President Ruto commends France head of state for the crucial Summit for a New Global Financial Pact.
In a press release, President Ruto commends France head of state, Emmanuel Macron for hosting the crucial Summit for a New Global Financial Pact and for his leadership of the consensus-building efforts towards the outcomes of the Summit.
He stated,”The recognition that inclusive and sustainable development requires a new financial mechanism, is itself a tremendous step in the right direction. If achieved, it will contribute to the mainstreaming of the climate agenda into the international development financial system,”
“Although important for development, we can now agree that aid, by design, has never been, is not and will never be sufficient. At the same time, we must be careful not to entertain unrealistic expectations about private capital, especially since developing countries cannot afford the generous subsidies that wealthy countries provide to attract capital into renewable energy,” he added.
He additionally outlined that international taxation is essential for mobilizing public resources that will in turn bridge any financial needs of the globe.
He stated,”We therefore welcome the acknowledgement that international taxation holds unique potential as a sustainable mechanism for mobilising public resources in adequate amounts to finance our global emission reduction commitments.”
“I look forward to making further progress in this momentous conversation at the Africa Climate Summit that Kenya will be co-hosting with the Africa Union in Nairobi on September 4th to 6th,” he added.
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