The Federal Ministry of Environment in collaboration with the Federal Ministry of Finance has officially kicked-off Nigeria’s participation in the Climate Finance Accelerator (CFA) Initiative. It is an action plan prepared by Nigeria to implement its commitments under the Paris Agreement on climate change. The CFA is a new approach aimed at fast tracking the financing of countries’ Nationally Determined Contributions (NDCs).
The aim is for Nigeria to develop initial financing propositions for priority climate change projects, as well as identify the broader measures and human and financial resources required to make the projects happen, a statement noted.
Following a preparatory phase, during which national stakeholders work together to identify priority projects, the CFA will involve a five-day expert workshop in London in September 2017, which will bring Nigeria, Mexico, Colombia, and Vietnam together with green finance experts to develop outline on NDC financing plans.
According to the statement, the benefits go beyond climate change into sustainable economic development, including clean energy generation, energy and water security, and economic resilience and also in line with the government’s Economic Growth and Recovery Plan (EGRP).
The Minister of State for Environment, Ibrahim Usman Jibril, said Nigeria, with its progress and ambition on NDC implementation, is well placed to engage and benefit from participation in the CFA.
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