Stakeholders and participants at the just-concluded 10th Lagos International Climate Change Summit have recommended the establishment of a Lagos Climate Innovation Fund to drive climate-resilient initiatives.
The summit, which had as its theme: “Accelerating Climate Finance and Championing Local Adaptation Initiatives,” was held between June 11 and 13 at the Lagos Continental Hotel, Victoria Island.
In a communique issued at the weekend, they recommended the funding of climate-resilient infrastructure and buildings to protect urban dwellers and critical assets from climate-related hazards, such as floods, storms and heat waves.
“Lagos needs to deliberately develop a mechanism to access and scale-up climate finance flows for projects and programmes through the development of bankable adaptation initiatives/projects.
“It also needs to work with financial institutions, such as African Development bank (AfDB) and other partners, to strengthen incentives, such as concessional financing, blended financing and risk mitigation instruments for accessing private capital,” the communique stated.
The participants, who also urged Lagos State government to look into blended financing, which includes private capital investment and developmental capital that are both public and philanthropic funders, resolved at the summit that the state should rehabilitate the reticulation system of the first phase of Adiyan Water Works and complete the second phase to provide more portable water for the people of the state as adaptation initiative.
They also advised that the Bus Rapid Transit System (BRT) and the multi-modal transport strategy of Lagos State should be sustained with critical provision for funding.
“Lagos State needs to make a strong business/economic case for adaptation, expand Investment instruments, and embrace emerging ideas around using the carbon markets for climate financing.
“Existing collaboration and knowledge sharing with cities globally should be sustained and enhanced to leverage on international networking and partnerships.
“Lagos State should bolster capacity-building and create stronger enabling environment to unlock untapped domestic private capital.
“The state government should incentivise the private sector and investors to innovate development plans and use the state resilience strategy in developing the support projects and plans.
“The state should pay critical attention to restoration of mangroves to create buffer zones and mitigate coastal flooding and erosion as a critical step in protecting vulnerable communities and infrastructure.”
“The state government should develop robust strategies that will promote circular economy as a tool for reducing GHG emissions and promote efficient use of resources.
Lagos State should ensure the integration of the health sector into the state climate action plan as comprehensive approach for achieving environmental sustainability and protection of public health.
The state should also strengthen its primary healthcare to provide comprehensive, accessible and community-based healthcare services that meet the health needs of the people, particularly the vulnerable groups to ensure health equity,” the participants further said.
