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We also maintain that the vulnerability of small island states should be assessed beyond per capita income, taking into account their specific characteristics and structural constraints. In this context, we call for the Multidimensional Vulnerability Index to be translated into concrete eligibility criteria for concessional financing. We likewise advocate for the full operationalization of the fund for responding to loss and damage, and simpler, more effective access to the Green Climate Fund. The limited institutional capacity of vulnerable countries must not become an obstacle to accessing the very instruments created to support them. In the case of Sao Tomé and Principe, this issue is particularly relevant following our graduation to middle income country status, which was an important milestone and a recognition of the progress achieved in human development. It nonetheless requires appropriate transition measures capable of consolidating these gains and shielding the country from external shocks. It is as part of this effort of consolidation that the energy transition finds its place, a transition that is for us an economic, financial, social and environmental necessity.
Everyone is being harmed, from Asia to Europe, from Africa to the Americas. No country is immune. They have serious economic and social impact and are already having undesirable consequences for all of us and also for the parties involved. This is a senseless crisis because it's harmful to everyone. We must put an end to this collective masochism, and we must do it quickly to close this chapter, which is a chapter of widespread harm. We all have a duty to learn from the lessons of the crisis of the 1970s and avoid repeating what happened then. We will be judged by how we handle this challenge. On the one hand, it is urgent to put an end to the protracted conflicts and on the other hand, starting now, we must discuss and decide on complementary ways to mitigate the impact of this energy crisis and prevent it from being prolonged. It is my belief that it would also be beneficial to discuss the mechanism by which international oil prices are determined. I do not have a concrete solution which is very complex and difficult, but I wonder if it makes sense for all of us to be so dependent on speculation and the volatility of financial and futures markets, which affect the entire production sector, even when the instability originates only from a portion or a limited period of that production. Excellencies, we also bear the intergenerational responsibility to accelerate the energy transition in order to reduce dependencies and mitigate the effects of climate change. I will share with you that in Portugal, we feel the devastating impacts of climate change firsthand in the increase in forest fires, coastal erosion, and the degradation of marine ecosystems, and also and more frequently in extreme weather events, new such as storms, high winds and flash floods. That is why we take a strategic approach to the energy transition. More than 70% of our energy production comes from renewable sources. We have anticipated our carbon neutrality target to 2045. We maintain close collaboration and continued support for countries that are particularly vulnerable to climate change, and we are investing in innovative solutions, such as agreements to convert debt into green investment. Climate change and freedom of navigation share a common priority of our policy: the sea and ocean. Protecting the marine environment and its biodiversity, combating ocean warming, addressing the threat of sea level rise and ensuring universal freedom of navigation are essential priorities on the ocean agenda, which is an agenda we all have to pay attention to.
Energy security has become a defining issue for many small island nations. While we have one of the highest shares of renewable electricity in the Pacific, Samoa remains heavily dependent on imported fuels. Successive energy crisis and the 2026 fuel crisis exposed the economic costs of our energy dependence. We are working towards a whole of system transformation that delivers electricity that is reliable and affordable, reduces our dependence on imported fuels, strengthens resilience and support sustainable development. The clean energy transition is also an opportunity for Samoa to build a smarter, more resilient and investment ready energy system. The digital transformation, including AI and data analytics, offers real opportunities to drive an inclusive, just energy transition, particularly through off grid solutions and smarter energy planning. Excellencies. The ocean defines who we are as Pacific people. It connects us, sustains us, and shapes our identity.
