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Ruto calls for review of ‘unfair’ debt policies
African countries have urged the global North to take responsibility for the adverse effects of climate change, as they are the major contributors to greenhouse gas emissions.
President William Ruto highlighted the high interest rates imposed on African nations, leading many into debt distress.
He emphasized the significant impact of climate change on African economies, stating, “Many of our countries are heading into debt distress because of climate change. To be honest, we are suffering the most. Whether it is in the Sahel due to drought, the Horn of Africa, or South Africa with cyclones, we bear the biggest brunt of it all.”
Ruto also condemned unfair loan terms, stressing that Africa loses 5 to 15 per cent of its GDP to climate change due to excessive borrowing and high interest rates. He called for fairer loan terms and financing mechanisms that do not burden African countries.
On carbon credits, which have been a topic of debate among climate activists, African leaders expressed their willingness to join the larger conversation and signalled their commitment not to be left behind. They emphasised the importance of addressing climate change collectively and effectively.
The summit aims to produce a Nairobi Declaration, a document that will strengthen Africa’s unified voice in the global climate arena. This declaration is expected to take centre stage at the 78th session of the United Nations General Assembly in New York this month and at the annual United Nations Climate Change Conference, or COP28, in Dubai.
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