FG Calls for Urgent Climate Finance Overhaul, Demands Developed Nations Fulfill $100bn Commitment

FG seeks climate finance reform, urges developed nations to fulfil $100bn pledge

The federal government has called upon members of the Non-Aligned Movement (NAM) to deepen their unity and enhance collaborative initiatives to address pressing global issues such as climate change, escalating debt burdens, and social disparities.

This appeal was made by Dunoma Umar Ahmed, the Permanent Secretary of the Ministry of Foreign Affairs, during the 19th Ministerial Meeting of NAM’s Coordinating Bureau convened in Kampala, Uganda.

In his remarks, Ahmed reiterated Nigeria’s unwavering dedication to NAM’s foundational values of solidarity, fairness, equity, and peace. He also extended gratitude to President Yoweri Kaguta Museveni and the Ugandan people for their warm hospitality and exemplary stewardship within the movement.

“The global community is confronted with a complex array of crises, including environmental disasters, terrorism, pandemics, and growing social inequalities,” Ahmed stated. “No single country can tackle these challenges alone. It is crucial that we reinforce our collective resolve and cooperative efforts to realize sustainable development, which remains the most reliable route to lasting peace, security, and prosperity.”

Emphasizing the critical role of advanced economies, the Permanent Secretary underscored the necessity for industrialized nations to meet their climate finance commitments. Despite financial constraints, he acknowledged that developing countries continue to lead efforts in environmental preservation.

Ahmed urged affluent nations to fulfill their long-standing pledge of providing $100 billion annually in climate funding and called for this amount to be increased to at least $1 trillion per year to adequately support the climate and sustainable development ambitions of the Global South.

He also highlighted Nigeria’s domestic reforms designed to attract private sector investment into environmentally friendly projects. Central to these reforms is the establishment of the National Credit Guarantee Company, which is supported by coordinated efforts among the ministries of finance, power, environment, and solid minerals to integrate green guarantees. These guarantees serve as risk mitigation tools to encourage private sector engagement.

According to Ahmed, such green guarantee mechanisms have the potential to unlock financing for sustainable development at magnitudes five to six times greater than traditional methods.

He commended initiatives like the Green Guarantee Group (GGG) for fostering innovative climate solutions but stressed the urgent need for increased backing from multilateral development banks and international partners to reduce the cost of green financing.

On geopolitical issues, Ahmed reaffirmed Nigeria’s firm stance on the Middle East conflict, emphasizing that the Palestinian cause remains a cornerstone of NAM’s identity and mission.

“Nigeria condemns the ongoing occupation and the severe breaches of international law and human rights endured by the Palestinian people. We stand firmly in support of their rightful quest for sovereignty and self-determination,” he affirmed.

He reiterated Nigeria’s support for a two-state solution, envisioning an independent Palestinian state within the 1967 borders, with East Jerusalem as its capital.

Ahmed also advocated for urgent reforms in global multilateral institutions, arguing that current frameworks no longer mirror today’s realities nor ensure equitable representation.

He warned that neglecting these reforms could erode confidence and legitimacy in international governance systems.

In conclusion, Ahmed reaffirmed Nigeria’s commitment to NAM’s founding principles and expressed readiness to work alongside fellow member states to foster a world grounded in justice, mutual respect, and shared prosperity.

“While the obstacles before us are significant, they can be overcome through unity, collaboration, and principled leadership,” he concluded.