UNGA side event earlier this week, said there was an inaccurate perception that investments in African countries are risky, unfairly holding back the flow of funds needed.

Ruto said there was “a need to rethink, to reimagine and to reconfigure” the approach to financial markets.

Ruto said the building blocks of financial markets — such as credit rating agencies, sovereign debt analysis, and risk analysis — required a “rethink” and new approaches were needed to provide concessional finance.

Nigeria’s president also called for a change in approach to investment opportunities during his address to the General Assembly. “Continental efforts regarding climate change will register important victories if established economies were more forthcoming with public and private sector investment for Africa’s preferred initiative,” Bola Tinubu told delegates.

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