The Corporate Accountability and Public Participation Africa (CAPPA) says the $3 billion annual climate finance being sought by Nigeria is not enough to tackle the country’s climate challenges.
The Associate Director, Climate and Environment, Mr Olamide Ogunlade, told the News Agency of Nigeria (NAN) in Port Harcourt on Tuesday that the amount was insignificant given Nigeria’s climate challenges.
It would be recalled that Nigeria has unveiled a plan to mobilise $3 billion annually in climate finance through its National Carbon Market Framework and Climate Change Fund.
The Vice President, Kashim Shettima, made the disclosure at the ongoing United Nations Climate Change Conference (COP30) in Belem, Brazil.
Ogunlade said the annual climate finance was small compared to the attention needed to tackle the current climate challenges faced by the country.
The CAPPA official however said that when mobilised, the fund should be directed towards renewable energy, reforestation, flood control, and climate-smart agriculture.
“There is need for transparency and accountability, the fund should be used transparently and inclusively, with oversight from government, civil society, and affected frontline communities,” he said.
Ogunlade expressed skepticism about Nigeria’s target to cut emissions by 32 per cent in 2035, citing policy inconsistencies and over-reliance on fossil fuels.
“This will be challenging under the current policy inconsistency, the country needs to prioritise renewable energy, and reduce dependence on fossil fuels,” he said.
He said that Nigeria’s key priorities at the ongoing COP30 should be to secure climate finance, promote renewable energy investments, and push for loss and damage funding.
Ogunlade said that with Nigeria’s role in promoting climate action and sustainability in Africa, the country should leverage its political advantage to push for fairness in climate finance and technology transfer.
The CAPPA director urged developed nations to clear their historical liabilities, honor finance and technology pledges, and support Nigeria’s climate and development goals without compromising growth.
He expressed hope that Nigeria’s participation in COP30 would contribute to global climate efforts, and that the country’s stance on eco-preservation would be fairly supported.
The post CAPPA says $3bn not enough to tackle Nigeria’s climate challenges appeared first on Vanguard News.
