An international non-governmental organisation, the United Kingdom Nigeria Infrastructure Advisory Facility, has disclosed that Nigeria will need a total of $17.7 billion to meet its Nationally Determined Contribution goals by 2030.
The group also revealed that developing countries in the global south received only about three per cent of climate change finance, with Nigeria’s share of this allocation standing at $1.9 billion over the past two years.
Speaking at a roundtable in Abuja, Martine Sobey of the Climate Change and Nature Team Lead argued that climate budget issues have been on the front burner in past Conferences of the Parties and the Paris Agreement.
However, the current climate finance architecture is not operating efficiently, fairly, or at the speed needed during this period.
Sobey also added that without credible action, climate impacts will continue to undermine progress, and the opportunities for green growth will be missed.
She said climate finance is key to such action, but only a small proportion reaches Nigeria at the sub-national level.
Sobey therefore called on the federal government and organisations to invest heavily in energy climate resilience, the green economy, water, and sanitation.
She stressed that they are committed to helping the Nigerian government access global funds for environmental challenges.
“Climate change is increasingly on the agenda for Nigerian states, which are on the frontline in the battle against it,” Sobey said.
“There is a growing recognition of climate change not just as a risk but as an opportunity to focus on geographic and demographic differences affecting states’ climate vulnerability.”
Daniel Kim Yeo of the United Kingdom Nigeria Infrastructure Advisory Facility, in a presentation, argued that climate change is significantly affecting Nigeria’s productivity and leading to job losses.
“The effects of climate change have hindered the government from delivering prosperity to the people,” Yeo said.
