NAIROBI, KENYA, NOV 23 – President William Ruto has stressed that the capital market will be the bullet that will potentially shutter the climate change crisis in Africa.
During his address at the African Securities Exchange Association(ASEA) Annual Conference, the president emphasized that through capital markets, innovative financial programs that support climate finance can be developed and excavate a greener and more sustainable future.
“The capital market can be a force of good. By developing innovative financial products that support climate finance, we can contribute a greener, a more sustainable future using our stock exchanges,” said the president during the conference.
He has further urged that the stock exchange will catalyze the agility of natural resources, which will make it much more easy for resources to circulate. The president has craved that African leaders should channel resources to generate sustainable and climate-resilient investments, corresponding with the pace of a rapidly changing climate.
The president has emphasized that the abundance of natural and renewable resources in Africa is a step that African countries and leaders should take advantage of, a step that will greatly decelerate African countries’ dependence on other countries.
“We have 60% of the world’s renewable energy resources, we have 40% of the world’s critical mineral resources, we have 65 % of the world’s uncultivated land, and more importantly, we have the world’s largest workforce. we can’t therefore position ourselves as a desperate continent with the kind of potential that we have,” president Ruto stated.
Africa being the highest-oriented continent in renewable energy resources, Ruto called upon African countries to take full advantage of the situation and team up with the rest of the world to fully utilize these resources especially now that fossil fuels are no longer the shot to climate sustainability.
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