Lesotho is increasingly experiencing severe floods and droughts, resulting in unparalleled land degradation and extensive damage to critical infrastructure. Despite contributing minimally to global greenhouse gas emissions least developed countries like Lesotho bear a heavy brunt of climate impact. Global warming and rising sea levels pose terrible threats, particularly to small island developing states. We stand in solidarity with these nations and call for greater global action. To cope with these climate related challenges, we call upon developed countries to honour their commitments by providing new, adequate, predictable and accessible climate finance. Further, we urge developed countries to transfer environmentally sound technology and to strengthen capacity of developing countries to effectively mitigate and adapt to the adverse effects of climate change. Climate justice demands nothing less. Just energy transition is therefore an imperative if one is to be spared from the terrible threat of climate change. Under the visionary leadership of His Majesty King Letsie III, Lesotho has launched the His Majesty King Letsie III Just Energy Transition Fund, designed not only to decarbonise our economy, but to transform it from one historically reliant on migrant labour to one rooted in renewable energy exports. The fund seeks to attract investment to build new energy generation capacity, unlock energy independence and lay a new foundation for national prosperity that benefits every Mosotho. We therefore call for partnerships to mobilise the requisite resources for clean energy projects, which can create significant employment opportunities for our youth and women. As the first Member state to pilot the UN blueprint for national AI and data strategies from design into national implementation, Lesotho stands ready to share the lessons of that journey with fellow developing countries, particularly across Africa and among least developed and landlocked developing countries, charting similar paths towards digital sovereignty.
Mr. President, we reject the false choice between development and climate action. Developing countries must industrialise, eradicate poverty and expand energy access through low carbon pathways supported by technology transfer, capacity building and climate finance. Africa contributes less than 4% of the greenhouse gas emissions yet bears disproportionate consequences. Nigeria remains committed to the Paris Agreement and an equitable energy transition that reflects historical responsibility and capacity while protecting people's right to development. Under our Energy Transition Plan, we are working towards net zero emissions by 2060 while expanding access to affordable, reliable and sustainable energy. This approach combines renewable energy, clean cooking and gas as a transitional fuel with climate-smart agriculture and nature-based solutions. Finance must be governed by equity and shared responsibility rather than charity, with international commitments translated into accessible, predictable and adequately funded mechanisms that enable developing countries to pursue climate action without compromising development objectives.
Excellencies. While remaining firmly committed to our climate goals, we must also recognise that in the immediate term, development cannot realistically proceed without traditional energy sources. Energy security, moreover, is closely intertwined with peace, regional connectivity and sustainable economic development. As a reliable natural gas supplier to 16 countries, Azerbaijan ranks among the leading pipeline gas suppliers globally and plays a strategic role in strengthening energy security and diversifying supply routes across Europe and beyond. Azerbaijan's contribution to global energy security is increasingly complemented by its growing role in the clean energy transition. We are investing in renewable energy, commissioning major solar and wind projects, expanding hydro power capacity and developing new clean energy initiatives together with leading international partners. Agreements already signed envisage around six gigawatts of additional solar and wind capacity by 2030. By 2030, renewables are expected to generate almost 40% of Azerbaijan's electricity. Expansion of renewable power generation will create new opportunities for Azerbaijan to export green electricity to European markets. This way, our role as a reliable energy partner is evolving alongside the global energy transition. Energy connectivity is part of Azerbaijan's broader vision of connecting regions, markets and economies.
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No. 7
Sierra Leone09/22 · first at about 10 min2 mentions
Mr. president, the same principle of fairness applies to Africa's critical minerals. Critical minerals are indispensable to the global energy transition, yet too much value is still added elsewhere. Processing at source, fair value chains, technology transfer and local industry would turn natural wealth into skilled work, stronger economies and hope for our young people. The green transition must not reproduce the extractive terms of the past. For the youth, this is immediate. A young person without work, opportunity or a stake in the future becomes vulnerable to the recruiter, the smuggler and the dangerous journey across the Mediterranean.
Education, employment, infrastructure and the opportunities offered up to our young people are also part and parcel of our efforts aimed at preventing the vulnerabilities, the very vulnerabilities which terrorist groups seek to exploit. Excellencies, ladies and gentlemen, collective security can only last if we also have economic and financial security. There is indeed another source of fragility at the international level, and that is the fragility of development financing. Many developing countries are facing a particularly difficult equation. They must accelerate their development and at the same time fund their energy transition, as well as adapt to climate change, on top of investing in health, education, the digital sphere and meeting growing social needs. However, these requirements are piling up against the backdrop of a context where access to funding is increasingly costly, where fiscal space is shrinking. Such a situation is no more sustainable than it is equitable. Therefore, Benin calls for ongoing transformation of the international financial architecture, the objective being to allow developing countries to access more accessible, predictable financing financing that is better tailored to their development trajectories.
