Govt needs $460b to fight Climate Change

FACED with the realities that Nigeria will one of the most climate vulnerable countries in the world, by 2050, the authorities said it would cost between six per cent and 30 per cent of Gross Domestic Product (GDP) of over $460 billion to fight its impacts in the country.

Minister of Environment, Amina Mohammed who made this known in a press conference after the Paris Climate Summit in Abuja, said the Nigeria government was committed to domestic action to deliver on its agenda, and pledged to promote green economy in cities, energy, and agriculture.
“ The new leadership team is extremely well-placed to deliver on this agenda. In order to assist Nigeria overcome these challenges, it is pursuing international partnerships that can support the country with technology, capacity building and finance.
“These impacts are threatening the livelihoods of every Nigeria as 70 percent of country’s population relies on climate-sensitive activities for income. Its impacts aggravate regional conflicts and breeding ground for terrorism in the North East.”

She expressed delight that Nigeria recognizes its engagement on climate change needs to strengthen both out of its own economic and social interest, and in its role as a member of the global community.

On the nation’s Intended Nationally Determined Contributions (INDCs), the Environment Minister explained that it would provide a platform for reorientation on climate change, and government would commit 20 per cent unconditional and 45 per cent conditional greenhouse gases to emission reduction in the country.
“Nigeria is already aware of the damage caused by climate impacts. Evidence from the World Bank and a variety of scientific and intelligence agencies have revealed the collapse or near collapse of ecologies leaving Nigerians to greater level of poverty.”

To this end, she continued, “we are joining developing countries that are also embarking upon development paths that would combine lower emission development and economic growth, “In this way we can improve the lives of millions people here.

Mohammed said gas flaring will end in Niger Delta by 2030, and government plans to use the products for commercial purposes to generate power. Nigeria would reap as much as $7.5 billion worth of benefits to its citizens through the process.
“Nigeria strongly indicated at the Summit that developed countries has the responsibility of taking the lead in emission reductions, and also to fulfill obligations to provide finance, technology and capacity to developing countries in support of their own mitigation and adaptation obligations.”

She hinted, World Bank estimates that far from increasing costs on the Nigerian economy, adding, a combination of low carbon activities could provide a boost to economy as well as add 20 percent to the GDP.

The minister said the agreement provides a framework for delivering the ambitious emission reductions that world needs, stressing that it has recognized the importance of keeping average global temperature below two degree Celsius, continues to increase financial support for developing countries as the world embarks on the transition.

On this, she cautioned that to deliver an agenda for change, the nation’s climate plans must align with the UN Sustainable Development Goals, (SDGs) for effective approach to address the challenges of climate change.