Climate finance in Nigeria
Climate finance in Nigeria includes a mixture of domestic and internationally-sourced funding for climate change adaptation, mitigation and resilience.[1][2][3]
Nationally determined contributions
[edit]Nigeria is a party to the United Nations Framework Convention on Climate Change (UNFCCC) in 1994 and ratified the Kyoto Protocol in 2004. The country's nationally determined contribution is to reduce emissions of Short-lived Climate Pollutants and Hydrofluorocarbons by 47% by 2030 at a projected cost of US$542 billion.[4][5]
Major financial support
[edit]Between 2012-2016, major climate finance for the Government of Nigera came from the national budget with $4,800,000 allocated from Climate Investment Fund, DFID grant allocated £17,000 and The Global Environmental Facility donated $352,000 to support Climate Finance in Nigeria. Also, in 2024, Development Bank of Nigeria, has also been accredited to access between $50 million and $250 million from the Green Climate Fund to support climate change[1][5][6]: 167–168 There are also climate finance Henrich from Boll Stiftung (HBS) between 2012 to 2016 in the sum of EUR 423,320.[5]: 129
Government financing needs
[edit]According to the Post Disaster Need Assesment (PDNA) Report in 2012 to the UNFCCC in 2017, the important funding needs include the flod management with the need to fix $16.9 billion damages. Also, an investments of about 177 billion USD is needed to mitigate the challenges of waste, water resources and green house effect[7]: 13–14 [2]: 4
Private sector financing
[edit]Aside governmental funding, there are funding from the C40 Cities Climate Leadership Group in the amount of $3,000,000, $1,515,512 from the Fidelity bank and $2,000,000 from the World bank[6]: 170
See also
[edit]References
[edit]- ^ a b "Okpanachi: Green Climate Fund Will Aid Nigeria in Fight against Effects of Climate Change – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-11-07.
- ^ a b NIGERIA’S INTENDED NATIONALLY DETERMINED CONTRIBUTION (2017-06-17). Nigeria First NDC (Archived) (Archived ed.). Nigeria.
{{cite book}}: CS1 maint: location missing publisher (link) - ^ Adejoro, Lara (2023-11-22). "Nigeria may lose $460bn to climate change — Report". Punch Newspapers. Retrieved 2024-11-07.
- ^ Nigeria's Long-Term Low-Carbon Development Strategy (2024-04-25). Nigeria's Long-Term Low-Emission Development Strategy 2060. National Climate Change Council.
- ^ a b c Second Biennial Update Report to the United Nations Framework Convention on Climate Change. Federal Ministry of Environment.
- ^ a b First Biennial Update Report (BUR1) of the Federal Republic of Nigeria (2018). First Biennial Update Report (BUR1) of the Federal Republic of Nigeria. Nigeria: Department of Climate Change.
{{cite book}}: CS1 maint: numeric names: authors list (link) - ^ 2050 Long-Term Vision for Nigeria (LTV-2050) (2021). 2050 Long-Term Vision for Nigeria. Nigeria: Department of Climate Change Federal Ministry of Environment Nigeria. pp. 13–14.
{{cite book}}: CS1 maint: numeric names: authors list (link)