President William Ruto has urged the global community to redesign international trade rules and pricing systems to reward green production and accelerate global decarbonisation efforts.
The President emphasised Africa's central role in the transition to a sustainable future.
Speaking at the Fourth Financing for Development (FfD4) Summit in Seville, Spain, Ruto called for the transformation of “green premiums” into “green discounts,” arguing that Africa's participation in climate solutions hinges on fair access to global markets.
“Africa’s role is critical to the global climate agenda. But we cannot deliver if our goods, services, and carbon credits are excluded from global markets or if entire value chains are blocked,” Ruto told delegates.
He welcomed the summit’s recognition of trade and industrialisation as essential drivers of structural transformation and long-term prosperity.
“No country has achieved lasting prosperity without
manufacturing and export diversification,” Ruto noted. “Africa is ready,
poised, and prepared to become the next frontier of global production and
innovation.”
The FfD4 Summit, which runs from June 30 to July 3, 2025, brings together global leaders, policymakers, and development experts to address urgent financing challenges hindering progress toward the Sustainable Development Goals (SDGs).
The conference focuses on reforming the global financial architecture, improving access to capital, and strengthening development cooperation, particularly for the Global South.
Ruto praised the summit's outcome document, describing it as a signal of “renewed, if not hard-won, commitment to multilateralism and equitable development.”
“I welcome its strong emphasis on national ownership and sovereignty. For those of us from Africa, Africa’s development is, first and foremost, our responsibility. We approach it with purpose and determination,” he said.
He also highlighted the importance of addressing structural debt issues and the cost of capital in developing nations, calling for the creation of a sovereign debt framework that is development-oriented and fair.
“There is now consensus on the need for a development-oriented sovereign debt architecture, where public debt is an instrument for development, not a trap,” Ruto stated. “It is imperative to have debt sustainability and credit assessments that are accurate, objective, and long-term oriented.”
Ruto’s remarks come as African leaders push for reforms in the global financial system to better reflect the realities and ambitions of developing countries.
