The global agreement on efforts to make the world prosperous and save the plant from the effects of climate change is not a contest between the developed and developing nations, President William Ruto has said.
Instead, Ruto explained, the Pact for Prosperity, People and Planet, commonly known as the 4P, is meant to address unfairness of the international financial system.
He said the deal seeks to find financing solutions for developing countries whose progress has been hindered by the current global financial system.
Ruto expressed satisfaction that there is now common ground between the Global North and the Global South on the need for the reform of multilateral financial institutions.
“We have 73 countries that have joined us. We are not discussing narratives, and we are not pointing fingers. This is not about South vs North; this is about solutions that work for all countries,” he said.
He made the remarks on Monday during the Pact for Prosperity, People and Planet high-level meeting he co-chaired with French resident Emmanuel Macron at the Fourth International Conference on Financing for Development.
Ruto commended the pact for advancing reforms that integrate development and climate action into a unified and coherent agenda.
He said the initiative is living up to its objective that no country should make the difficult decision of choosing between fighting poverty and tackling the impact of climate change.
“I am impressed by how quickly the 4P has matured, a testament to the commitment of those present here today and to the tireless efforts of the capable Secretariat,” he said.
President Ruto challenged governments to step up efforts aimed at raising development resources locally.
He explained that mobilising resources for development should not be left to international financial institutions alone.
“There is what can be done globally, and we are making sure that the international financial architecture has proper representation and voice from our continent. But we will step up as countries in providing local solutions,” he said.
He went on: “We cannot wholly depend on external solutions to meet our challenges whether they are financial or public in nature,” he said.
The President pointed out that governments can leverage the potential of the private sector to deliver public services, citing healthcare.
On his part, President Emmanuel Macron said the narrative of a tug of war between the Global South and the Global North is counterproductive in the pursuit of a common global agenda.
“The only chance we have is to work together with respect,” he said.
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