Mr. President, the theme of this session—restoring trust, managing transformation, the United Nations that delivers for all— expresses perfectly the challenge that we must collectively address to restore the hope that the UN nurtured when it was created. For the DRC, this session is another occasion to reaffirm its faith in a multilateralism based upon the unwavering quest for peace and justice, which paved the way not to the prosperity of a select few, but to the creation of a true common horizon for peoples and generations of the future. This faith, however, calls upon us to be clear-eyed about the world's transformations, and to ask about the ability of the UN to evolve alongside it. For our peoples have never ceased to believe in the need for international cooperation, a cooperation which, at the most difficult times, can be promptly mobilized but, in other circumstances, may seem to drag its feet when territorial integrity is vigorously defended in one crisis but seems negotiable in another, when the suffering of civilians calls for immediate action in one place but seems less urgent in another. In reality, there can be no lasting trust when the force of our principles varies depending on the peoples, crises or circumstances. In a world in constant flux, the trust of our peoples in multilateralism begins when the law is applied uniformly, regardless of geography, economic power, or alliances. Our transformation ought to be based upon the need to uphold the Charter in its entirety, especially through the respect for the principle of the sovereign equality of states, peaceful dispute settlement, the prohibition of the use of force, respect for territorial integrity, and human dignity. This ought to be the ambition of the United Nations. Mr. President, we cannot speak of restoring trust toward the UN, let alone of a transformation, as long as the UN continues to reflect a world that has ceased to exist. The world of 1945 no longer exists. Digital revolution, energy transition, and climate deregulation are now altering equilibria, and yet the institutions charged with managing these changes too often reflect an order that no longer exists. Artificial intelligence today offers one of the most striking examples of this. It has immense potential, but also poses the risk of new fractures. Its governance should not be the sole remit of certain powers or corporations. Developing countries ought to be able to participate in defining its rules and to access the capacities that determine its use. The DRC supports the UN Global Dialogue on AI Governance, as well as the creation of a global capacity-building fund. The digital divide must not become an intelligence divide. This need for inclusion ought, first and foremost, to be reflected in global governance. Africa has proven itself, over time, to be a demographic, diplomatic, and geopolitical power, a vital one, but it still remains inadequately represented where decisions are being made about the world's future. How can we fail to mention the historic anomaly that is the absence of Africa among the permanent members of the Security Council? The admission of the African Union to G20 is certainly a major step in the right direction. However, it is not sufficient to meet this need for representation. As a member of the Security Council of 2026-2027, we reaffirm our support for the common African position, enshrined in the Ezulwini Consensus and the Sirte Declaration. That is to say, two permanent seats for Africa, with all of the associated privileges, including veto rights as long as they exist, and two non-permanent additional seats, in order to make the Council more representative, more legitimate, and ultimately more effective. This need for representation goes hand in hand with a need for responsibility, and it is in this spirit that the DRC intends to fully exercise its responsibility when it comes to choosing the next Secretary-General, whose mandate ought to be part of the transformation of our organization and help adapt it to the priorities of a world in profound evolution. This same ambition is our driving force within the francophone world, through the candidacy of Ms. Juliana Amato Lumumba for the position of Secretary-General of the OIF, with the vision of a renewed francophonia that is closer to its peoples and capable of strengthening trust between its members and to tackle the challenges we are facing. For the DRC, it is precisely in the gap between the trust we are calling to be restored and the transformation that we hope to manage that the real impact of our international commitments is measured. Our country is at the heart of several of these transformations, and sometimes at the intersection of their very contradictions.
This is also the mission of the new government of Cabo Verde: to concretely improve the lives of its people. And we have placed education at the heart of this mission, because school is where society begins to shape its future, and education is a powerful development strategy. We seek to transform knowledge into innovation, decent employment, and opportunities, to strengthen our education and health systems, and to advance progress in digital transformation, gender equality, energy transition, water security, and also in blue economy. We want to create more opportunities for our young people and build an economy capable of transforming people's talent into development.
