By Alfonso Fernández de Castro
MONTEVIDEO, Uruguay, May 29 2025 – While headlines often focus on crises, inequality, or instability, they rarely highlight one of the most powerful tools for transformation: development finance. Can money change the world? Yes—if mobilized with strategic vision, sustainability, and equity.

According to the United Nations Conference on Trade and Development (UNCTAD), the investment gap to achieve the Sustainable Development Goals (SDGs) by 2030 exceeds USD 4 trillion annually. Yet, global financial assets total USD 486 trillion, according to the Financial Stability Board.

What prevents even a small fraction of these funds from flowing toward sustainability? This gap represents not only a financial challenge but also an opportunity to rethink how the economic system works and reorient it towards more equitable and resilient growth.

Alfonso Fernández de Castro

While several barriers can limit capital flows—such as underdeveloped regulatory frameworks, lack of appropriate incentives, subsidies that fail to promote sustainable practices, unclear standards, and perceived risks—tackling them with an ecosystem perspective can unlock the full potential of finance for development.

Redirecting financial flows toward social and environmental priorities is more urgent than ever. Every dollar invested with an SDG focus can reduce poverty, boost innovation, and protect ecosystems.

The goal is clear: to build an effective, inclusive, and accountable financial system, capable of responding to major global challenges. To achieve this, many countries are implementing financing frameworks that align domestic and international resources with social and environmental goals.

These strategies mobilize investments that generate real impact in people’s lives and in planetary health: enabling energy transitions, reducing poverty, and fostering innovation in key sectors.

At the global level, maximizing the impact of Official Development Assistance (ODA) remains essential. In 2024, for every dollar spent on basic financing, the United Nations Development Programme (UNDP) helped mobilize over USD 500 in public and private investment for the SDGs. Since 2022, this has amounted to over USD 870 billion in climate-resilient financing.

The upcoming Financing for Development Conference (FfD4), in Seville, is a key opportunity to strengthen a global financial architecture that supports SDG-aligned investments, helps alleviate the debt burden on the most vulnerable countries, and promotes domestic resource mobilization through collaborative networks of governments, investors, and philanthropic organizations.

Efforts also focus on building sustainable investment ecosystems through SDG-aligned pipelines, de-risking mechanisms, financial innovation, and systems that steer investments toward sustainable activities with strong disclosure and impact-tracking frameworks.

Uruguay: Financial Innovation with Impact

In Uruguay, the push for a sustainable finance market aims to accelerate SDG progress and position the country as a regional hub. This agenda is coordinated through the Sustainable Finance Roundtable, an inter-institutional platform led by the Ministry of Economy and Finance (MEF) and the Central Bank of Uruguay (BCU), with the strong commitment and support of UNDP, along with banking and financial sector partners, to tackle the challenges of development finance.

A major milestone was the issuance of the Sovereign Sustainability Linked-Bond (SSLB) in 2022. Its Reference Framework was developed by five ministries with technical support from the Inter-American Development Bank (IDB) and UNDP. The bond linked financing costs to environmental targets, with external verification by UNDP.

Its first issuance, which drew USD 1.5 billion in demand, set a regional precedent for sustainable finance and marked a significant contribution to global public goods.

In 2024, Uruguay also launched its first Social Impact Bond (SIB) focused on dual education—an instrument that links financial returns to measurable outcomes in inclusion and employability. Developed with the participation of civil society organizations, public institutions, and investors, it aims to finance educational projects that promote youth workforce integration.

The Risk of Greenwashing: More Transparency, Fewer Empty Promises

The growth of sustainable finance brings certain risks. One of the most prominent is greenwashing—that is, projecting a false environmental or social commitment without verifiable action or outcomes. To prevent it, it is essential to manage impact objectively, with clear transparency standards and independent verification mechanisms.

Uruguay, with its strong financial framework and performance-linked bonds, exemplifies how a transparent, results-based approach can effectively counter greenwashing and ensure every invested dollar yields real impact.

Financing the future means measuring the real impact of every decision. Only then can the 2030 Agenda become reality.

Money has no intrinsic purpose; its impact depends on our choices. We can use it to fuel inequality—or as a driver to build a more just, resilient, and sustainable world.

