Japanese Prime Minister Fumio Kishida and Kenyan President William Ruto held talks on ways to reform the international financial system to facilitate greater investment in Africa’s renewable energy industry.
(Bloomberg) — Japanese Prime Minister Fumio Kishida and Kenyan President William Ruto held talks on ways to reform the international financial system to facilitate greater investment in Africa’s renewable energy industry.
The discussions focused on ways to develop “a fairer system that recognizes the huge potential of energy resources, geothermal, wind, solar and hydro in our continent, and to use these resources to unlock the huge potential that exists in our continent,” Ruto said at a joint briefing in the capital, Nairobi, on Wednesday.
African nations and countries in the global south are disproportionately impacted by climate change, and wealthier nations should provide more support to initiatives aimed at addressing climate change, Ruto said.
Kishida’s trip to Kenya and three other African nations this week comes as Japan prepares to host a summit of the Group of Seven nations in Hiroshima from May 19-21. Kenya is scheduled to host an Africa summit in Nairobi in September, as part of the continent’s preparations for the global climate conference in Dubai in November.
The two leaders agreed to hasten construction of the Dongo Kundu special economic zone in Kenya’s port city of Mombasa, which is part-financed by the Japanese government, and will support companies from the Asian nation to take up space in the industrial hub.
“We do not take for granted Japan’s huge investments and support for Kenya’s geothermal power development to technology, capacity-building and finance,” Ruto said.
Kishida’s Africa tour this week also includes Egypt, Ghana and Mozambique. While in Ghana, the premier pledged $500 million to promote peace and stability initiatives on the continent over the next three years, Tokyo-based Kyodo News reported.
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