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Saturday, June 24, 2023 –President William Ruto has taken his tax gospel outside the country as he rallies the world toward the new tax direction.
On Friday June 23 in France, the Kenyan head of State urged the world, in the ongoing Climate Change Summit, to embrace global taxes through technology and innovation.
In his keynote speech on New Global Financing Pact, Dr. Ruto mentioned that climate change is an urgent matter that need concerted efforts to control.
He said that such difficult decisions like imposing global taxes and other restrictions would help raise money to help save generations around the world.
He listed Carbon Pricing as some of the taxes that need to be introduced to act as both a tax and incentive for emissions.
In his speech, Dr Ruto explained the importance of the taxes saying, apart from addressing climate change, the taxes would help, a great deal, address green energy shortages in Africa.
“How do you enforce carbon, shipping, and financial transaction taxes? I think in the world we live in today. There is a lot more creativity, innovation and technology that can give us the leverage to levy this tax.
“We are the continent with the largest renewable reserves whether it is wind, geothermal or hydropower. How are we going to raise the resources to unlock the huge potential in our continent?” Ruto said in reference to the Grand Inga Dam in the Democratic Republic of Congo (DRC), which could be funded to help generate electricity for over 15 countries.
He, therefore, urged fellow leaders to start raising the money before the three-day upcoming Africa Climate Summit scheduled to take place in Nairobi early September.
“The architects of the current multilateral system managed to craft the United Nations UN Charter in two months and establish the Bretton Woods Institutions in three weeks.
“Six months can be a considerable span of time. Beyond that, we risk the future of our children,” the Head of State expressed.
Ruto was flanked by his France counterpart Emmanuel Macron, International Monetary Fund IMF Managing Director Kristalina Georgieva and the 14th President of the World Bank Group, Ajay Banga.
He delivered, what many have described as, an electrifying speech on climate change.