We should keep development at the center of the international agenda and jointly forge a global development partnership based on unity and equality, and that is balanced and inclusive. It is important to give priority to key areas including poverty reduction, food security and energy transition, step up resource input and increase support for countries in the global South. Developed countries should honor their commitment to development financing and climate financing. The international community should also build consensus and pool strength to formulate the post 2030 global development agenda. Facing a new scientific and technological revolution and industrial transformation, especially the dynamic development of artificial intelligence, we should take a people centered approach and develop AI for the positive and for good, narrow the digital divide and promote development that is universally beneficial. Both history and reality prove that countries can hardly achieve development without an open and cooperative international environment.
It starts at home. And Indonesia has long understood this for decades. In the 1960s, Indonesia developed the concept of national resilience to safeguard our identity, to protect our sovereignty and unity, and to sustain our development in the face of challenges and obstacles. At the heart of our resilience are our people. A nation is resilient when families can provide for their households, when farmers can produce, when workers can find decent jobs, and when children can learn, grow and dream about their future. For Indonesia, this means building greater self-sufficiency in food and strengthening our energy security. Most importantly, it also means investing in the future of our people, ensuring our children receive quality education and ensuring our people have access to essential health care. At the same time, we are building an economy that can withstand shocks and create opportunities more jobs, stronger industries, and greater productive capacity. Central to our resilience is our ability to manage differences and preserve our unity. As a nation of more than 280 million people, Indonesia has learned that diversity is not something to overcome. It is something to manage, respect and turn into strength through democratic participation, dialogue, and respect for differences. We preserve our unity from Aceh to Papua, from Miangas to Rote. Indonesia is one people. Indonesia is one nation. We also continue to strengthen the promotion and protection of human rights through our national mechanisms and our commitment to international human rights obligations. This goes hand in hand with building our national resilience, because human rights are not only the absence of violence. They are also about ensuring that people have food, education and healthcare. To our neighbors, friends and partners, let there be no doubt Indonesia stands strong today, grounded firmly in democracy, human rights, and the rule of law. And when nations are resilient at home, they have greater capacity to contribute beyond their borders. A food secure Indonesia can contribute more to regional and global food security. A more energy resilient Indonesia can contribute more to the global energy transition. A stronger economy opens greater opportunities for cooperation and shared prosperity. This is how national resilience becomes collective resilience.
Mr. president and excellencies, the theme of this session, and I quote, restoring trust, managing transformation, a United Nations that delivers for all. It speaks directly to our realities of our small islands in Micronesia. We need the benefits of digital innovation, artificial intelligence, energy transition and institutional reforms.
Mr. president, beside the expected economic and energy transition, we must also prepare for the transformation driven by artificial intelligence. But only if we can implement AI responsibly and controlled, Suriname will be able to benefit from the opportunities of this technology and mitigate its risks. So we are preparing for that.
Additionally, our energy transition efforts take Thailand closer to meeting climate obligations and through our solar rooftop policy, we are also creating greater economic opportunities for households by allowing them to sell excess electricity back to the grid. However, this responsibility goes beyond development. Thailand's humanitarian tradition demonstrates this conviction.
Our efforts to address climate-related challenges continue to face unjustifiable obstacles, mainly from those contributing significantly to greenhouse gas emissions. Global efforts to address climate challenges are being frustrated by withdrawal of financial contributions supporting climate adaptation measures and initiatives by international and regional institutions, as well as individual states. Let us prioritize delivery on the pledges for climate action by increasing long-term concessional financing and deployment of new technology. On this agenda, Tanzania chose to address the just energy transition component through different measures. Some of these measures include, implementation of the national renewable energy strategy that comprises 2,115MW Julius Nyerere Hydro Power Project, 650MW solar and wind power projects, 130MW geothermal power projects, and the National Clean Cooking Strategy, which aims to ensure that 80% of households adopt clean cooking by 2034. In our efforts to reduce the use of fossil fuels, we have also opted for the electric railway to link the port of Dar es Salaam and neighboring countries of Burundi and DRC. We, therefore, appeal that climate financing be provided as grants and concessional financing to step up efforts on climate action. Tanzania joins Small Islands and Coastal States in pushing for a workable solution to address sea-level rise. We commend the President for convening today the HighLevel Event addressing the existential threats posed by sea-level rise, and we look forward to the adoption of the UN Declaration on Sea-Level Rise, which will provide a comprehensive framework for international cooperation, scientific advancement, adaptation resilience, and legal stability.