IPS UN Bureau

Follow @IPSNewsUNBureau
!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?’http’:’https’;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+’://platform.twitter.com/widgets.js’;fjs.parentNode.insertBefore(js,fjs);}}(document, ‘script’, ‘twitter-wjs’);  

Excerpt:

Alfonso Fernández de Castro is Resident Representative of the United Nations Development Programme (UNDP) in Uruguay

By Promise Eze
ABUJA, May 29 2025 – Greenpeace Africa earlier in May brought together over 40 Nigerian civil society groups in Abuja to launch the Climate Justice Movement, the first of its kind in the country. The goal is to unite various climate efforts nationwide and address the severe impacts of climate change on Nigeria and the African continent.

The Climate Justice Movement in Nigeria is part of Greenpeace Africa’s broader effort to build new partnerships and strengthen collective action across the continent.  Similar launches have taken place in the Democratic Republic of Congo, Cameroon, and Ghana. The movement promotes collaboration among grassroots groups, advocating for sustainable solutions and environmental justice across the region.

At the end of the two-day event, the groups signed the Polluters Pay Pact, calling on oil and gas companies to take responsibility for the environmental harm they have caused. A joint declaration followed, reaffirming their commitment to holding polluters accountable and ensuring Africa’s voice is heard in global climate negotiations.

“Africa’s contribution to the climate crisis, in terms of pollution, is so minimal that it’s almost negligible. Yet, our communities are among the hardest hit. While developed nations were industrializing, they polluted the environment and left us behind. Now, they are even resisting efforts to support other communities as we work to adapt and reduce the impact of climate change for the sake of our well-being and livelihoods,” said Murtala Touray, Programme Director at Greenpeace Africa.

Speaking on the importance of the movement in Nigeria, he added, “The destruction we are witnessing today demands action. We must rise to protect our planet, safeguard the livelihoods and dignity of our communities, and leave the world better for future generations. The launch of the Climate Justice Movement in Nigeria is not just a one-time event; it marks the beginning of a long journey.”

The Curse of Oil in Nigeria

Friday Nbani, a resident of the oil-rich Niger Delta, has witnessed many oil spills. For him, oil, once seen as a blessing, has become a source of pain and destruction.

The Niger Delta is considered one of the most polluted regions in the world. Decades of unchecked oil extraction have led to oil spills, gas flaring, and the release of toxic chemicals. These have poisoned the land and water, destroying livelihoods and the environment. Despite the huge wealth generated from oil, the region remains poor, with polluted rivers and the loss of important mangrove forests.

Only recently, on May 5, 2025, a fresh oil spill occurred in the Ikata community, Rivers State, in the Niger Delta. It happened along a 14-inch pipeline operated by Renaissance Africa Energy Company Ltd. (RAEC). This company had recently bought Shell’s Nigerian assets in a $2.4 billion deal.

Now, RAEC is facing a lawsuit. The Bodo community in Gokana Local Government Area is taking the company to court. They say the cleanup of two major oil spills from 2008, caused by pipelines operated by Shell, is still not properly done. Those spills reportedly released over 600,000 barrels of oil into their waters and damaged large areas of mangrove forests. Experts say it was one of the worst oil spills in the world, with about 40 million litres of oil spilled every year across the Niger Delta.

Shell, a British oil company that first pumped oil in the Niger Delta in 1956, is considered a notorious oil polluters in Nigeria. It has been accused of damaging the Niger Delta for many years. Now, critics say it is trying to escape responsibility by selling off its assets.

Sherelee Odayar, Oil and Gas Campaigner at Greenpeace Africa, spoke out against this.

“For decades, oil giants like Shell have extracted billions in profits from Nigerian soil while leaving behind devastated ecosystems and broken communities. Recent media investigations exposing Shell’s negligence in the Niger Delta are an example of the toxicity and selfish, unempathetic profiteering communities have endured for generations. Through this declaration, we’re sending a clear message: the era of unchecked pollution and corporate impunity is over. It’s time for polluters to pay,” she said.

