BRICS Summit: Nigeria urges reform of UN, global financial institutions

On the final day of the Brics Summit, UN Secretary General Antonio Guterres highlighted the need for substantial international support for developing countries to achieve their sustainable development goals (SDGs). Guterres emphasized the importance of multilateral development banks exploring new business models to mobilize private investment and concessional funding for these countries.

He stressed that the 1.5°Celsius limit for global warming will soon be surpassed, urging for the overshoot to be minimized by "over-delivering" on national climate plans while focusing on climate justice. In addition, Guterres called for a reform of the international financial architecture to give developing nations greater participation and influence in decision-making processes, addressing historical injustices, and ensuring equity and justice.

Multilateral development banks were urged to become larger, better, and bolder, with innovative business models to mobilize private investment and expand concessional funding for developing nations. The four pillars of action identified by Guterres for inclusive global growth were financing, technology (including AI), climate justice, and peace.

Climate justice was highlighted as a crucial global agenda, with climate change already causing extreme heat, glacier melt, wildfires, and floods. Guterres stressed the need for countries to fulfill their commitments, including the $300 billion pledge from developed countries to developing nations at COP 29, and to prioritize early warnings for every person.

The UN secretary general also addressed global conflicts, urging states to uphold their obligations under the UN Charter and international law, particularly in regions like Gaza, the Middle East, Ukraine, and Sudan. On the topic of artificial intelligence (AI), Guterres called for equal opportunities for developing countries, emphasizing that the power currently lies with a few companies and countries.

He introduced the Global Network for AI capacity building and the Global Fund for AI to bridge this gap, seeking backing from all countries. The Brics countries had recently adopted the New Delhi declaration, focusing on addressing the root causes of conflicts and resolving disputes through dialogue and diplomacy, expressing deep concern over the escalation of tensions in the West Asia region.