International commitments must be translated into action and bring people lives of peace, security, dignity and happiness. It is for this reason that the Pact for the Future and the 2030 agenda, our promises to present and future generations must be implemented earnestly and in full. Commitments on financing for development, including. The severe commitment must be translated into concrete measures, expanding access to long term financing at affordable cost, supporting countries burdened by debt, and amplifying the voice of developing countries in international financial and monetary institutions. The multilateral trading system must be strengthened in an open equitable and transparent manner, ensuring development opportunities for all countries. Climate action must be accorded its rightful place in development cooperation, particularly via the adaptation finance, technology transfer and a just energy transition. Development must be people centred and leave no one behind. Growth must go hand in hand with social progress and equity environmental protection and the safeguarding of people's livelihoods, especially for vulnerable countries and communities.
Bold reforms and sound macroeconomic policies have resulted in a three fold growth in our GDP since 2017. Zimbabwe is indeed open for business. We are also pursuing food and nutrition, security and the climate smart agriculture. My government is leaving no one and no place behind. Through our rural industrialisation agenda and the Invest Rural policy, we are directing investment towards rural infrastructure, manufacturing hubs and agro processing facilities. More women and youth continue to enter value chain industries for both our local and regional markets. As droughts, floods and declining productivity threaten water, food and energy security, developed countries are called upon to honour their climate finance commitments in line with common but differentiated responsibilities. Mr. President, Zimbabwe welcomes the recommendations of the Secretary-General's Panel on Critical Energy Transition Minerals and the country's support mechanism.
Climate disasters and extreme weather patterns threatens our people, our prosperity, and our hard won development gains. In the last year, 2 million people in the Southern African Development Community suffered a combined and debilitating impact of floods, cyclones, wildfires and disease outbreaks. Our responses are severely constrained by a climate finance architecture stacked against developing nations. Global action on disaster resilience and predictable financing for a just energy transition is essential if international cooperation is to deliver for all. Our continent has the world's largest reserves of critical minerals.
We come from a country that is diverse in its opinions, but one that is deeply committed to the possibility of building a common future. And we believe that this combination diversity of ideas and cohesion around the future can also serve as our contribution to the international community. Today, we are living through a particularly difficult period. Extreme inequality remains one of the great threats to coexistence. Poverty continues to deprive millions of people of basic opportunities, and wars continue to destroy lives, communities, and hopes. While we discuss growth, technology, artificial intelligence, the energy transition, or new forms of production, there are millions of people who continue to ask themselves far more basic questions how will I feed my children? How can I find housing? How can I find a job? Or how can I face tomorrow without fear? We mustn't lose sight of that reality. Development makes sense when it improves people's lives. Economies make sense when they serve society. Technology makes sense when it expands our freedoms and opportunities. And politics makes sense when it is able to transform reality, to bring happiness to our people. We are speaking from the experience of a small country removed from the great centers of power.
Bolivia wants to enter partnerships, to compete, to learn, and it is also open to contributing. This historic moment has seen a discussion that we can no longer postpone the transition to energy diversification. It's not so much a transition in and of itself, but rather diversifying our energy. The world needs cleaner energy sources, but it also needs minerals lithium, copper, other critical minerals. It needs new supply chains. And it needs to do that in a responsible way. And Bolivia wants to be a part of that conversation. But we would like to raise a question. Can energy, the global energy diversification, really be just if the countries that possess strategic resources continue to primarily export them as raw materials? No. That is why we want to enter into partnerships and open ourselves up to the world. But as a society, as partners, and not just as a source of raw materials. The energy transition also needs to represent productive diversification. It should create opportunities for producing countries. It should generate local capacities, respect the environment, it should incorporate and include communities, and it should allow our young people to be actors in those new industries. That is why we are proposing a new international relationship around strategic resources, a relationship that is based on investment knowledge, technology and added value. The United Nations.
