COP28: Colombia, Kenya and France launch expert review on debt, nature and climate

Kenya, Colombia and France have teamed up and launched a team of international experts to review financial architecture.

The experts will review debt, climate and nature.

At the COP28 climate summit in Dubai, UAE, Kenya's special climate envoy Ali Mohamed on Monday said the country is unable to access the required money to develop the resilience it needs because of the situation it is currently in.

“The fiscal space does not allow us, and even the rates at which the debt is made available currently is not sustainable,” he said.

President William Ruto has been pushing to have reforms in international financial institutions saying they are unfair to the Global South.

Ruto has been insisting that there is a need for financial institutions to be responsive to challenges facing the world and that everybody requires access to capital and financing to address the realities of climate change.

Mohammed reiterated that El Nino rains in Kenya have caused the country many losses that require huge amounts of money to mend the infrastructure again.

The review will be conducted by an international independent expert group designated by a steering committee which will appoint also a technical secretariat.

Kenya’s position has been supported by Colombia's Minister of Environment Susana Muhamad, and French Minister for Energy Transition Agnes Pannier-Runacher noting the urgency of the reforms.