The global agreement on action for making the world prosperous and saving the world from the effects of climate change is not a race between the developed and the developing nations, President William Ruto has said.

Instead, the President explained, the Pact for Prosperity, People and Planet, popularly known as the 4P, seeks to address unfairness of the global financial system.

He said that the accord seeks to guarantee funding alternatives for developing countries whose progress has been unwound by the current international financial order.

President Ruto was glad that there is finally consensus between the Global North and the Global South on the necessity for multilateral financial institutions’ reform.

“We have 73 countries that have joined us. We are not discussing narratives, and we are not pointing fingers. This is not about South vs North; this is about solutions that work for all countries,” he said.

The President spoke on Monday during the Pact for Prosperity, People and Planet high-level meeting he co-hosted with French resident Emmanuel Macron at the Fourth International Conference on Financing for Development.

President Ruto hailed the deal for championing reforms that merge development and climate action into one and harmonious agenda.

He claimed that the initiative is achieving its objective that no country must make the tough decision of choosing between fighting poverty and responding to impacts of climate change.

“I am impressed by how quickly the 4P has matured, a testament to the commitment of those present here today and to the tireless efforts of the capable Secretariat,” he said.

President Ruto urged governments to increase efforts intended to mobilize domestic development resources.

He explained that mobilization of development resources must not be entirely left to global finance institutions.

“There is what can be done globally, and we are making sure that the international financial architecture has proper representation and voice from our continent. But we will step up as countries in providing local solutions,” he said.

He added: “We cannot wholly depend on external solutions to meet our challenges whether they are financial or public in nature.”

The President said that governments can leverage the power of the private sector in order to deliver public services, giving the example of healthcare.

For his part, President Emmanuel Macron said that the narrative of a tug of war between the Global South and the Global North is self-destructive to a common global agenda.

“The only chance we have is to work together with respect,” he added.