It is time to resume the offensive and inflict a defeat on denialism. Nature reminds us every day that we live on one planet. The glaciers in the Himalayas are melting. The super El Nino may cause torrential rains, droughts and forest fires in different parts of the globe. Its effects will hit the most vulnerable, the hardest. Brazil has been demonstrating that it is possible to combine economic growth with reduced emissions. We have achieved our self-sufficiency in oil and will continue to explore the potential of new reserves, such as those in the equatorial margin. But we will not abandon the environmental agenda. We will move forward with the roadmap for the decarbonization of the Brazilian economy. The Tropical Forest Forever Facility, launched at COP30 in the city of Belém, shows that it is possible to change old paradigms. The forest is worth more standing than destroyed. We will continue to reduce deforestation, which has been cut in half in the Amazon and reaching its lowest level in 11 years. We have the moral authority to reject protectionist measures disguised as commitment to the environmental cause. Brazil is a global reference in green energy. We have the critical minerals and the rare earths that the world needs to make the energy transition. Our natural wealth belongs to the Brazilian people, and it is in their benefit that it will be exploited.
Chile understands that in a multipolar world, institutional stability is not a luxury, it is a need. For example, we are a pioneer in the energy transition. Chile possesses around a quarter of global lithium reserves, and we are the largest producer of copper on the planet. Chile has a lot of sunlight, the heat of the sun, a long Pacific coast, lakes, rivers, volcanoes that can create vast stores of energy. Chile also has the Strait of Magellan, a crucial alternative route for global trade. Our nation will become the bridge and the port for the bioceanic corridors that will unite America with Asia. This richness, this wealth is not only fortune that we have in our coffers, it brings with it responsibility. Responsibility to you. Chile will never renounce its sovereignty. Neither will it cease to exploit its own minerals. We have our sovereignty, of course, but at the same time, we say that the energy of the future must serve humankind, and energy must not be held hostage by monopolies or actors that do not abide by the rules. Please make no mistake here it is possible to reconcile growth and sustainability. The two are inseparable. Chile understands that environmental protection and economic progress form part of one single development strategy one in which investment and innovation are linchpins when it comes to improving the quality of life of our people. Sustainable development requires robust institutions, clear rules, timely decisions and effective administration able to turn commitments and diagnoses into tangible results for both people and the environment. President, I now wish to turn to a discussion of our continent, Latin America, because I sincerely believe that the coming decade can be ours.
Dominica has begun the transition from imported fossil fuels to renewable energy. Our geothermal power plant is now in commercial operation and increasing the renewable share of our electricity generation to approximately 84%. We are well on our way to achieving 100% renewable energy by 2030. This is more than an energy project. It is economic transformation. It demonstrates that small states can lead in the transition to clean energy. Every barrel of oil that we no longer need to import strengthens our resilience to international price shocks. Every unit of clean electricity we produce strengthens our energy security. Affordable, reliable, renewable energy can become a foundation for new industries, new investment, new employment, and greater competitiveness. The lesson is important beyond Dominica. We need international finance that recognizes the transformative nature of renewable energy investment in vulnerable countries. We need financing mechanisms that allow countries such as Dominica to move faster and we need partnerships that allow the energy transition to become an engine of economic development and growth. Our ambition is not merely to generate clean electricity. Our ambition is to use clean energy to transform our economy. Mr. president, the international community has become very good at recognizing vulnerability. We have become less successful at financing the transformation that vulnerability requires.
It is no longer acceptable for the world to regard the Sahel merely as a source of resources, an arena for international competition, or a footnote in global decision-making. Africa, whose journey we have followed since the founding of the African Union, is not the margin of the world; it is one of the centers of the world to come. Libya does not lie on the edge of Africa; Libya is of Africa, of its history, of its security, and of its future. Decades ago, an African will emerged from the Libyan city of Sirte that contributed to the establishment of the African Union. That fact reminds us that Libya has never been merely a bridge between Africa and the Mediterranean, but a partner in shaping the African project itself. We, therefore, view the security of the Sahel region as part of Libya's own security and stability. We view the security and stability of the states of the region and all our African neighbors, near and far, together with developing Africa, all as investment in the common security of Africa and its European neighborhood. This is not assistance provided by one party to another, nor is it a responsibility borne by one party alone. Likewise, we view the Mediterranean basin not as a barrier between Africa and Europe, but as a shared space of connection. Relations among its countries should move from beyond merely managing migration and crises toward making the Mediterranean a bridge for development, trade, energy transition, investment, and common security. Ladies and gentlemen. Geographically and politically, Libya stands at the meeting point of these worlds.
