Climate Finance Landscape Study done for Nigeria in 2022 shows that in 2019/2020, an average of $1.9 billion per year of public and private capital was invested in climate-related activities in Nigeria.
Minister of Environment, Barr Mohammed Abdullahi, disclosed this on Thursday, during the Nature News 2nd Anniversary Lecture on Climate Financing for Sustainable Environment in Nigeria and Hero of Environment Action for Development, (HEAD), Presentation, Shehu Musa Yar’Adua center Abuja.
He stated that the cost of tackling climate change in developing countries, like Nigeria, will require hundreds of billions of US dollars annually up until the 2030 Paris Agreement’s Nationally Determined Contributions (NDC) and 2050 designated target years.
“Sustaining a low-emission and climate-resilient development pathways often require upfront investments that can be costlier than conventional solutions.
“This is only 11% of the estimated usd 17.7 billion required to implement nigeria’s updated ndc. there is obviously an investment gap for nigeria’s priority sectors”, he stressed.
He, however said, accessing international climate finance has been an uphill task for a lot of developing countries, including Nigeria. It has been duly recognized that the current global climate finance architecture is unable to operate efficiently, fairly, and at the speed and scale needed within the decisive decade.
“Today’s event offers opportunities for all actions and solution providers to amplify innovations that will make the earth living environment and set global agenda on critical issues towards attainment of a saver world.
Responding, Publisher/Editor-in-Chief, Aliu M. Akoshile, said that Climate financing can reduce carbon emissions, possibly transforms the life style in the rural areas of Nigeria.
