Global leaders have set their sights on unlocking climate funding for Nigeria and other developing nations.

The high-stakes Leadership Roundtable, held on Monday in Milan, Italy, alongside the Global Energy Transition Congress, brought together cabinet-level officials and industry titans from around the world.

Nigeria's special presidential envoy on climate action, Ajuri Ngelale, was among the key participants, representing the interests of Africa's largest economy and other emerging markets.

The roundtable focused on a critical challenge: attracting large-scale, private sector investments in renewable energy and carbon capture technology projects for countries like Nigeria.

While often bearing the brunt of climate change impacts, these nations struggle to secure necessary capital due to perceived higher risks.

Ngelale highlighted the evolving landscape, stating, "Gradually, we are seeing a paradigm shift for how commercial risk and value are evaluated in the wake of an increasing frequency of climate disasters.

"The insurance industry, especially in developed markets, is just one sector seeing major changes - and a future in which companies will be assessed according to verifiable measurement of climate impact or mitigation is evolving into reality across sectors.

"On Monday, on the sidelines of the Global Energy Transition Congress in Milan, Italy, I joined a Leadership Roundtable of cabinet-level officials and captains of industry from across the globe as we sought to co-create solutions on how to catalyse large-scale private sector-led investments in renewable energy."