UN rallies developing nations

THE United Nations (UN) has renewed its call on developed nations to fulfil their long-standing pledge to find US$100 billion yearly to finance climate mitigation and adaptation programmes in developing countries.

Under international agreements developing countries are willing to ensure their industrialisation and development is done though a green route, which requires help to meet higher capital costs,

According to the African Development Bank (AfDB), the latest call was made on Monday during a virtual forum by world leaders to discuss the global transition to clean power as part of a green recovery and identify actions that can be embraced to support the initiative.

In a statement, AfDB said the UN Secretary-General Mr Antonio Guterres, who was part of the roundtable indicated that the year ahead would be critical, “not only in beating the Covid-19 pandemic but in meeting the climate change challenge”.

“He (Guterres) said African countries in particular were vulnerable and renewed his call for developed nations to fulfil their long-standing pledge to provide US$100 billion a year for developing countries to support both climate change mitigation and adaptation,” said the regional financial institution.

The forum, which was also attended by AfDB president Dr Akinwumi Adesina was held under the theme; “Achieving a rapid shift to green, affordable and resilient power systems” amid growing recognition that climate change remains one of the greatest challenges facing humanity.

Participants also included the United Kingdom (UK) foreign secretary Mr Dominic Raab, Italian Minister of

Foreign Affairs Mr Luigi Di Maio, and representatives from governments, multilateral development banks, the private sector and international organisations.

“Huge amounts of money have been earmarked for the Covid-19 recovery and stimulus measures.

“But sustainable investments are still not being prioritised. We must invest in the future of affordable renewable energy for all people, everywhere,” Mr Guterres was quoted as saying.

AfDB said the discussions have gained an added urgency in the wake of the Covid-19 pandemic, which has strained fiscal resources that are available to cope with global crises.

The regional financiers said accelerated transition to green, affordable and resilient power systems has been identified as a top priority by the UK, which has established the Energy Transition Council to drive the transformation.

AfDB said one of the most direct impacts of the pandemic was the disruption it caused to the 2020 edition of the global climate change talks.

Reiterating that the AfDB will no longer finance coal projects, Dr Adesina said his institution had prioritised renewables as the mainstay of its Light Up and Power Africa strategic priority and AfDB’s power generation investments now standing at 80 percent.

“The bank has been at the forefront of transformative renewable energy projects in Africa, including large-scale concentrated solar projects in Morocco — one of the largest in the world — and the Lake Turkana wind power project, the largest in Sub-Saharan Africa,” Dr Adesina was quoted saying.

The bank expects to invest US$10 billion in the energy sector over the next five years.