COP28: Honour $100bn Climate Financing Commitment, Tinubu Tells Developed Nations

Bennett Oghifo

President Bola Tinubu has challenged rich and developed countries to honour their pledge to provide $100 billion climate financing annually to developing countries to enable them cope with the dire impact of climate change.

President Tinubu stated this in an address at the 28 Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change Convention (UNFCCC) that ended yesterday in Dubai, United Arabs Emirates.

In addition to his call for the annual fund, the president said, “Many commitments have been publicly announced but few have been honoured. We also propose making the Loss and Damage Fund operable and we advocate for a measurable Global Goal on Adaptation.

“With so much at stake, why do we speak so resolutely about climate change at multilateral fora such as this, yet continue to conduct ourselves without urgency?

“We all want to solve the problem, but few are currently willing to do their fair share, much less all that is required.

“It is now clear that developing nations are and shall continue to suffer the most from climate change having contributed the barest minimum to the problem. Neither Nigeria nor any country in Africa have been among the major initiators of climate change. However, we stand amongst its front-line victims.

“Yet, almost by definition, we lack the fiscal tools and technological capacity to adequately fight this monster in our midst. What tools and assets we do possess must necessarily be devoted, first, to the exigencies of poverty, hunger and national economic development.”

He said, “Developed nations face a different predicament. They fear that strong action against climate change will weaken their economies, lower their standards of living and erode their esteem. 

“The world has a choice to make. Any attempt that favours the strict preservation of the economic status quo over a genuine reduction in dangerous emissions will cast us all toward peril. The world has a chance to thwart climate change in a way that also rights old wrongs by instilling equity and fairness into the global economy.

“If we take this path, we might not just save this planet. We just might make it a better home for all who dwell on it. Let us seize this moment. Let history write of us that we sensed the grave danger, and this was the moment that we turned humanity from the cliff’s edge toward safer ground and a more fertile destiny.”

Executive Secretary, UN Climate Change, Simon Stiell, during a press conference on Monday said, “Negotiators have a chance, right here in Dubai over the next 24 hours, to start a new chapter – one that really delivers for people and the planet. The highest climate ambition means more jobs, stronger economies, stronger economic growth, less pollution, better health. 

“Much more resilience, protecting people in every country from the climate wolves at our doors. Secure, affordable, safe energy for all, through a renewables energy revolution that leaves no country or community behind, instead leaving our dependence on fossil fuels behind. 

And as I have said many times, finance must be the bedrock to scale-up climate action on all fronts.” 

He said, “We are now here to discuss two issues. One – How high is our ambition on mitigation. And two – Are we willing to back this transition with the proper means of support to deliver it. Let me assure you – from our viewpoint at UN Climate Change – the highest levels of ambition are possible for both. 

So that leaves us with the question: how do we get, from here, a meaningful deal? 

First – clear the unnecessary tactical blockades out of the way.  And there have been many along this journey. The Global Stocktake needs to help all countries get out of this mess. Any strategic landmines that blow it up for one, blow it up for all. 

 The world is watching, as are 4000 members of the global media, and thousands of observers here in Dubai. There is nowhere to hide. 

Second – I urge negotiators to reject incrementalism. Each step from the highest, each step back from the highest ambition will cost countless millions of lives, not in the next political or economic cycle, for future leaders to deal with, but right now, across every country. 

Third – preserve and respect every Party’s seat at the table. Inclusion, representation, and transparency are key tenets of this process. 

And fourth – in this final quarter, it’s all eyes on the prize. That means highest ambition outcomes must stay front and center. 

The reality is the highest ambition outcomes are the only way for all governments to leave Dubai with a win under their belt. 

One thing is for certain: ‘I win – you lose’ is a recipe for collective failure.  Ultimately it is 8 billion people’s security that is at stake. 

“Science is the backbone of the Paris Agreement, especially when it comes to the world’s temperature goals and the planetary limit of 1.5. That center must hold.” 

Responding to questions by journalists, he said, “A just transition is what has been called for. And that, again, in terms of that definition of what ‘just’ means is being debated by Parties right now.

“It’s up to the Parties. As I said in my opening statement, everything, everything is on the table for an outcome that responds, that sends a signal that is responding to the climate crisis. But again, it’s up to Parties.  

“Right now, everyone is focused on getting an outcome within this next twenty-four-hour period. All I’m hearing is a desire to leave here with something.”