Nbani, who leads the Lekeh Development Foundation, a grassroots-based advocacy organization, and supports the Polluters Pay Pact, believes the Climate Justice Movement can help communities get justice.

“The spills have affected our health, farming, and fishing. Even our homes are not safe,” he told IPS. “People are speaking up because they are suffering. Only those who live here truly understand. But the government still talks about producing more oil. We feel forgotten. How much longer can we live like this?”

A People-Powered Movement

“I believe the solution is people power. People need to realize the power they have. Movements like the Climate Justice Movement are important because they help people understand their right to control their resources. If you own something, you should have control over it,” Nbani said.

He is excited that the movement is being led by grassroots communities, activists, and civil society groups directly affected by the climate crisis. He added that it allows those most impacted to organize, push for environmental justice, and demand accountability from polluters.

Cynthia Moyo, Climate and Energy Campaign Lead at Greenpeace Africa, said launching a people-powered Climate Justice Movement in Nigeria is essential given the country’s significant role in the climate crisis.

“Nigeria’s climate and energy future depends heavily on political will, regional cooperation, and meaningful investment in clean energy. The choices we make in this decade will determine whether we become a climate-resilient continent with a stable economy or remain trapped in the risks and instability of fossil fuel dependence. It is essential that we begin a just transition from fossil fuels to renewable energy,” she told IPS.

While the Climate Justice Movement is people-powered, Tolulope Gbenro, a social impact consultant, emphasized the importance of youth involvement.

“Climate change affects everyone, and the justice movement fights for both the present and the future. Young people are not just leaders of tomorrow but also of today. If they’re not involved in decisions that affect the climate, their future and the planet’s will be at risk,” she said.

Hope in the Dark

Dandyson Harry Dandyson, a human rights advocate and resident of the Niger Delta, wants the government to impose taxes on oil polluters to hold them accountable for the damage they have caused. He advocates for leaving oil in the soil and focusing on sustainable solutions such as renewable energy. For him, the Climate Justice Movement represents hope in the dark, as it aims to empower communities to halt oil production and promote eco-friendly energy alternatives.

“Putting pressure on oil polluters to take financial responsibility for environmental damage will be effective. One of the major concerns we have here in Nigeria is the government’s lackadaisical attitude toward implementing policies and treaties they sign. When governments fail to take action, we continue to face these issues. However, with the Climate Justice Movement, as we begin pressuring and shaming polluters, especially the International Oil Companies, government ministries, and parastatals complicit in these practices, I believe things will change. Naming and shaming these entities will help bring the necessary attention to these environmental crimes,” he noted.

At the end of the event, participants presented their next line of action, which they would undertake in their communities immediately. These included an intense campaign for the cleanup of the Niger Delta, holding town hall meetings to help community members understand their rights, and an accountability campaign for the utilization of funds to combat desertification, gully erosion, and ocean surges.

IPS UN Bureau Report

Follow @IPSNewsUNBureau
!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?’http’:’https’;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+’://platform.twitter.com/widgets.js’;fjs.parentNode.insertBefore(js,fjs);}}(document, ‘script’, ‘twitter-wjs’);  

While a rise in temperature brings an uncertain future for the olive ridley sea turtles, the efforts of international conservation organizations that ban the trade in turtle meat, leather, and shells; the Indian government; coast guards; and village volunteers, including fishermen, have made a huge difference in ensuring their continued existence. Even young village children are eager to do their bit to make sure the turtles survive.

By Isabel Ortiz, Odile Frank and Gabriele Koehler
GENEVA / NEW YORK, May 29 2025 – Rumors circulating at UN Headquarters suggest there is little appetite for ambition at the Second World Summit for Social Development, set to take place in Doha on 4-6 November 2025. Diplomats and insiders whisper of “summit fatigue” after a packed calendar of global gatherings—the 2023 SDG Summit, the 2024 Summit of the Future, and the upcoming June 2025 Fourth International Conference on Financing for Development. Compounding this fatigue is the chilling rise of anti-rights rhetoric and political resistance from some governments, casting a shadow over multilateral efforts. For some, just getting any multilateral agreement is good enough. As a result, the Zero Draft of the Social Summit Political Declaration lacks the ambition required to confront the multiple social crises our world faces.

