TUE NOV 12 2024-theGBJournal|Dr. Mustapha Abdullahi, Director-General and CEO of the Energy Commission of Nigeria (ECN), joins global energy leaders at COP29 in Baku, Azerbaijan, to address financing sustainable energy for developing countries.
This UNDP-UNCDF event highlights the critical need for finance flow which aligns with sustainable goals, especially in vulnerable nations dependent on imported fossil fuels with limited capacity for green investments.
The dialogue brings together governments, financial institutions, and international agencies to explore investment-friendly policies, de-risking mechanisms, renewable energy funding, and financial innovations.
Initiatives such as Mission 300 (M300) were discussed, as well as structural changes needed in the global financial system to support sustainable energy.
With global energy investments projected to exceed $3 trillion in 2024, including $2 trillion in clean tech, the COP28 target to triple renewable energy capacity by 2030 seems reachable.
However, less than 15% of these funds are directed toward developing nations, excluding China, with Africa receiving just 2%. Bridging this gap is essential as 60% of low-income countries face debt distress.
This event seeks actionable solutions to drive sustainable energy access and transition, emphasizing public-private partnerships, innovative finance, and regulatory support—key areas for Nigeria and Africa’s energy future.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
