The federal government has reaffirmed its commitment to climate change mitigation.
The Minister of Environment, Mohammed Abdullahi, made this claim during the 2nd anniversary lecture of NatureNews Africa, a publication devoted to environmental issues, and the presentation of the Hero of Environment Actions for Development awards in Abuja.
He said, “The current global climate finance architecture is able to operate efficiently. Nigeria took a bold step to finance climate compatibility development to collaborations within the Environment Ministry and other systems of government and the capital market to issue sub-Saharan Africa’s first-ever green bonds in 2017 and in 2018.Information Guide Nigeria
“As at 2019-2020, private sector investment accounts for 23 per cent of total climate finance committed. Bridging the Nigeria climate finance gap can only be achieved by the involvement of the private sector.”
Citing the upcoming COP28’s President-designate, Dr Sultan Al Jaber’s recent statement on climate change, the minister stated that Al Jaber recently acknowledged that the world was well off the Paris Agreement’s 1.5 degrees Celsius temperature goal.NYSC portal
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He went on to say that the world would need at least $14 million in additional capital by 2025 to get the global south back on track.
“That is a huge challenge financially. We have realised that resilience to the negative impact of climate change is beyond preparing or overcoming, coupled with erratic weather presentations and increase damaged infrastructure.
“We need as a matter of urgency to fortify our socioeconomic systems.
“A climate finance landscape study done for Nigeria in 2019-2020 shows that an average of $1.9 billion per year of public and private capital was invested in climate education activities in Nigeria,” he said.
According to Abdullahi, this represents only 11% of the estimated $17.7 billion.
He urged NatureNews Africa’s management to continue its efforts to mitigate climate change through development and solutions journalism.
“It is important that a forum such as this will facilitate discussions on policymakers and public financiers, and identify gaps and opportunities for scaling climate finance gaps in Nigeria.
“The policy framework for climate mitigation and resilience building is currently a work in progress.
“However, to deliver sustainable economic growth, there is a big interest in climate finance struggle, financial and domestic that will enable equitable access, national ownership, effective management and monitoring,” Abdullahi said.JAMB Result