Experts seek stakeholders’ investment in low carbon innovations

Environmentalists have canvassed the need for the stakeholders to redirect savings towards sustainable solutions that will support the nation’s low-carbon transformation.

They suggested that governments should impose sanctions on companies contributing to environmental degradation, and emissions while high carbon taxes law should be enforced against environmental polluters.

Speaking at a forum organised by the International Climate Change Development Initiative (ICCDI), the guest speaker, Dr. Jubril Adeojo, noted that stakeholders should invest heavily in climate change-related science, technology, research, and development that will enable the country to participate in groundbreaking scientific and technological innovations.

The world is in a transition phase, propelled by ensuring global average temperatures remain below 2°C above pre-industrial levels amid a rising population.

“Nationally determined contributions (NDCs) are at the heart of the Paris Agreement and the achievement of these long-term goals. The NDCs embody efforts by each country to reduce national emissions, and adapt to the impacts of climate change,” he said.
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He advised the government to enhance national capacity to adapt to climate change, strengthen the national institutions to establish a highly functional framework for climate change governance, and reward those companies complying with limiting the level of pollution.

He said: “Government at all levels should invest in low carbon infrastructure. For instance, local and state governments can issue a green bond for the development of low-carbon infrastructure to accelerate a low carbon economy. Government should make it mandatory for companies to disclose their carbon risks and impacts.

He observed that to unlock private financing for the NDCs on a large scale, there is a need to increase transparency, and investors should know their exposure to carbon risk as well as carbon impacts.

“It was Bill gates that said that to combat and defeat climate change, we have to deploy green technologies at massive scale. Innovative ways of deploying capital are equally paramount to achieve the set target.

“We shouldn’t assume that people understand climate change. Continuous discussions with people would make them understand the issues and their effects. Government could introduce a label system that would indicate the carbon risks and impact as well as implement mitigation measures that will promote low carbon economy as well as sustainable and high economic growth”, he said.

Adeojo who is also the Co-founder, SMEFUNDS Capital, stated that enforcement of environmental laws is the measure needed to protect the people from the dire effects of climate change on lives and business, adding that climate action is the most strategic because of the success of other goals depends on it.

Contributing, the Principal Consultant, Enviromax Global Resources, Mr. Gboyega Olorunfemi said that significantly increasing public consciousness on climate issues is key to addressing disaster risks.

He also said involving private sector participation in addressing the challenges of climate change with possible tax incentives is critical to success.