President William Ruto has called on African commercial and development finance banks to increase their investment in green industrialisation as a key strategy to combat climate change and accelerate sustainable development on the continent.
Speaking at State House, Nairobi, during a high-level consultative meeting on the Africa Green Industrialisation Initiative (AGII), Ruto stressed the importance of financial independence in an increasingly unpredictable global economic environment. “In this fractured world order, Africa must rethink its strategies and explore how to strengthen and leverage its own institutions to compensate for the shortfall in external investment,” he said.
The meeting brought together key stakeholders, including leaders from the African Union, Afreximbank, Africa50, and top commercial banks like Equity, KCB, Standard Bank, and Ecobank. President Ruto, who chairs the Committee of African Union Heads of State and Government on Climate Change, urged these institutions to become not just participants, but catalysts in the continent’s green transition.
AGII was first conceptualised during the inaugural Africa Climate Summit in Nairobi in 2023 and later launched at COP28 in Dubai. It was formally adopted by the African Union Assembly in February 2025. The initiative aims to align Africa’s industrialisation with climate goals by mobilising investment towards sustainable, low-carbon development.
Despite Africa’s rich resource base and large population—comparable to China—Ruto pointed out that the continent’s renewable energy capacity remains alarmingly low at only 67GW, compared to China’s 1,400GW. He urged African banks to back green projects, eliminate trade barriers, and promote local solutions to climate challenges.
Ruto also cautioned against portraying Africa as a high-risk investment destination, arguing that such narratives hinder progress. He called for collaboration between the public and private sectors to identify and prepare bankable green projects.
Cabinet Secretaries Opiyo Wandayi (Energy), Lee Kinyanjui (Investments and Trade), and Rebecca Miano (Tourism and Wildlife) attended the meeting, alongside Prime Cabinet Secretary Musalia Mudavadi.
The banking leaders present voiced support for the initiative, pledging to align their institutions with Africa’s climate and industrialisation agenda.
