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UN Chief Calls for Global Financial Reform, Climate Justice for Africa
(MENAFN) UN Secretary-General Antonio Guterres on Tuesday urged major reforms to the global financial system and called for greater climate justice for African nations, saying the continent continues to suffer heavily from climate change despite contributing minimally to worldwide emissions.
Speaking during the Africa Forward Summit in Nairobi, jointly hosted by Kenya and France, Guterres warned that global economic instability, fluctuating fossil fuel markets and unequal investment patterns are placing growing strain on African economies.
The summit brought together more than 30 leaders from Africa and Europe to discuss issues related to trade, climate policy, industrial development and investment cooperation.
“Today's global energy turmoil, volatile fossil fuel markets, and fragmented trade are deepening fiscal stress, inflation, and stunted development across the continent,” Guterres said.
He stressed that Africa possesses vast renewable energy resources but continues to receive only a very limited portion of international clean energy funding.
“The continent holds 60% of the world's best solar potential and receives 2% of global clean energy investments,” he said.
“With the right finance, Africa could generate 10 times more electricity than it needs by 2040, entirely from renewables,” Guterres added.
The UN chief also pushed for changes to the international financial architecture aimed at reducing borrowing costs for African countries, increasing climate-related funding and supporting long-term sustainable development.
Kenyan President William Ruto, meanwhile, called for Africa to have a stronger voice in global institutions and international policymaking processes.
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