• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, August 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Climate Change, Imperatives Of Global Financing Pact

by Editorial
2 years ago
in Editorial
Climate Change
Share on WhatsAppShare on FacebookShare on XTelegram

The eggheads that manage the world’s financial system gathered in Paris, the French capital, recently, for a summit that was seen as a new starting point towards a more comprehensive intergovernmental discussion and decision-making process. Experts claim, ostensibly, that it is a measure designed to tackle the impacts of climate change on vulnerable countries within the framework of the United Nations.

Advertisement

Putting aside the usual seemingly ineffective system that has encumbered efforts to address issues relating to climate change, the Paris Financing Pact Summit may, presumably, lead to a reform of the global financial architecture that will make it possible for nations to respond to the imperatives of combating and adapting to the challenge while taking better account of the “losses and damages” suffered by the most vulnerable countries.

The summit had in attendance Heads of State and Governments including Nigeria’s President Bola Ahmed Tinubu, and high-level representations from UN institutions, international financial institutions, nongovernmental organisations (NGOs) and private non state actors.                                                                                                 

While we remain hopeful that the summit will find efficient solutions to reduce poverty and the adverse effects of climate change on the world’s financial system, we are not oblivious of the usual hypocrisy of the Western countries, particularly, over issues concerning the third world especially Africa. Already and even before the summit ended, there were palpable concerns that rich countries were reluctant to engage with the Global South’s key demands on debt relief and new financing for climate action.

For instance, the Cuban delegation captured the precarious situation succinctly when it posited that the third world, including Nigeria, has suffered mostly the nefarious consequences of the current international economic and financial order, which it described as profoundly unjust, undemocratic, speculative, exclusionary and, at the same time, placed massive burden on developing nations.

RELATED

Kano Correctional Facilities Overcrowded With Awaiting Trial Inmates

Mental Illness In Correctional Centres

15 hours ago
FG Plants Seeds Of Peace, Prosperity At Kawu Grazing Reserve

Ranching As A Solution To Farmers/Herders Clashes

2 days ago
ADVERTISEMENT

While it is good to participate on global summits of such significance, we believe that the outcomes should be for mutual interests and not to further turn the third world “into the laboratory of colonial formulas and renewed forms of domination that use the debt, the current international financial architecture and unilateral coercive measures to perpetuate underdevelopment and beef-up the coffers of a few at the expense of the third world.”

 It is pertinent to stress, in the opinion of this newspaper, that a new and just international financial order is of utmost urgency just as we believe that genuine reforms of the international financial institutions, both in terms of governance and representation as well as access to financing that respects legitimate interests of developing countries, must be given high premium.

We are persuaded by the inequalities in the subsisting world order to argue that there is a compelling need to establish mechanisms to measure progress in terms of sustainable development and, eventually establish more access to financial needs of the developing countries under favorable conditions and adequate technical support.

ADVERTISEMENT

Without gainsaying it, climate change has altered the nature of development challenges. To that effect, therefore, a globally agreed climate agenda should be applied according to the principle of equity, responsibilities and respective capabilities.

It is disheartening, in our view, that the goal to mobilize $100 billion annually for climate finance up to the year 2020 has never been met despite all the conferences on climate change with the last one (COP27) hosted last year by Egypt.

Even at that, we believe that there is the need to strengthen the financial priorities of developing countries, which was captured by President Tinubu at the summit. Tinubu emphasized that Africa and the third world have more pressing social issues, which require elevated attention by world leaders just like they pay attention to environmental issues.

Similarly, the attention of the rich nations of the international community ought to be drawn to the severe financial and economic crisis that African countries found themselves in the aftermath of COVID-19 and the concomitant difficulties it generated such that public resources can no longer solve the problem. Thus, it becomes, largely, inescapable for there to be a concerted approach to tracking private capital to help Africa compete with others.

However, regardless of the challenges African countries are confronted with, they owe themselves a duty to put in place measures that will make them compete as equals with the rest of the world.  In the meantime, we welcome the idea of French President Emmanuel Macron to develop Net-Zero Data Public Utility (NZDPU) because it is an open free repository that will greatly help African countries.

It is worth pointing out that Nigeria gave life to the Climate Change Act in 2021 and then created the Climate Change Council that is now headed by the President himself if only to highlight the importance of the matter at stake. Nigeria also established a climate change fund and National Action Plan on climate change which clearly show the country’s blueprint to the net zero target of 2060. Laudable as these policy positions are, we implore the government to implement it in a manner that will make it achieve the purpose for which it was put in place.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: Climate Change
SendShare10171Tweet6357Share
ADVERTISEMENT
Previous Post

This Issue Of Electricity

Next Post

NAF Redeploys 52 Air Vice Marshals, 46 Air Commodores In Major Shake-up

Editorial

Editorial

You May Like

Kano Correctional Facilities Overcrowded With Awaiting Trial Inmates
Editorial

Mental Illness In Correctional Centres

2025/08/29
FG Plants Seeds Of Peace, Prosperity At Kawu Grazing Reserve
Editorial

Ranching As A Solution To Farmers/Herders Clashes

2025/08/28
TISSF And Matters Arising
Editorial

TISSF And Matters Arising

2025/08/27
Fire Destroys 10 Shops In Adamawa
Editorial

That Massacre In Katsina Mosque

2025/08/26
EFCC Arrests Accountant Over New Naira Notes Racketeering
Editorial

EFCC Deserves Praise, Not Litigation

2025/08/25
Ribadu Leads Delegation To Chad President Deby
Editorial

One Celebration Too Early

2025/08/24
Leadership Conference advertisement

LATEST

How To Calculate Pips In Forex And Other Important Tips For Traders

Tottenham Sign Simons From RB Leipzig For £52m

JUST-IN: Many Feared Dead As Sokoto Records Another Boat Tragedy

Jonathan Hasn’t Ruled Himself Out Of 2027 Presidential Contest, Says Ex-President’s Cousin

Court Jails Businessman 6 Months For Cocaine Trafficking

Lagos Records 8,692 Domestic, Sexual Violence Cases In 1 Year

PICTORIAL: Obasanjo Visits Alaafin Amid Row With Ooni

Abu Shouk: Inside Sudan’s Painful Memory

Japan Agency Rating Reinforces Afreximbank’s Credibility, Says Denya

Edo Resident Doctors Laud Okpebholo Over 2024 MRTF Payment, Ezoti Quarters Renovation

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.