Nigeria is intensifying its efforts to secure and mobilize climate finance as part of its strategy to strengthen climate resilience, Environment Minister Balarabe Abbas Lawal stated on Monday at the 3rd National Climate Change Conference in Abuja.
The event, organized by Corporate Accountability and Public Participation Africa (CAPPA), spotlighted the need for climate finance reforms and stronger support for developing nations facing climate challenges.
Speaking on the importance of climate finance, Lawal emphasized that Nigeria’s path to sustainability hinges on securing sufficient funds to support projects in renewable energy, afforestation, and sustainable transportation.
The Green Bond initiative, with two grants issued and a third in progress, is a testament to Nigeria’s commitment to environmental responsibility and international climate obligations, he noted, saying, “Inclusive climate finance is essential, especially for vulnerable communities at the forefront of climate impacts”.
According to the Minister, who advocated for climate finance reforms that make funds accessible to developing countries by minimizing bureaucratic delays and barriers, private sector involvement is also crucial, he noted while calling for a supportive investment climate to drive sustainable development projects.
However, Lawal, who was represented by the Ministry’s Director of the Department of Climate Change, Iniobong Abiodun-Awe, warned that transparency and accountability must remain core pillars of Nigeria’s climate finance efforts, while emphasising that strengthened monitoring systems will ensure that every investment delivers real social and environmental impacts.
The Minister also underscored the importance of global partnerships, stating that Nigeria is committed to collaborating with international financial and development institutions to advocate for fair and accessible climate finance.
Saying that for Nigeria, transparency and accountability remain non-negotiable in the climate finance discourse, the Minister emphasized that Nigeria’s strengthened tracking systems will ensure every Naira invested in climate projects yields visible social and environmental benefits, fostering trust and inviting more investments.
In his keynote address, global climate activist Nnimmo Bassey urged the Global South, including Nigeria and other African nations, to demand that wealthier countries acknowledge their role in climate change.
Bassey argued that countries in the Global North, responsible for over 80 percent of emissions, must assume moral and financial responsibility.
He emphasized that the upcoming COP29 climate summit is a critical opportunity for the Global South to push for justice, saying, “The best outcome will be for African countries to convey to the major polluters that they have a moral obligation to contribute to the Loss and Damage Fund”.
He added that the fund must recognize the historical responsibility of wealthier nations in climate degradation.
Bassey also pointed to fossil fuel investments, questioning why such activities continue despite their destructive impact on the environment.
In addition, he argued that true climate finance reform requires not only an energy transition but a fundamental change in global systems and mindsets.
Debt-for-climate swaps and debt-for-nature swaps, he noted, have proven ineffective in addressing the imbalance, as they do little to alleviate the debt burdens of affected nations.
Bassey warned that without united and strategic efforts from vulnerable nations, achieving meaningful outcomes at global climate conferences may be elusive.
“This is not a time for casual negotiations or incremental gains, It’s now or never. If the polluters are not ready to act responsibly, then climate negotiations serve no real purpose,” he added.
Akinbode Oluwafemi, Executive Director of CAPPA, echoed similar sentiments, pointing out that African countries, though minimally contributing to global emissions, bear a disproportionate share of climate impacts without adequate financial support.
Oluwafemi criticized developed nations for offering limited aid and failing to acknowledge their historical responsibility, calling instead for reparative climate finance.
Oluwafemi’s calls align with the Intergovernmental Panel on Climate Change’s (IPCC) projections that global investment of $200-210 billion will be needed by 2030 to meet emission reduction goals.
Africa alone, he noted, requires an estimated $250 billion annually until 2030 for climate adaptation but received just $30 billion in 2020, a mere 12 percent of the necessary funds.
“It’s essential to expose the corporate and political interests that prioritize carbon projects over direct compensation,” Oluwafemi said.
Activist groups such as Climate Action Network and Demand for Climate Justice are demanding $5 trillion annually for the next five years to support the Global South’s climate efforts, he pointed out.
Oluwafemi, however hoped that Nigeria’s 2021 Climate Change Act, which proposes a Climate Change Fund, could play a key role in mobilizing resources while emphasising that clarity around its operations and funding sources is vital for the fund to have a tangible impact.
Source: The Nation
