NAIROBI, KENYA - African leaders on Wednesday demanded sweeping changes to the global financial system and urged the international community to back a surge in renewable energy as they wrapped up a landmark climate summit in Kenya.
It called on the international community to ease Africa's crushing debt burden and reform the global financial system to unblock investment in clean energy. Africa attracted only two percent of global spending on renewables over the last decade, according to the leaders' statement. Ruto said a tally of funding pledges for the continent had reached $23 billion at the summit, but he did not provide a detailed breakdown.
This includes a large proportion of global reserves of cobalt, manganese and platinum crucial for batteries and hydrogen fuel cells.But there are daunting challenges for a continent where hundreds of millions lack access to electricity.African countries, facing mounting debt costs and a dearth of funds, have called for a complete overhaul of the global financial architecture, adding to pressure on the International Monetary Fund and World Bank to unlock investment and climate finance.
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