UNGA: Tinubu Demands Release Of $100bn Climate Funds Pledged By World Leaders At COP

In a bold statement at the 79th session of the United Nations General Assembly (UNGA) in New York, President Bola Tinubu, through Vice President Kashim Shettima, called for immediate access to the climate funds pledged by world leaders at COP.

The demand comes as Nigeria, along with other developing nations, grapples with the increasing impacts of climate change.

The recent flooding in Maiduguri, Borno State, affected more than 400,000 people, with no fewer than 30 deaths reported after a section of Alau Dam collapsed.

Shettima, while delivering Nigeria’s national statement on behalf of President Tinubu on the UNGA floor, informed the world leaders how the recent floods devastated large areas of the country, including Maiduguri.

He said climate-induced disasters result in huge loss of lives and property in Nigeria and underscored the urgent need for collective action.

“Climate change is a driver of insecurity, which also poses a veritable challenge to sustainable development,” Shettima stated.

“We need not remind ourselves to remain faithful to the implementation of the commitments that we all gave voluntarily at the various COP Meetings. Failure to do so is merely to postpone the inevitable. No country is immune from the effects of climate change.

“It is better that we cooperate and collaborate to meet this ever-increasing challenge rather than remaining in our shells, waiting for the inevitable to happen. A common challenge requires a common solution. Nigeria stands ready to meet her obligations in terms of mitigation and adaptation measures nationally and regionally, with the active participation of other countries and international partners.”

The VP further reiterated Nigeria’s commitment to the Sustainable Development Goal 13 on Climate Action and the country’s ambition to transition from fossil fuels to clean energy.

As evidence of Nigeria’s commitment, Shetima said President Tinubu established the Presidential Committee on Climate Action and Green Economy Solutions and appointed a Special Presidential Envoy on Climate Action.

“We will redouble our efforts to address the challenges posed by climate change, including the urgent need to transition from fossil fuel energy. Yet such commitments must be juxtaposed with the principle of Common but Differentiated Responsibilities and the relevant provisions of the Paris Climate Agreement back in 2015. The Paris Agreement provided for developed countries to take the lead in the quest to achieve net zero and to offer support, including finance, to developing countries for the actualisation of the climate change goal,” he said.

A key focus of Shettima’s address was the “Loss and Damage Fund” for vulnerable countries secured at COP27 in Egypt and expanded at COP28 in the United Arab Emirates.

The Loss and Damage Fund aims to help low-income developing countries offset damage from climate-related disasters.

On the first day of COP28, the “loss and damage” fund was adopted and representatives from 198 countries ratified the framework for financing and operationalising the fund.

In his speech, Shettima said, “Worthy of note is the ‘loss and damage funding for vulnerable countries’ secured at COP 27 in Egypt and expanded in COP 28 in the United Arab Emirates. It is our expectation that this year’s 79th Session of the UN General Assembly and the upcoming COP 29 in Azerbaijan this November, will go a step further by providing developing countries, especially African countries, with access to the loss and damage funds, including the 100 billion dollars pledged by developed countries to mitigate the negative impacts of climate change.”

The Loss and Damage Fund is expected to provide support in the form of grants and concessional financing, with the World Bank overseeing its coordination.

Discussions are also ongoing regarding the fund’s management structure, with active involvement of United Nations Development Program (UNDP) experts.

UNGA: Tinubu Demands Release Of $100bn Climate Funds Pledged By World Leaders At COP is first published on The Whistler Newspaper