Isabel Ortiz

Many have raised the alarm: we need more than vague recommitments—we need a strong plan to bring people back to the center of the policy agenda. The stakes could not be higher. The world has changed dramatically since the historic 1995 first Social Summit in Copenhagen. Then, world leaders recognized the need for human-centered development. Today, the urgency has grown exponentially in our fractured and volatile world. People face multiple overlapping crises — a post pandemic poly-crisis, a cost-of-living crisis pushing millions into poverty, corporate welfare prioritized over people’s welfare, a rapid erosion of democracy leading to staggering disparities, an escalating climate emergency, a prolonged jobs crisis that is poised to dramatically worsen by the use of artificial intelligence (AI). Trust in governments and multilateral institutions is eroding, social discontent and protests are multiplying, and inequalities—within and between countries—have reached grotesque levels. A timid declaration would be a betrayal of the people who look to the United Nations as a beacon of fairness and human dignity.

The Summit is a once-in-a-generation opportunity for governments and the UN to remedy the grievous social malaise and lead a global recommitment to social justice and equity. For this, the Social Summit Declaration must offer more than aspirational language; it must define binding action with explicit commitments to build societies that work for everyone and bring prosperity for all, in areas such as:

• Reducing income and wealth inequalities, which deeply erode social cohesion, democratic governance, and sustainable development;


Odile Frank

• Making gender justice a pillar of the Declaration: a Social Summit that fails to prioritize gender equality will fail half of the world population and fail in its mission to deliver on human rights, dignity, and sustainable development;
• Delivering universal, quality public services by committing to publicly funded and delivered systems, with a clear focus on protecting public sector workers and eliminating barriers to quality services, in the context of robust public investment, grounded in fairer financing, reversing austerity cuts and aid cuts;
• Ringfencing social development from budget cuts, privatization and blended finance, reversing the harmful impacts of austerity cuts, privatization/PPPs and commodification of public services, particularly their negative impact on affordability, accessibility, quality and equity of public services;
• Addressing rising income precarity by investing in decent work with labor rights/standards and universal social protection systems and floors;
• Regulating and taxing technology equitably. While AI is generating unprecedented private wealth, it is estimated that 40% of jobs could be lost to AI by 2030, with administrative roles (predominantly held by women) facing nearly triple the risk of displacement; governments need to redress the negative social impacts of IA such as job displacement and wealth concentration, providing adequate social protection measures for those affected by job losses and taxation of AI-driven profits to redistribute benefits back to societies;



Gabriele Koehler

• Promoting a care economy supportive of women that prioritizes well-being over GDP growth;
• Moving beyond GDP growth, recognizing the limitations of growth-centric paradigms and committing to policies that promote ecological sustainability and equitable development;
• Systematically assessing the social impacts and distributional effects of economic policies, including disaggregated data by, at least, gender and income group; if analysis reveals that the majority of people are not the primary beneficiaries or that social outcomes and human rights are undermined, policies must be revised to ensure equitable development;
• Ensuring fair and sustainable resource mobilization, committing to progressive taxation, eliminating/reducing illegitimate debt, fighting illicit financial flows, collecting adequate social security contributions from corporations, and other feasible financing options;
• Pushing back against anti-rights and anti-gender movements, reaffirming global commitments to human rights and democracy.

Us make this summit the moment we choose dignity and social justice over apathy and mediocrity. We know we must strive for more ambitious commitments. The 2025 World Social Summit must not be a missed opportunity.

Isabel Ortiz, Director, Global Social Justice, was Director at the International Labor Organization (ILO) and UNICEF, and a senior official at the UN and the Asian Development Bank.

Gabriele Koehler, Board Member of Global Social Justice and of Women Engage for a Common Future (WECF), was a senior official at UN-ESCAP, UNCTAD, UNDP and UNICEF.

IPS UN Bureau

Follow @IPSNewsUNBureau
!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?’http’:’https’;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+’://platform.twitter.com/widgets.js’;fjs.parentNode.insertBefore(js,fjs);}}(document, ‘script’, ‘twitter-wjs’);