by Chinedu Nwasum.
The Society for Planet Prosperity in conjunction with GCA Capital Partners is organizing a webinar on the role of Climate Change Act in catalyzing climate finance in Nigeria.
The aim of the webinar is to share experts’ opinions on different ways through which the National Climate Change Act of which the implementation has recently started with the inauguration of the National Climate Change Council (NCCC) and the appointment of a Director General could work strategically to mobilize significant resources towards the delivery of these far-reaching green investment objectives in Nigeria.
For Nigeria and many other developing countries, the lack of finance represents one of the most formidable barriers to fast tracking action on climate change and achieving a green transition within their jurisdictions. In the run up to COP26 Nigeria presented a revised Nationally Determined Contribu1tions (NDC) with a set of investment actions valued at USD177 billion. The country’s Energy Transition Plan (ETP) adopted in January 2022 by the Federal Executive Council and on which President Buhari’s net zero carbon pledge by 2060 at COP26 was anchored, suggests an investment of USD410 billion by 2060 for Nigeria to meet its carbon neutrality pledge. Meanwhile a combination of top-down and bottom-up analyses undertaken by UNEP indicates the demand for additional sustainable investment in Nigeria could be a cumulative US$92 billion up till 2030. For a country with a high rate of poverty, a debt of $92.75 billion (and rising), and a less than impressive experience with attracting international climate finance, achieving this scale of investment represents quite a challenge. The passing of the Climate Change Bill,
Professor Chukwumerije Okereke, President of Society for Planet and Prosperity and Director Center for Climate Change and Development, Alex Ekwueme federal University has teamed up with Mr Obi Ugochuku, CEO GCA Capital Partners to undertake an analysis of the various ways through which the National Climate Council can leverage the provisions of the Climate Change Act to Catalyzing Climate Finance in the Country. Professor Okereke led the technical team constituted by the Hon Speaker of the Federal House of Rep, hon Femi Gbajabiamilla to review the Climate Change Bill. Mr Obi Ugochuku is a foremost climate finance expert who led the process the resulted in the issuance of the first and second sovereign green bonds for Nigeria. Dr Eugene Itua of National Eco Capital will be the discussant.
The webinar will present the key findings of the report (which will also be released immediately after the webinar).
Evidence from the GCF shows that Nigeria has only been able to mobilize USD118m from the green climate fund, compared to South Africa’s USD600m. South Africa recently set a record at COP26 when it announced that it had reached an agreement with a consortium of donor countries to receive US$8.5 billion to support her energy transition and implementation of Nationally Determined Contributions (NDC). Similarly, with Morocco, the issuance of domestic corporate bonds has been active reaching a total of USD550m. This maybe attributable to the size of the South Africa market for green instruments but also to proactivity and acting strategically.
The report shows that the Council can leverage several aspects of the Act to expand the flow of climate and green finance in Nigeria. COP27 is around the corner, Nigeria must not attend merely to make commitments that it will struggle to fulfill with limited or no strategy for mobilizing finance. With the devastating impact of climate change in Nigeria so evidently demonstrated by the unprecedent flooding events in the country, it is time to put in place a robust and long-term plan to enhance climate mobilization to underwrite green and climate resilient investment for Nigeria.
The webinar which will take place on Friday, 4th November, via zoom, from 4.30pm to 6pm, will feature Mr Obi Ugochuku, as a panelist, Dr. Eugene Itua and Olugbolahan Mark-George
(Climate Finance Advisor to the Government) as discussants, while Hon. Samuel Onuigbo (Rep Member) and Dr. Salisu Mohammed Dahiru the Director General National Council on Climate Change as special guests of honour.
Please use this link to join: https://us02web.zoom.us/j/86182246179?pwd=bGZsSTlFNmk1NngwL2FNcUd1S2VUZz09
Meeting ID: 861 8224 6179