ABUJA – AS Nigeria bears part of the brunt of climate change ravaging the world, the Corporate Accountability and Public Participation, CAPPA, yesterday, disclosed $210bn needed to tackle global greenhouse gas emission by 2030.
Speaking at the 3rd National Conference on Climate Change organized by the Corporate Accountability and Public Participation, CAPPA, the Executive Director, CAPPA, Akinbode Oluwafemi made this known in an address of welcome, while pointing out that Nigeria, Africa, and the rest of the Global South are bearing the biggest brunt of climate crises despite their insignificant contributions to global emissions.
According to Olufemi, the Intergovernmental Panel on Climate Change, IPCC, estimated that global investment and financial flows of $200—210 billion will be needed by 2030 to meet the global greenhouse gas emission target of below 1.5 degrees set in the Paris Agreement.
He lamented about the polluters are not bothered about the impact of their deadly actions of greenhouse gases killing people and destroying the environment, and the Global North, in their deliberate refusal to accept historical liabilities, commit to reparatory justice through progressive and sustainable grants and not loans, for climate change financing.
Another area he raised concerns about is the delay in the operationalization of the Loss and Damage Fund and the wish of the United States of America, USA, to retain control over it will only aid the repeat of the system that created the mess, therefore, he called for declaration of state of emergency in funding to mitigate the funding gap.
He said: “Climate activists and rights movements across the world including the Demand for Climate Justice (DCJ), Climate Action Network (CAN), and Africa Make Big Polluters Pay (MBPP) have called for the declaration of a state of emergency on climate financing with an initial demand of $5 trillion in climate finance annually in the next five years as a down payment to the Global South as a matter of urgency and justice. It is believed that this modest demand will only attempt to cover mitigation end adaptation measures.”
Meanwhile, the Minister of Environment, Balarabe Lawal, said that Nigeria needs more funds to build a climate-resilient and environmentally sustainable future.
Lawal who represented by Director Department of Climate Change, Victoria Pwol, noted that for Nigeria, effective climate finance must be inclusive, ensuring it reaches the most vulnerable and helps empower those on the front lines of climate change.
Meanwhile, the Minister also maintained that the Tinubu-led administration recognizes that achieving climate resilience will require significantly more resources in order to address Nigeria’s climate challenges.
“Climate finance remains essential to close the funding gap in our environmental programs. The emphasis must shift towards creating a more accessible and just system of climate finance, one that not only provides sufficient funding, but also distributes it equitably.
“Nigeria has championed a call for reforms that will enable developing nations like ours to access climate funds more rapidly without necessary delays or administrative barriers”, he said
He also called for transparency and accountability, and that public financing effort is crucial to foster a strong collaboration with the private sector in order to create a conducive policy environment to encourage more private sector investment in green projects.
“Transparency and accountability are fundamental to ensuring that climate finance achieves its intended impact.
“We are strengthening mechanisms to track the use of climate finance, as well as measure outcomes, which will ensure that every Naira invested translates into tangible environmental and social benefits.
“As we channel more resources into green projects, we must also promote transparency that builds public trust and invite further investment. So there must be public trust, there must be transparency, as well as accountability”, he added.
Source: Vanguard NGR
