Calls for reform of global finance system dominate Africa summit

Calls for reform of global finance system dominate Africa summit

NAIROBI: UN chief Antonio Guterres joined African leaders on Tuesday in demanding urgent reforms to the “outdated and unfair” global financial system, speaking at a landmark climate summit in Kenya aimed at showcasing the continent’s green potential. The Nairobi summit hopes to boost investment in renewables, with the UAE on Tuesday pledging $4.5 billion to accelerate Africa’s clean energy transition as the continent’s leaders look to reshape its economic narrative. The three-day conference, which began Monday, has attracted heads of state, government and industry leaders from across Africa, as well as EU chief Ursula von der Leyen and US climate envoy John Kerry.

It is billed as an effort to define a shared African vision for green development on the diverse continent of 1.4 billion people ahead of the COP28 meeting in Dubai later this year. Speakers at the Africa Climate Summit have doubled down on calls to reform global financial structures to align with climate goals, with leaders also urging more investment to support a push towards clean energy. UN Secretary-General Guterres drew attention to Africa’s unequal access to economic opportunities even as the continent bears the brunt of climate-related disasters despite contributing the least to global warming. “Global governance