Kenya, Colombia, and France have initiated the formation of an international team of experts to scrutinize the financial framework at the COP28 climate summit in Dubai, UAE.
The focus of this expert review encompasses the critical areas of debt, climate issues, and nature.
Kenya’s special climate envoy, Ali Mohamed, highlighted on Monday during the COP28 summit that the country faces challenges in securing the necessary funds to enhance its resilience.
He pointed out that the current fiscal constraints and unsustainable debt rates are impeding their ability to access vital resources for development.
President William Ruto of Kenya has been advocating for reforms in international financial institutions, emphasizing their perceived unfair treatment of the Global South.
Ruto asserts that these institutions must be more responsive to the global challenges, advocating for universal access to capital and financing to effectively address the impacts of climate change.
Ali Mohamed reiterated the adverse effects of El Nino rains in Kenya, causing substantial losses that demand substantial financial resources for the restoration of infrastructure.
These challenges underscore the urgency for a comprehensive review of the financial architecture to better serve the needs of countries facing such issues.
The review process will be overseen by an international independent expert group, appointed by a steering committee that will also designate a technical secretariat.
Colombia’s Minister of Environment, Susana Muhamad, and French Minister for Energy Transition, Agnes Pannier-Runacher, have expressed their support for Kenya’s stance, emphasizing the pressing need for reforms in the current financial system.