President William Ruto has urged global leaders to commit to renewable energy investment.
He was speaking during the Global Renewables Alliance Summit on Tuesday, September 24, in New York.
He noted that nearly 600 million Africans lack access to electricity, which hinders progress on the Sustainable Development Agenda and the Paris Agreement goals.
Ruto explained that Africa has vast renewable energy resources but receives less than 2 per cent of global investment in this sector.
He pointed out that the continent added less than 3 gigawatts of renewables last year, while the world achieved a record addition of nearly 500 gigawatts.
During his remarks, Ruto discussed the need for Africa to pursue industrialisation and economic growth to combat energy poverty.
He noted that unreliable and costly energy limits Africa's ability to harness its resources for development.
“We must establish anchor industrial demand driven by energy-intensive industries,” said Ruto.
Ruto introduced the Africa Green Industrialisation Initiative (AGII), launched at COP28, aimed at expanding renewable energy on the continent.
He announced an upcoming investment forum on renewable energy in Nairobi next month.
He observed that the “Pact of the Future,” adopted this week, requires commitment to address global financial gaps in renewable energy.
“The power of choice is in our hands — literally and figuratively. Let’s wield it wisely and make it count!,” he added.
