DAVOS, Switzerland – King Letsie III of Lesotho has called on global leaders and businesses to invest in his country’s renewable energy sector, delivering his message during the World Economic Forum in Davos.
The monarch is promoting the His Majesty King Letsie III Just Energy Transition Fund, which aims to boost private investment in solar, wind, and hydropower projects in Lesotho. Launched in February 2024, the fund seeks to transform the economy of the landlocked nation, with plans to eventually export renewable energy to South Africa.
Lesotho, home to just over two million people, faces economic dependence on its neighbor South Africa, where many Basotho work in mines and send remittances home. However, the mining sector has declined, creating a need for alternative economic opportunities.
“We need to create a different economic model,” said King Letsie, citing renewable energy as a potential driver of change. Lesotho has abundant sunlight, wind, and water resources, and the government has partnered with Chinese firms to develop solar power.
📸 His Excellency President @CyrilRamaphosa held a bilateral meeting with His Excellency His Majesty King Letsie III of the Kingdom of Lesotho on the sidelines of the World Economic Forum held at the Congress Centre, Davos-Klosters in Switzwerland.#wef25#SAinDavos… pic.twitter.com/DYQcO1oxkN
— The Presidency 🇿🇦 (@PresidencyZA) January 21, 2025Climate change remains a pressing concern for the country, with a severe drought last year leading to widespread crop failures and a state of emergency. King Letsie said the effects of climate change underscore the urgency of transitioning to renewable energy.
During his time in Davos, King Letsie met with leaders from Anglo American, a Danish wind energy firm, and the presidents of South Africa and Botswana. Standard Chartered and Standard Bank Group are advising the fund as it seeks to attract further investment.