Our continent possesses the world's youngest population, vast arable lands, unparalleled cultural vitality and the critical minerals required to drive the global green energy transition. But, Mr. Speaker, let me warn Africa will not remain a passive arena for a new scramble for resources. Critical mineral extraction in Africa must not replicate the colonial era exploitation. We will process our minerals at home. We will build local industries that create dignified jobs for our youth, and we retain the value of our natural resources in Africa. The African Continental Free Trade Area, whose secretariat Ghana is proud to host, is our engine for intra-African trade, structural transformation and industrial growth. As we heal historical wounds, we must address the alarming breakdown of the current global order. We are witnessing a dangerous shift towards unilateralism, lawlessness and the erosion of multilateral norms. The United Nations must learn from the lessons of the League of Nations. The UN charter must reign supreme over the cynical doctrine that might makes right. The veto power must never serve as a license for impunity. Sovereign equality cannot be a privilege that is reserved only for nations that are aligned with global superpowers.
Our continent holds vast mineral wealth, immense agricultural potential, extraordinary renewable energy resources, and the world's youngest population. We are a market of more than 1.5 billion people, increasingly connected through the African Continental Free Trade Area. These are not merely African assets. Properly developed, they are part of the answer to the world's search for food security, clean energy, resilient supply chains, and a new source of growth. Africa's resources must become the beginning of African industry, not the end of Africa's contribution to the value chain. Extraction defined too much of our past. Investment must underpin our future. This transition is already taking shape. Cocoa-producing nations are moving from bean to brand. Cotton producers are building garment value chains. And Africa has made its position clear. The clean energy transition must not become another extractive transition. The African Continental Free Trade Area must be more than a market for what Africa already produces. It must become the platform on which Africa makes more of what it now imports. Kenya intends to be part of that transformation. In the next one week, we expect to break ground on the East African refinery in Lamu. A refinery capable of producing 700,000 barrels of oil a day, an investment of approximately $16 billion. Its significance extends beyond one project or one country. It represents the Africa we seek to build: adding value at home, creating jobs for our people, and building industries capable of serving continental and global markets.
The climate crisis is now a national security threat for countries around the world, as this summer of extreme heat, wildfires and floods has proved beyond doubt. Britain will continue to lead with others to fight this threat, to protect our children and grandchildren, to protect the natural world and also to seize the benefits for jobs, growth and reindustrialisation that the clean energy transition can bring. So we must raise our sights and I believe the United Kingdom has a unique position as an honest broker to help drive this forward. We are America's closest ally. We have deep ties with our friends in the European Union and seek to deepen them further. We work with China and emerging powers like India and Brazil. We sit on the UN Security Council in the Commonwealth, in the CPTPP.
Minister Murat Kurum, representing the incoming COP31 presidency, has put the challenge plainly the time for simply setting out goals is behind us. Anyone who experienced this summer in Europe and elsewhere knows that it was the hottest on record, and the super El Niño has not even yet hit. The proposed action agenda places methane reduction at the centre of climate implementation, and we welcome that focus. It is true that carbon dioxide must remain central to the global energy transition, but emissions are not falling quickly enough, and the full benefits of action will take time to emerge. So, Mr. President, under Barbados's presidency of the CVF Climate Vulnerable Forum and its V20 countries, 74 countries got together and advanced the call to pull the methane emergency brake at the G20 Ministerial Dialogue in April of this year. The finance ministers agreed that methane reduction must be treated not only as an environmental priority, but also an economic, fiscal and public health opportunity. We must now implement. Climate vulnerable countries need to mobilise approximately $490 billion each year by 2030, and yet the current inflows are roughly $90 billion. As a young people in Barbados would say, the math simply ain't mathing. We must also correct the inequity of the borrowing costs that these countries face. It is almost 1.2 percentage points higher for climate vulnerable countries than for advanced economies. Now that figure seems small to you, but that actually generates an estimated $62 billion more a year in excess interest payments each year.
