COP29: ECN Boss Advocates for Sustainable Financing to Drive Africa’s Clean Energy Future

Dr. Mustapha Abdullahi, Director-General and CEO of the Energy Commission of Nigeria (ECN), joined global energy leaders at COP29 in Baku, Azerbaijan, to address financing sustainable energy for developing countries. This UNDP-UNCDF event highlighted the critical need for finance flow which aligns with sustainable development goals, especially in vulnerable nations dependent on imported fossil fuels with limited capacity for green investments.

The dialogue brought 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. Dr. Abdullahi aims to share Nigeria’s experiences and gain insights from global experts to advance energy financing for Nigeria’s sustainable future.

Nigerian Delegate to the UNDP-UNCDF event at COP29

Discussion Session at SDG Pavillion