Oyedele Advocates for Affordable Climate Finance Access

Mr. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, called for a strategic shift in climate finance at the United Nations Dialogue on Solutions to Climate Finance during the 81st Session of the United Nations General Assembly (UNGA) in New York, United States of America. He urged the international community to enhance the availability of affordable capital for Africa and other developing countries, highlighting that high financing costs, currency risks, and limited access to long-term capital hinder Africa’s development ambitions.

Oyedele pointed out that despite Africa's low contribution to global carbon emissions, the continent faces a “prejudice premium” and “narrative cost” in mobilizing financing for essential infrastructure. He also identified currency risk and “stereotype tax” as additional challenges.

Oyedele stressed the importance of investing in gas and other transition energy sources to combat global energy poverty and diversify energy supply. He emphasized the need for stronger international cooperation and a financing framework to help developing countries invest in infrastructure and improve living standards.