Nigeria: Why Countries Need to Accelerate Pace of Climate Actions - G-24

The meeting included Iyabo Masha, Director of the G-24 Secretariat. Nigeria's finance minister, Wale Edun, also attended. Other special guests were present as well.

On Tuesday, the G-24 warned about climate action. They said financial commitments must speed up to achieve results. This message came from their communique after meetings in Washington, D.C. The meetings occurred alongside the World Bank gatherings.

Pablo Quirno chaired the meeting as Secretary of Finance for Argentina. Olawale Edun served as First Vice-Chair and Muhammad Aurangzeb was Second Vice-Chair.

Special guests included Kristalina Georgieva from the IMF and Anna Bjerde from the World Bank Group. Patrick Achi, former Prime Minister of Côte d'Ivoire, also attended.

The G-24 represents developing nations in international monetary affairs. They focus on issues within the IMF and World Bank. Their goal is to advocate for emerging economies in global discussions.

Despite past financial commitments for climate actions, progress has been slow. Many commitments remain unmet, leading to insufficient emission reductions. This hampers efforts to meet Paris Agreement goals like limiting warming to 1.5°C.

Experts warn that failing to act poses significant risks. These include more frequent natural disasters and economic losses.

In its communique, the G-24 emphasized equitable climate action based on national circumstances. They highlighted the need for different focuses on adaptation and mitigation strategies.

The group welcomed the World Bank Group's broader focus on energy sources. This approach helps developing countries meet critical development objectives effectively.