Group urges climate plans for accessing $300b carbon finance

The Nigerian Conservation Foundation (NCF) has urged African countries to establish modalities to attract funds from the $300 billion carbon finance to enhance adaptation and mitigation efforts.

The NCF Director General, Dr Joseph Onoja, who was part of the Federal Government delegation to last year’s 29th edition of the Baku Climate Change Conference (COP29) in Azerbaijan, said the countries including Nigeria should leverage existing local endowments, renewable energy, natural resources and a young workforce to create pathways to climate-positive growth in Africa.

He said the post-Baku COP29 outlook looks bright for the world and Africa. “NCF acknowledged the progress made at COP29; particularly the agreement on the New Collective Quantified Goal (NCQG) to triple climate finance, reaching $300 billion yearly by 2035. This aligns with Africa’s need for robust financial support to enhance adaptation and mitigation efforts, especially in vulnerable communities.

“The Loss and Damage Fund also provides much-needed resources for countries suffering from the irreversible impacts of climate change. The NCF’s participation at COP29 aligns with its mission to promote sustainable development and biodiversity conservation in Nigeria. Through this global platform, the foundation amplifies its voice and strengthens its resolve to combat the climate crisis.

In a presentation on “Nature-Based Solutions for Climate Resilience in Africa,” Onoja highlighted Nigeria’s biodiversity and the role of conservation in mitigating climate change and emphasised the critical importance of preserving ecosystems like forests, wetlands, and mangroves to enhance climate resilience and ensure sustainable livelihoods for communities.

He underscored the need for global support to implement nature-based solutions in Africa. He drew attention to successful initiatives by the NCF, such as restoring degraded forests in Nigeria and promoting community-led conservation projects.

Recognising the disproportionate impact of climate change on developing nations, he advocated for equitable access to climate financing, as well as called on developed nations to fulfil their commitments to fund adaptation and mitigation efforts in vulnerable regions.

Speaking on his COP29 experience, Onoja said: “The conference has reaffirmed the urgent need for collective action to combat climate change. Nature is at the heart of our solutions, and it is imperative that we work together to protect our planet for future generations. Nigeria has a pivotal role to play, and the NCF remains committed to leveraging the outcomes of COP29 to drive sustainable conservation and climate action in Nigeria and beyond.”